Saving tips for 2016
January 2016Many Australians aim to save, but not many people do. Here are a few simple tips that can help you along your saving journey.
How rearranging your debt could help you manage it
February 2016Want to find a way to better manage your debt repayments? Why not try to refinance your loan or even consolidate all your debts.
Creating a realistic budget: Part 1
February 2016Want to kick start your budgeting journey, but don't know how? Come and take a look as we break down the process into simple steps.
Creating a realistic budget: Part 2
February 2016In part two of our budget-planning series, we examine how to cut costs where possible and how to execute a plan of action.
Business Corrections
Equifax offers a free service to investigate errors on your business credit report so your business profile is correct and up to date.
A default is also referred to as an overdue debt. A consumer payment default is debt equal to or more than $150 and is more than 60 days overdue. For example, if you have a telephone bill of over $150, and it was due more than 60 days ago, it could be listed on your credit report as a payment default by the telco provider.
Before listing a consumer default, the credit provider must take a number of steps such as sending two separate written notices to your last known address requesting payment stating that the debt may be listed with a credit reporting body (like Equifax).
In the case of commercial credit the minimum default amount is $100. Before listing commercial defaults or overdue debts commercial credit providers or their agents must send a notice to your last known address stating their intention to list the default amount with a credit reporting body such as Equifax.
Potential credit providers may look unfavourably on applicants with a history of overdue accounts, so it’s a good idea to avoid defaults getting onto your credit report. To do this, you need to ensure you pay your bills before they become overdue.
Both consumer and commercial payment defaults stay on your credit report for five years, even when you have paid the overdue amount. The status of the default is updated to paid which can be looked upon more favourably by lenders but it will remain as part of your credit history.
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