Delinquency and default pages explain the language lenders and servicers use once an account stops performing as agreed. This section covers the progression from missed payment to deeper credit damage and more aggressive recovery steps.
It is especially useful for readers trying to separate temporary lateness from formal default or later-stage reporting terms.
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In this section
- Delinquency
Delinquency means a required payment is late and the account is no longer current.
- Default
Default means a borrower has failed to meet the credit agreement at a level the lender treats as serious or formal.
- Charge-Off
A charge-off is the creditor's accounting decision to treat a seriously unpaid account as a likely loss.
- Re-Aging
Re-aging is a change in how a delinquent account is treated after the borrower brings it back under more acceptable payment terms.
- Late Payment
A late payment means the borrower did not make the required payment by the due date.
- Past Due
Past due means a required payment or balance remains unpaid after its due date.