If you’ve missed one or more payments it will show in your credit report. You may see a default on an account if you’ve missed multiple payments.

If your account is defaulted, it will still be reported to the credit reference agency each month by the lender, because your original credit agreement is broken, and the monthly repayments are not being met.

If you’re making repayments on a defaulted account, missed payments can still be flagged because you defaulted on the original agreement with the lender.

Payment plans set up after the default has been put into place are made by you and the lender to clear the remaining debt, which is not part of the terms of the original agreement. This means the account will remain in default and missed payments are still flagged on your credit report and this will show in your TotallyMoney account.

We know this can be confusing and frustrating, but when you’ve paid back the full amount, these accounts will show as settled and no more missed payments will be flagged.

A default happens on your account when you miss multiple payments . You can default on any kind of borrowing (e.g credit cards, loans, mortgages). This means the lender may cancel your credit agreement, and can then take further action to reclaim the money, which could involve a debt collection agency.

Talk to your lender as soon as you become aware of a default on your account or are struggling to make payments.

Your credit report will continue to flag the defaulted account as a missed payment each month until the account has been settled or the default is removed. TotallyMoney isn’t creating these missed payments in your credit report, the default is being reported every month by the lender, and we're showing you this in the report analysis.

A default stays on the credit report for six years from the date the default was added, after this it is removed. The default will be removed even if the debt has not been paid off in full.

If you don’t recognise the missed payment, then you may want to speak with your lender directly to understand why this information is being reported to the credit reference agencies. If your lender has confirmed that you haven't defaulted on your account, you can raise a dispute from within your TotallyMoney account. When you do this, our credit report partner TransUnion will investigate the missed payments with your lender.