Your credit report helps lenders understand your ability to pay for loans or credit cards. When you get a black mark on your credit score, it may affect your chances of getting approved for credit in future.
That's why it's important to monitor your credit report and make sure you get any incorrect black marks removed as soon as possible. If you notice an incorrect default on your credit file, you should follow the steps below to have it fixed.
Unfortunately, defaults and other black marks can only be removed from credit report if they've been reported in error. Legitimate defaults will remain on your credit report for up to 5 years.
The first step is to review your credit report. You can check your credit report and credit score (provided by Experian) for free with finder and revisit it at any time in your Finder account. We'll also send you updates if anything on your credit report changes.
If you prefer to order your credit report directly from the credit bureau, you also have that option. You are entitled to one free credit report per year and it takes around 10 working days to receive. You can order it from Experian, Equifax or Illion (formerly Dun & Bradstreet).
Once you’ve received a copy of your credit report, look for any incorrect black marks or defaults. This refers to information on your credit report that may indicate that you've had issues repaying your credit including:
Listings can only be removed from your report if they're incorrect or after the rightful duration. If you identify an incorrect mark on your credit report, you can contact the credit reporting agency to have it removed. If you're not comfortable doing this yourself, you can enlist the help of a credit repair agency.
Credit repair companies are experts at spotting these errors and may have a better chance of removing false listings. These companies charge fees and there are no guarantees they can remove the listing. Before you get help from a credit repair agency, compare your options and confirm whether or not benefits outweigh the costs.
If the black mark is legitimate, confirm when it was listed on your report and how long it will be until it's removed from your account. In the time being, you may want to hold off from applying for any other credit products and concentrate on repaying any existing debts. This will help improve your credit score until the defaults or black marks are removed from your report.
| Response | Male | Female |
|---|---|---|
| No | 86.14% | 80.95% |
| Once | 7.03% | 13.29% |
| Twice | 4.82% | 4.96% |
| Four times or more | 1% | |
| Three times | 1% | 0.79% |
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Hi how can I remove my credit fault and black mark, and how much have cost?
Hi Assadullah,
Thanks for your message and for contacting finder.
As per the information above, credit repair agencies are experts at spotting these errors and may be more effective at repairing your report than you might be. But these companies can be costly to engage, so the following steps above will help if you decide to attempt DIY repairs on your credit file.
Also, the costs are dependent on every situation and if you go for credit repair agencies, it will cost more. You may read the “Important points to consider before calling a credit repair specialist” to help you minimise expenses.
Hope this helps! Feel free to message again should you have further questions.
Regards,
Nikki
I have a mark on my credit file from panthera credit recovery from electricity company I haven’t used I have told them but was told pretty much just to pay it it has seriously affected my credit file and r over them please help adam
Hi Adam,
Thank you for leaving a question.
Since you’ve mentioned that the mark on your credit file may have been a mistake or requires correction, you may need contact to contact Experian directly or you may also visit our credit repair guide to help you in this process. Hope this helps!
Cheers,
Reggie
In November 2012, I got a loan but through illness from work I didn’t pay it. The citizens advice service said they make them an offer etc. Anyway I heard nothing more. I have since paid a reduced sum on Sept 2014 to clear the debt. However, I have just looked at my credit report and it says I defaulted on 09/05/2013 a full year and a half after I stopped paying the loan. Why is it stating this a year and a half later?
Hi Martin,
Thank you for getting in touch with Finder.
As you know, default is any consumer credit account that is overdue by more than 60 days where you owe more than $150. Credit providers do not automatically list a default at the end of the 60-day period. There’s a process that credit providers must follow in order to have the default listed on your credit file. The credit provider needs to send you two separate notices to your last known address (physical or email address) before it can give a credit reporting body details regarding a default. The address the provider will use should be how it usually contacts you.
If you pay the full defaulted amount, the credit provider needs to inform the credit reporting body who will update the listing to “paid”. I suggest that you seek professional help from credit repair agencies who are experts at spotting these errors and may be more effective at repairing your report. To help you improve your borrowing ability by correcting errors in your credit file, please check our credit repair guide.
I hope this helps.
Have a great day!
Cheers,
Jeni
I have had bad credit in the pass over $500 under $2,000 which was more then 7 years ago will this show up on my credit report or will there just be a blank there as I’m looking to buy a car.
Hi John,
Thanks for reaching out to Finder.
A negative listing is recorded on your credit report from 2 – 7 years. You can check our credit file guide to know how long listings will appear on your file. If it’s been passed 7 years the listing should have been removed from your file. You can request a free copy of your credit report to check before you apply.
Best regards,
Nikki
Hi. Couple of years ago I took a personal loan, an credit card and overdraft from HSBC. After one year of regular payments I lost my job and I was not able to pay for them anymore. This yeas my debts were sold to a financial institution and now I am paying a certain amount of money for my debts every month. When I checked my credit report I saw that those mentioned above are still showing DEFAULT on my report. If all of my debts were sold and now I am paying regular payments for them I think that they should be removed from my credit report. Is that the case or not. Thank you
Hi Florin,
Thanks for your inquiry
Generally, defaults are a type of black marks that refers to any account with a payment that is overdue for 60 days or more. Overdue amounts of $150 and above are recorded once they are 60 days overdue.
In your case, these defaults will still be visible on your report for five years even if you already have settled the payments. Moving forward, it would be best to be on top of your payments to offset these defaults on your report. Lenders will look beyond the defaults if they see that you’ve improved on managing your expenses.
Hope this information helps
Cheers,
Arnold