Delinquency and Default

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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• Missed Payment
• Late Payment
• Past Due
• Past-Due Balance
• Days Past Due
• 30 Days Late
• 60 Days Late
• 90 Days Late
• Delinquent Account
• Delinquency
• Serious Delinquency
• Payment Default
• Nonperforming Loan
• Default Notice
• Cure Period
• Cure Amount
• Default
• Acceleration
• Charge-Off
• Loan Reinstatement
• Voluntary Surrender
• Re-Aging

In this section

• Delinquency
  Delinquency means a required payment is late and the account is no longer current.
• Delinquent Account
  Delinquent account means an account is behind on required payments and is no longer current under the lender's records.
• Default
  Default means a borrower has failed to meet the credit agreement at a level the lender treats as serious or formal.
• Payment Default
  Payment default means the borrower failed to make required payments at a level that triggers default under the credit agreement.
• Charge-Off
  Charge-off means the creditor has treated a seriously unpaid account as a likely loss for accounting purposes.
• Missed Payment
  Missed payment means a scheduled payment was not made when required under the account terms.
• Re-Aging
  Re-aging means a change in how a delinquent account is treated after the borrower brings it back under more acceptable payment terms.
• Late Payment
  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.
• Past-Due Balance
  Past-due balance means the overdue amount that must be paid to catch the account up from its behind status.
• Days Past Due
  Days past due means the measure of how long a required payment has remained unpaid after the due date.
• 30 Days Late
  30 days late means the account is roughly one full billing cycle behind and has reached an early major delinquency milestone.
• 60 Days Late
  60 days late means the account is about two billing cycles behind and has moved into a more severe delinquency stage.
• 90 Days Late
  90 days late means the account is about three billing cycles behind and is generally treated as severe or serious delinquency.
• Serious Delinquency
  Serious delinquency means an account is far enough behind that lenders and bureaus treat it as a major repayment failure risk.
• Nonperforming Loan
  Nonperforming loan means a loan has stopped performing as agreed, often because it is severely delinquent or on nonaccrual status.
• Acceleration
  Acceleration means the lender demands the full remaining debt sooner than originally scheduled after serious default or contract failure.
• Default Notice
  Default notice means a formal notice telling the borrower the account is in default or close to default and what must happen next.
• Cure Period
  Cure period means the time the borrower has to fix a default or serious delinquency problem before stronger consequences apply.
• Cure Amount
  Cure amount means the amount the borrower must pay to fix the stated default or serious delinquency under the notice terms.
• Loan Reinstatement
  Loan reinstatement means bringing a defaulted loan current so the original repayment schedule can resume instead of moving deeper into enforcement.
• Voluntary Surrender
  Voluntary surrender means the borrower returns collateral to the lender instead of waiting for involuntary repossession after default.