Receiving a default credit notice or default listing, and accessing a credit report and credit scores 

A default credit notice is a formal warning issued by a creditor after multiple missed payments. It means that you must repay the outstanding amount by the due date, or risk having a default listing added to your credit file. This default listing can seriously affect your business’s financial reputation. However, you can take proactive steps to avoid this outcome – such as negotiating a payment plan with your creditor.

A default listing can significantly lower your credit score, making it more difficult to qualify for loans, credit cards, or other financial products. Once the default listing has been made, only incorrect details can be corrected – accurate information cannot be changed or removed.

Credit scores and credit reports are administered by credit reporting bodies. They collect and maintain credit related information, which is then used to make the credit report and scores.

Moneysmart.gov.au is a helpful website that offers tips, tools and guidance for all Australians. Their website has information about:

• Credit scores and credit reports
• Credit repair – what you can and can’t fix
• Financial counselling – including free financial counselling
• Financial hardship – how to get help with financial hardship
• Free legal advice
• Check out our Financial wellbeing tips and other resources.