How Long Does a Payment Default Remain on File?

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Registering a default is one of the last steps taken in recovering debt. A payment default can be registered if the debt is overdue (past payment terms) and above $100.

 

Once a payment default has been lodged and approved, it will remain on the company's credit file to be viewed for 5 years.

 

Payment defaults cannot otherwise be removed after being successfully lodged. However, defaults can be marked as Settled once paid.

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