Delinquency and Default

Voluntary surrender means the borrower returns collateral to the lender instead of waiting for involuntary repossession after default.

30 days late means the account is roughly one full billing cycle behind and has reached an early major delinquency milestone.

60 days late means the account is about two billing cycles behind and has moved into a more severe delinquency stage.

90 days late means the account is about three billing cycles behind and is generally treated as severe or serious delinquency.

Delinquent account means an account is behind on required payments and is no longer current under the lender's records.

Loan reinstatement means bringing a defaulted loan current so the original repayment schedule can resume instead of moving deeper into enforcement.

Nonperforming loan means a loan has stopped performing as agreed, often because it is severely delinquent or on nonaccrual status.

Payment default means the borrower failed to make required payments at a level that triggers default under the credit agreement.

Acceleration means the lender demands the full remaining debt sooner than originally scheduled after serious default or contract failure.

Charge-off means the creditor has treated a seriously unpaid account as a likely loss for accounting purposes.

Cure amount means the amount the borrower must pay to fix the stated default or serious delinquency under the notice terms.

Cure period means the time the borrower has to fix a default or serious delinquency problem before stronger consequences apply.

Days past due means the measure of how long a required payment has remained unpaid after the due date.

Default means a borrower has failed to meet the credit agreement at a level the lender treats as serious or formal.

Default notice means a formal notice telling the borrower the account is in default or close to default and what must happen next.

How missed payments progress from lateness to default, charge-off, and deeper credit damage.

Delinquency means a required payment is late and the account is no longer current.

Date when the delinquency that led to serious negative reporting first began, important for aging certain report items.

Late payment means the borrower did not make the required payment by the due date.

Missed payment means a scheduled payment was not made when required under the account terms.

Past due means a required payment or balance remains unpaid after its due date.

Past-due balance means the overdue amount that must be paid to catch the account up from its behind status.

Re-aging means a change in how a delinquent account is treated after the borrower brings it back under more acceptable payment terms.

Serious delinquency means an account is far enough behind that lenders and bureaus treat it as a major repayment failure risk.