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Payment Defaults

A powerful tool to get paid faster

What is a payment default?

 

Payment defaults are just one of the unique data sources that CreditorWatch uses to set itself apart from other commercial credit bureaus.

A payment default is a black mark on a credit report that indicates a business does not pay their bills. It can stay on a credit report for up to five years, affecting the business's credit score.

It also generates an alert to other businesses in the 50,000+ strong CreditorWatch community of their failure to repay a debt.

 

The stats that matter

  • 91% of customers will not engage with a company that has a default.
  • Over 50% of businesses that incur a payment default will go into administration within 18 months.
  • A director that incurs a payment default is 5 times more likely to experience another.

What can a payment default do?

 

Registering a default on our bad debt register will prompt a slow or non-paying customer to pay their outstanding debts out of fear of ruining their credit file and deterring other suppliers.

Even warning a debtor that you will lodge a payment default against them can be enough to get paid faster.

Learn how a Western Australian wholesaler recovered their debts in this case study.

Common Questions About Payment Defaults

What proof do I need to register a default?

You need to provide a commercial invoice or a final demand notice. Court documents are not accepted.

How overdue does a payment have to be before I register a default?

You can register a payment default for any overdue payment. There isn't a minimum amount of days it needs to be overdue.

 

Can I register a default even if the debt has been written off?
Yes, you can lodge a default for any debt, even if it has been written off in the past.
Does a default remain on a credit report if it’s been paid?

Once paid, a default will be marked as settled but will still remain on a credit report for up to five years.