The default status stays on the credit report for years, making it difficult to get new credit. Hence, an individual must avoid default. If a default happens, the individual must take steps in future to repay the bank and change the status to close.
The default status stays on the credit report for years, making it difficult to get new credit. Hence, an individual must avoid default. If a default happens, the individual must take steps in future to repay the bank and change the status to close.