Delinquency and Default

Tradeline status labels or codes showing whether an account is current, closed, delinquent, or otherwise reported.

Delinquency means a required credit payment has not been made on time.

Past due amount is the unpaid amount that should already have been paid under the account terms.

Payment rating is the report code family that shows how a Canadian tradeline is being reported for payment behaviour.

Payment history on a credit report is the tradeline record showing whether recent payments have been reported as current or late.

Arrears means overdue amounts that were supposed to have been paid earlier under the credit agreement.

Bankruptcy is a formal insolvency process used when a borrower cannot meet debt obligations under the normal repayment path.

Charge-off is a serious non-payment stage where a lender treats an account as unlikely to be collected as agreed.

A consumer proposal is a formal Canadian insolvency process that lets an individual offer creditors a structured repayment compromise.

Default means a borrower has failed to meet the credit agreement at a more serious level than ordinary lateness.

Canadian missed-payment, default, collection-account, and insolvency-adjacent terms explained in plain language.

Negative credit-report information such as serious delinquencies, collections, or other repayment trouble.

Canadian professional authorized to administer formal insolvency processes such as bankruptcy and consumer proposals.

Court-linked or insolvency-related entries that may appear on a Canadian consumer file.

Repossession is the lender or secured party taking back pledged property after serious default.

Write-off is a late-stage lender treatment showing that an account is no longer expected to be collected as originally agreed.