Benefits of a Credit Default?
Many debtors pay to avoid the credit default being placed
During the required notification period many debtors pay as they do not want their credit file affected.
Effects debtor’s credit file for 5 years
The credit default is recorded on the debtor’s credit file for up to 5 years and can not be removed.
Payment default is only updated not removed
Once you have received your money the status of the credit default is updated to ‘Paid’, but still stays on the debtor’s credit file.
Many debtors pay after the payment default has been listed
Debtors don’t believe that a default will be place and when notify that it has been recorded then paid to try to have it removed.
Debtor must pay you to have their credit file can be updated
Many debtors paid you in the future, as they try to obtain credit and realise that they can’t without paying past recorded debts.
Alerts other credit providers about the debtor
It is important to immediately alert over 50,000 other credit providers and suppliers that this debtor did not pay their debts.