Credit Default

Our mission is to get you paid!

“Effective debt collection actions can have a lasting effect on the debtor and highly increases the potential of getting you paid.”

What is a Credit Default?

A credit default is a permanent listing on the debtor’s credit file showing that a debt has not been paid. This listing will become public and is recorded by using a commercial Credit Reporting Bureau, such as Equifax (formally Veda Advantage) or Creditor Watch who are Australia’s largest credit reporting bureaus. As Debt Collectors and Mercantile Agents we can record the payment default on the debtor’s credit file for you.

Why use a Credit Default?

A credit default may affect the debtors ability to obtain credit in the future. It lets other’s know that the debtor is a problem payer and to avoid doing business with them. The credit default will remain on the debtor’s credit file for a period of up to 5 years making it an effective debt collection tool. Both Equifax (formally Veda Advantage) and Creditor Watch will immediately notify their subscribers of the default.

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 55,000 other credit providers and suppliers that this debtor did not pay their debts.

Debt Collection and a Credit Default

A credit default can be a powerful debt collection action. If your debt is for the supply of commercial goods or services, the debtor owes you more than $100 and the debt has been outstanding for more than 60 days, we may be able to place a default on their credit file for you as registered debt collectors. Strict procedures need to be followed before a credit default can be recorded on a debtor’s credit file by a debt collector.

Frequently Asked Questions

A credit default is an effective debt collection tool. For more information about credit default's and how as debt collectors we can assist you, click on the MORE INFO button. Our mission is to get you paid!

Call us on 1300 853 230 for further information about placing a credit default.

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