Serious Delinquency On Credit Report: What Does It Mean?

Last Updated: Dec 02, 2022

Serious delinquency is a derogatory mark that appears when you miss payments.

Serious delinquency will stay on your credit report for 7 years.

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Derogatory marks are negative items listed on your credit report, for example a remark can indicated previous bankruptcy filings or foreclosure.  These can harm your credit record depending on the type of remark.

What It Means To Be Delinquent On Debt?

Any account with outstanding payments is considered a delinquent account.

A derogatory remark will only be recorded on your credit report once a creditor has reported the account to the credit bureaus. Creditors generally wait 30 days after the payment due date before doing so.

How Can Delinquency Hurt My Credit Score?

An account can be reported as 30, 60, 90 and then 120 days late.  This, and the number of delinquencies linked to your account will also affect your credit score.

A poor credit score could cause:

  • Difficulty in qualifying for new credit,
  • Paying more interest on credit,
  • Increased insurance premiums, and
  • Difficulty renting an apartment.

Your credit scores could drop by as much as 125 points after multiple missed payments are recorded on your credit report.

How To Remove Delinquency Marks From My Credit Report?

Delinquent accounts will remain on your credit report until they are removed after 7 years. The derogatory remark can only be disputed if it has been recorded in error.

These are the consequences of missed payments, failure to adhere to payment date could adversely affect your credit score for the next 7 years.

Bottom Line

Prioritize paying Credit accounts that have been overdue for more than 30 days to avoid facing a serious delinquency derogatory mark being recorded on your credit report.

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