Delinquency is divided into levels, which are indicative of how many payments the cardholder has missed. These levels are often referred to in terms of days. For example, the day after you miss your first payment, you are one day delinquent. After you miss your second payment, you are 30 days delinquent, and so on.
How do you calculate delinquency?
Delinquency Rate = (Number of Delinquent Loan / Total Number of Loans) * 100
- Number of Delinquent Loan = Total number of loans that have not paid installment for 60 days.
- Total Number of Loans = the Total number of loans that are present in the loan portfolio.
How do I check my credit delinquency?
To find out what you have in collections, you will need to check your latest credit reports from each of the 3 credit bureaus. Collection agencies are not required to report their account information to all three of the national credit reporting agencies.
