Serious Delinquency: What Does It Mean?

Last Updated: Dec 31, 2022

“Serious Delinquency” occurs when an individual fails to honor their debts.

“Serious Delinquency” is recorded for up to 7 years on your credit report.

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Remarks will appear on credit reports as a means of providing additional information about one, or more of your accounts. Remarks can be positive, negative or neutral, depending on the account and situation.

Here we consider what the meaning and purpose of a “serious delinquency” remark on your credit report is, and what you can do about it!

What Does Serious Delinquency Entail?

Being delinquent refers to being in arrears on your financial obligation(s), such as:

  • Loans,
  • Credit cards, or
  • Bond payments.

Although each creditor’s policies differ, most lenders will report a payment that is 30 days past the due date to the national credit bureaus (Experian, TransUnion and Equifax). If a creditor reports your payment(s) as overdue: the “serious delinquency” remark will appear on your credit report.

Your credit report will become increasingly negative the longer the account remains in arrears.

How To Remove Serious Delinquency From My Credit Report?

Being declared delinquent affects your credit score adversely. Late payments can drop your credit score by as much as 90 – 110 points.

The later your payment(s), the more likely your creditor or lender is to sell the debt to a collection agency.

The remark will stay on your credit report for seven years from the date that it is added, even if you catch up on payments after falling behind. You can only remove the remark if it was incorrectly listed on your credit report. Then you can file a dispute with the credit bureaus to have it removed.

Bottom Line

Serious delinquency can adversely impact your credit score. The longer your accounts remain unpaid, the more severe the consequences become. Once accurately reported as delinquent, you cannot remove the remark and it will remain on your credit report for up to seven years.

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