Utility Defaults - What are they? and How do I remove them?

At some point in your life, you may come across a default or negative listing on your credit report and will need clean credit history. A credit default or adverse information on a credit file can impact your ability to move forward with a finance application. That is why a service like ours at Clear Credit Solutions is vitally important. Clear Credit Solutions can assist in helping remove any adverse listings from a credit report in Australia. That way there is nothing stopping a finance application from proceeding.

However, not all listings can be removed from a credit report. Only some listings can be removed and checking your file first along with a follow up phone call or enquiry to Clear Credit Solutions is best practice. Our friendly team can assist with any enquiries from client’s or brokers about adverse credit defaults or information.

Along with a team of friendly staff, we at Clear Credit Solutions are the proud winners of the Product Review Award for Best Credit Repair Company in Australia for 2020, 2021, 2022, 2023. We have a range of useful articles like this one about utility defaults to assist you.

What Is a Default?

Default is the failure to repay a debt, including interest or principal, on a loan or security. A default can occur when a borrower is unable to make timely payments, misses payments, or avoids or stops making payments. Individuals, businesses, and even countries can default if they cannot keep up their debt obligations. Default risks are often calculated well in advance by creditors. Utility Defaults

Default Explained

A default can occur on secured debt, such as a mortgage loan secured by a house or a business loan secured by a company’s assets. If you fail to make timely mortgage payments, the loan could go into default. Similarly, if a business issues bonds—essentially borrowing from investors—and it’s unable to make coupon payments to its bondholders, the business is in default on its bonds.

Defaults can also occur on unsecured debt such as credit card debt. A default has adverse effects on the borrower’s credit and ability to borrow in the future. Utility Defaults

A bad credit rating can follow you in other ways. Potential employers, especially for any employee needing a security clearance, often check the credit score of applicants and consider it a measure of your character. So do most cellphone and cable internet service providers, who may deny you the service contract you want. Utility companies may demand a security deposit from customers they don’t consider creditworthy. A prospective landlord might reject your apartment application, as well. Utility Defaults

Source: Investopedia

Here at Clear Credit Solutions, we are the credit restoration experts and can help when it comes to negative listings on your credit report. Do you need a clean credit history?

Then get in contact with our friendly staff for a free credit file assessment. There are no admin or investigation fees, no charge per default and a full refund guarantee so there is no risk. Call now on 1300 789 783 or fill in the enquiry form and we will call you.

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