When you register a default, the information about the debt and the person/company name is put into a national database. We use Equifax to register defaults. The default can stay in place for up to 5 years. 

What does registering a default mean?
Registering a default means that the personal details for the debtor, and the value of the debt owing, will be registered with Equifax, which is a national database of debtors with outstanding debts against their names. 

How will registering a default affect the debtor?
When the debtor applies for credit within the five year period, a credit check will be completed. The company completing the credit check will see there is an outstanding debt, and they will not issue any credit until the debt has been paid. 

We are contacted when this happens and the person begins a payment plan or pays in full. If a debtor doesn’t apply for credit during that time, the debt will fall off after the five year period. 

The cost for registering a default with iCollect is $30 +gst per default.

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