GLOSSARY OF TERMS
What does it mean to have a delinquent account?
Having a delinquent account means the borrower has a record of non-payment or late payment to the lender for a secured or unsecured loan. Delinquency can be anywhere from 10 to 180 days past the due date of the loan payments as defined in the loan documents.
Delinquency payments for loans secured by real estate are handled differently from loans secured by personal property, such as a car or boat. Foreclosure on real estate or repossession of a vehicle or boat can begin immediately upon the first delinquency depending on the loan documents and the state in which they were signed. However, in both unsecured or secured loans, once the past due payment is paid to the lender, along with penalties and interest, the account is then considered current. However, the history of the delinquency remains a part of the account. The current or delinquent payment status of most unsecured consumer loans, with the exception of payday loans, is reported monthly to the three main credit reporting agencies. The payment status of payday loans is often reported to specialty or alternative credit reporting agencies.
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