Commercial & Consumer Default Load Service

Commercial and Consumer Default Load service is designed to enhance a subscriber's debt collection process.

The default is then reported on a credit check making all enquirers aware that the subject has an outstanding debt and encourages the subject to make a payment to obtain any further credit.

There is no cost to load a default.

The status of the default is updated by the subscriber.

Policies to load a default:

• The account has been outstanding for a minimum period of 30 days.
• Steps have been taken to recover the debt, and the subject is aware that a default will be reported to Veda.
• The default is not in dispute.
• The date of default is less than five years old.
• The default is not paid or settled prior to being first reported.
• The default amount is greater than $20.
• The subject's registration number has been supplied.

A payment default is reported to Veda by a subscriber, being notice that a credit account, for which the individual or organisation (registered entity) is a holder, or guarantor for a third party, is in default and has not met a payment obligation as and when the debt was due. Defaults are displayed on an individual (consumer) credit file for five years from the date of default  pursuant to the Credit Reporting Privacy Code.

Not everyone can load a default. Contact Veda to find out how you become a subscriber and discuss eligibility of your business and your debts. The default must relate to a credit account.

Consumer Default

Details displayed on an individual's (consumer) credit file include:

1. Date when the default was loaded; and date debt went into default
2. Name of the subscriber (creditor and/or collection agency);
3. Type of account held by the debtor;
4. The amount in default;
5. The balance of the amount outstanding;
6. The status of the default;
7. If the default has been paid;
8. The first names of the debtor;
9. Corrections requested by the debtor or the subscriber, the date and status of the correction requested. 

Commercial Default

Defaults are displayed on the credit file of an organisation (registered entity) indefinitely. Details displayed on an organisation's credit file include:

1. date when the default was loaded;
2. name of the subscriber (creditor and/or collection agency);
3. the amount in default;
4. the balance of the amount outstanding;

5. the status of the default.

Collection Agency Default

These are debts being collected by collection agencies and have recorded a payment default with Veda.