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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 2 years or 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 2 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.


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