What is default information?
Default data is negative information supplied to TransUnion
by the store or bank if you default on your credit agreement with them, that
is, if you fail to pay your account.
A default remains on your credit report for 1 year,
depending on the description of the default. Subjective classifications of
consumer defaults remain for 1 year. Consumer default classifications where
enforcement action is taken - such as bad debt written off or handed over,
credit card revoked or repossession - remain on your credit report for 1 years.
Default data will be removed once the default is paid in
full. Once the default has been paid, the lender has seven days to update their
information and inform the credit bureaus of the paid up status. The bureaus,
in turn, have seven days from receiving the notification from the lender to
amend your credit report.
What is default data?
Default data is information supplied to a credit bureau by the credit grantors that relates to late payment or non-payment on accounts. Different retention periods apply for different types of defaults. Classifications such as 'delinquent', ...
Once I paid the default, why is it not removed?
Credit bureaus are required by the National Credit Act (NCA) to retain this information on the consumer's report for the prescribed retention period - regardless of whether it reflects negatively or positively on the consumer. Therefore this ...
Fraud prevention and compliance with POPIA and the NCR
We are aware that we are working with individual’s or organisation’s private data. All our products and services have been thoroughly evaluated by a global law firm, a recognised National Credit Act regulatory expert and TransUnion’s international ...
Who is TransUnion?
TransUnion is Corporate Insights data partner and is a registered credit bureau and a repository of credit information on consumers and businesses. In other words, they store information on how you pay your accounts as it is provided by ...
What is a judgment?
A judgment is granted by the court against a consumer who has not paid their debts to a credit/service provider. A judgment is public information and remains on your credit report for 5 years or until the judgment is rescinded by a court or paid in ...