Delinquency

Delinquency is a term used to describe payments that are overdue. Many creditors allow a 30-day grace period before late payments have consequences. Payments that are delinquent beyond the grace period may incur a late fee. Payments that are over 90 days late are considered seriously delinquent. This may result in referral to a collection agency, cancellation of your account or other serious consequences. Delinquent payments also may be reflected in your credit report and in your credit score.