What does it mean to use default?

What does it mean to use default?

Default (adjective) pertains to something that is used when something else is not supplied or specified. For example, a default printer is a type of printer that is assumed to be connected to a computer unless the computer user specifies another type that is actually connected.

What does it mean to go default?

Key Takeaways. A default occurs when a borrower stops making the required payments on a debt. Defaults can occur on secured debt, such as a mortgage loan secured by a house, or unsecured debt such as credit cards or a student loan. Defaults expose borrowers to legal claims and may limit their future access to credit.

What is default mean on phone?

Your computer, your phone and your tablet all have default apps, the preloaded software that springs into action whenever a specific task needs doing. Click an image you’ve just received over email, for example, and it opens in your default image viewer.

What happens when you default?

When a loan defaults, it is sent to a debt collection agency whose job is to contact the borrower and receive the unpaid funds. Defaulting will drastically reduce your credit score, impact your ability to receive future credit, and can lead to the seizure of personal property.

Can defaults be removed from credit history?

Once a default is recorded on your credit profile, you can’t have it removed before the six years are up (unless it’s an error). However, there are several things that can reduce its negative impact: Repayment. Try and pay off what you owe as soon as possible.

What does default mean on cell phone?

When you tap on a link without a default set, your phone will ask which browser you’d like to open it with, since you have several apps that can handle it. There are many categories that work this way, and setting default apps saves you from having to pick which app to use every time.

What does it mean to set at default?

Set as default is to make the first choice that will occur without any input. For example, an operating system may have several different web…

How long does a default last?

six years
A default will remain on your credit file for six years. After six years, the default will be removed, even if the debt from the default hasn’t been fully cleared.

Can I get a loan if I have a default?

With A Default. You can get a home loan with both paid and unpaid defaults on your credit file.

Should I pay off my default?

Many lenders view a past due account that has been paid off more favorably than an account that is still outstanding, so paying off an account that is in default can be beneficial. Once the account reaches the end of that seven-year time period, it will be automatically removed from your credit report.

What happens if I clear defaults?

After the defaults are cleared, the page refreshes and displays a No defaults set message, and the CLEAR DEFAULTS option is grayed out. The default actions that you set for that app are cleared, and you can assign another app as the default app for that action.