Key points
- Defaults usually follow three to six months of missed payments
- You should get a default notice first
- Defaults stay on your file for six years from the default date
- They're removed after six years even if unpaid
- You can check your credit report for free
What is a default?
A default is a marker on your credit file showing that a lender has closed your account because you didn't keep to the agreement. For many credit agreements, the lender must send you a default notice first, giving you time to catch up.
How long does a default last?
Defaults stay on your credit file for six years from the date of default. After that, they're removed, whether or not the debt has been repaid. Paying a defaulted debt marks it as satisfied, which can look better to future lenders.
Check your report
You can check your credit report for free with the main credit reference agencies. If something is wrong, ask the lender to correct it and raise a dispute with the agency.
Rebuilding your credit
- Pay bills on time, every time.
- Register on the electoral roll.
- Keep borrowing low and avoid many applications at once.
Frequently asked questions
How long does a default stay on my credit file?
Six years from the date of default.
Does paying a default remove it?
No, but it will be marked as satisfied, which lenders may view more positively.
Can a default be removed early?
Only if it was recorded incorrectly.
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Sources and further reading
This guide is general information, not advice, and was correct when last updated. Rules and limits can change. Speak to a regulated adviser about your own situation.