Credit Histories have a lot of mystery and misinformation associated with them.  This is because most people have never seen their own credit history and don’t know what is on it. Most of the information most people get about credit histories is from the US, which has a completely different system. Your credit history is a [...]

Often referred to as ‘Defaults” An “overdue account” is a negative entry on a credit history.  It can be lodged by a creditor when a debt is more than 60 days overdue.  These are unable to be removed for credit histories and lapse after 5 years. [Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]

A Judgement or Judgement Debt is awarded by the court.  The court has judged that you do owe the money.  The creditor that was been awarded the debt has 12 years to enforce their judgement.  It is recorded on your credit history for 5 years. [Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]

Default occurs when a debtor does not meet their legal obligation according to the finance contract. Previously this also referred to notations on an individuals credit history [Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]

A type of credit default or “Overdue Account” used when it seen that a debtor has changed their address and contact numbers to avoid repaying the debt. [Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]

A formal, final demand for payment of a debt by a creditor owed at least $2,000 on one or more final judgments or final orders. This notice is issued by ITSA through the Official Receiver. Failure to pay within 21 days is an act of bankruptcy. [Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]