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
Default is the failure to meet the terms of a loan agreement, usually by missing payments. It can tr...
Credit Score
A credit score is a numerical rating that represents a person's creditworthiness based on their cred...
Charge-off
A charge-off is when a lender writes off a loan as uncollectible for accounting purposes. It typical...
Forbearance
Forbearance is a temporary agreement that reduces or pauses loan payments for a set period. It is of...
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