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it all depends on the agency servicing your loan while you're in default.
All they are *required* to do is update your credit report to reflect no more default status. Any other accurate reporting information can stay.
Depending on the agency, they will sometimes do more, though.
Sometimes, the agency that you rehab with will go in and delete their entire tradeline when the new agency takes over the rehabbed loan. Sometimes the agency that you rehab with will go in and make it look like you've always paid on time before it got sold to the new agency. Sometimes, the agency that you rehab with will go in and remove the default notations, but leave in 30/60/90/120/150/180 day late payments.
The new loan should be a new tradeline, though, unless it was purchased by the same agency that you rehabbed with. Like one of mine was rehabbed with NELA, and then picked up by its own parent company, Sallie Mae.
It usually takes about 60 days to reflect on your credit score. I just finished I my score bumped from 578 to 660 but it does take a while. Patience..