Delinquency

What is delinquency?

Delinquency Definition: Delinquent refers to a late payment or an account that has fallen into arrears. When a person becomes delinquent, they have payments that are unpaid, or they are not meeting the obligations of a repayment plan. This delinquency can refer to a number of credit products, including bond payments, credit card payments, installment loans, or a line of credit.

Once an account falls into a state of delinquency, this can lead to collection action, either through the company or a third party, while impacting your credit score. Accounts that are not paid in full, or where an individual or company goes in default, this is also considered delinquency.

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