Lets look at what a credit default is first. A credit default may be come from non payment of a credit contract, bill (like phone bill) or other sources. If you are more than 60 days overdue on a payment of a credit obligation or contract, the credit provider may decide to lodge a default notice with Veda Advantage.
If this happens, your credit file will be marked with non payment of a bill. If you pay it, or go in to a payment arrangement with the credit provider, they are required to update Veda Advantage of the updates, and that the bill has been paid.
Credit defaults may hinder future loan or credit applications, so its best to try and keep up to date with your credit commitments. If you are experiencing problems paying a bill, then it is best to talk to the credit provider, to try and make an arrangement to avoid the overdue payment being listed on your credit file. Have a read of the article; what to do if you cant pay your mortgage, if you are experiencing difficulties, for more information.
Credit enquiries,
Defaults, court judgements or bankruptcies (if applicable)
Directorships of a company (if applicable)
Listings are generally held on your credit file for 5 years, but can vary, for example a bankruptcy may be held for 7 years on your credit file.
There are some companies these days that offer credit default removal from your credit file. Some are actually quite successful in removing these defaults and listings, it would depend on what the default is for, whether it has been paid, etc. If you would like some more info on these types of companies, contact me, and I will give you their contact details.
Article Source: http://EzineArticles.com/?expert=Troy_Davy
If this happens, your credit file will be marked with non payment of a bill. If you pay it, or go in to a payment arrangement with the credit provider, they are required to update Veda Advantage of the updates, and that the bill has been paid.
Credit defaults may hinder future loan or credit applications, so its best to try and keep up to date with your credit commitments. If you are experiencing problems paying a bill, then it is best to talk to the credit provider, to try and make an arrangement to avoid the overdue payment being listed on your credit file. Have a read of the article; what to do if you cant pay your mortgage, if you are experiencing difficulties, for more information.
Credit enquiries,
Defaults, court judgements or bankruptcies (if applicable)
Directorships of a company (if applicable)
Listings are generally held on your credit file for 5 years, but can vary, for example a bankruptcy may be held for 7 years on your credit file.
There are some companies these days that offer credit default removal from your credit file. Some are actually quite successful in removing these defaults and listings, it would depend on what the default is for, whether it has been paid, etc. If you would like some more info on these types of companies, contact me, and I will give you their contact details.
Article Source: http://EzineArticles.com/?expert=Troy_Davy
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