If you are behind on repayments for your debt, this can affect your credit report. A default cannot be listed on your credit report (after March 1, 2014) unless you have been sent two notices:
- default notice
- a notice of intention to list a default
If you have made a repayment arrangement with the creditor, a default cannot be listed while you are keeping to the repayment arrangement.
For loans and leases for personal (or investment property) purposes, the lender can list repayment history information on your credit report if you are more than 14 days late with a repayment. For more information see Financial hardship - credit.