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

3.2 Borrowing, Credit, and Debt

See also

3.2.B.4 · 3.2.C.2