Excessive faults we corrected (8)
I believe the answer is:
wasteful
'excessive' is the definition.
(excessive can mean wasteful or extravagant)
'faults we corrected' is the wordplay.
'corrected' is an anagram indicator.
'faults'+'we'='faultswe'
'faultswe' with letters rearranged gives 'WASTEFUL'.
(Other definitions for wasteful that I've seen before include "Unthrifty" , "Uneconomical" , "Extravagant" , "Prodigal" , "Faults we consider being profligate" .)