Why a Payment Default Was Registered
A payment default is registered against your business when you fail to pay an outstanding debt owed to another entity (the listing entity).
A listing entity can register a payment default when:
The debt is overdue and greater than $100
They have made reasonable attempts to recover the payment
They have notified your business of their intention to register the payment default on CreditorWatch
Registering a payment default is one of the final steps taken to recover unpaid debts. Before a payment default is registered, the listing entity must also provide supporting documentation.
Once registered, a payment default will remain visible on the debtor’s credit report for five years, even if it is later marked as settled.
What You Can Do
If you believe the payment default was registered in error, review our guide on Payment Default Dispute Process for step-by-step instructions on submitting a dispute.
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