Got Equifax Credit Report - What does Default / Delinquent Balance Mean?

aarondebtfree

Title says it all, I just purchased a credit report with equifax and looking through it shows one major default in red even though I settled the account through debt collectors.

Also what does Default / Delinquent Balance mean as there are a few past creditors with a balance showing.

lvm

The default means you failed to maintain the credit agreement you had with the creditor. Even if you've now settled the account, the default will remain on your file for 6 years from the date it was issued and will affect your ability to get credit until it has dropped off your file...(although the longer it's been on there, the more likely you are to be successful in applying for credit).

Hope that helps! x

aarondebtfree

lisamckinney wrote: »

The default means you failed to maintain the credit agreement you had with the creditor. Even if you've now settled the account, the default will remain on your file for 6 years from the date it was issued and will affect your ability to get credit until it has dropped off your file...(although the longer it's been on there, the more likely you are to be successful in applying for credit).

Hope that helps! x

Thanks but what about the Delinquent Balance bit what does that mean?