Delinquency
Being late on a required debt payment.
A delinquency is reported to the credit bureaus, so a single missed date can outlast the balance that caused it.
Often Confused With
- Default
- Delinquency is being late on a payment; default is the failure to repay as agreed.
Taught In
See Also
3.2.B.4 · 3.2.C.2