You have a default on your credit file

If you’ve missed between three and six  payments, on a credit account you may be declared in default.

Defaults are serious. Often a lender will automatically decline an application if there has been a default.

Importantly, defaults remain on a credit file for six years. Once a default is on your file it cannot be removed.

Tip: If you repay the default in full it will be marked as satisfied. Although this won’t have any impact on your credit score, some lenders will view it as being a positive attempt to pay off your debts. Because of this they may be more prepared to offer you a loan.