Defaults are listed on a credit bureau by a member (customer) of the credit bureau. A default is retained (displayed) on the individual’s credit profile for either 1 or 2 years depending on the type of default in question. If a default is paid up prior to the 1 or 2 year retention period, the information is updated with an “Account Paid Up” status.
Prior to listing a default, the individual must have been given 20 business days’ notice of the supplier’s intention to load adverse information on a credit bureau, in accordance with legislative provisions.