A delinquency balance will have an effect on a borrower’s credit score and credit profile. Credit issuers actively seek collection of debt on delinquent accounts after a borrower has missed one payment. However, credit issuers do not begin reporting late payments until a borrower has missed two consecutive payments or has exceeded their due date by 60 days.
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Borrowers with a credit history will have an established credit profile, which lists each account as an individual trade line on their credit report. The first delinquent notation will be added to an account when it is reported as 60 days past due, with further marks being added if missed payments continue. Lenders also keep internal records of payments, with delinquencies causing late fees and higher accumulated balances as well as keeping borrowers from receiving higher credit limits. Some issuers may also begin charging a penalty rate of interest for borrowers in delinquency. Issuers cannot base account charges on delinquencies with other lenders.