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Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of D
Delinquent
1. When a borrower fails to make a payment on the due date on a debt, loan agreement or any other financial obligation, the account becomes delinquent and late fees may be charged.
2. A young person who commits an illegal act that is against the law. This could affect the persons credit report and possibly a rejection of a loan application. There is no time limit for consumer reporting companies to report and leave information about criminal convictions in a persons credit report.
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