Linchpin Finance

Linchpin Finance Helping families own the home they want to live in and the investment that builds their future. No pressure, just clarity. Mark Hevron

Hi everyone, We are relaunching our page. Please hit follow and share my new page. I would really appreciate i...
04/05/2026

Hi everyone,
We are relaunching our page. Please hit follow and share my new page.
I would really appreciate it.
Many thanks. Mark

A default is a record on your credit file showing that you have an overdue account, such as a loan, credit card, utility...
16/03/2026

A default is a record on your credit file showing that you have an overdue account, such as a loan, credit card, utility bill or phone contract. Any account is classed as overdue if a payment is 60 days late or the lender has been unable to contact you.

Defaults are lodged on your credit file with rating agencies, and lenders access this information when you apply for a loan. Hence, you cannot hide your existing defaults from banks or lenders.

Most lenders will not lend to you if you have a default on your credit file; however, some will consider it on a case-by-case basis. Defaults will also have the effect of lowering your credit score, which can make you ineligible for some loans, depending on what your score is.

If you’re applying for a home loan with a default, prepare an explanation for why you defaulted on the debt and submit it with your loan application, along with evidence to back it up. This will help show lenders that you are still a low credit risk. Or, if you are applying for a loan through a broker, make sure you let them know first, as they will either submit your explanation or send you to a lender that allows adverse credit. It's always better to tell your broker upfront about things so they can suggest lenders accordingly.

Some defaults could be your lender’s or telco's fault, as many companies fail to manage their customer databases well. You can contest a default in such a case, and your broker can introduce you to a credit fix agency to help you with that.

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