Delinquency

Delinquency occurs when a borrower fails to make a payment by the due date. It is typically reported after a specified number of days past due.

Delinquency can lower credit scores and lead to late fees. Continued delinquency can progress to default or charge-off.

Related Terms

Default is the failure to meet the terms of a loan agreement, usually by missing payments. It can tr...

A credit score is a numerical rating that represents a person's creditworthiness based on their cred...

A charge-off is when a lender writes off a loan as uncollectible for accounting purposes. It typical...

Forbearance is a temporary agreement that reduces or pauses loan payments for a set period. It is of...

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