Updating the Payment Default Status
If your debtor has paid the debt (either in full or partially), you must update the existing record to reflect the payment. This ensures other CreditorWatch members see accurate and up-to-date information about the entity’s payment behaviour.
Steps to Update a Paid Default
Go to the Defaults tab
From your CreditorWatch dashboard, click Defaults.
Locate the entity you need to update.
Open the default entry
Click the entity’s name or ABN.
Go to Payment Defaults Lodged, then select Edit to view the record details.
Edit and update payment details
You’ll be taken to the Edit Document screen.
Under Has debt been paid?, Select Yes.
Click Save Changes to update the default.
Updating the record will not remove the payment default from the entity’s credit file it will appear as Paid or Settled.
A paid default remains visible on the entity’s credit report for five years from the date it was first registered, even if marked as paid.