Delinquency and Default

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.

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

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

Derogatory information is report data that suggests repayment problems, elevated credit risk, or past account trouble.

A licensed insolvency trustee is the Canadian professional authorized to administer formal insolvency processes such as bankruptcies and consumer proposals.

A public record on a credit file is a bureau entry tied to certain court-linked or insolvency-related events that may be reported.

Reporting account status is the label or code that shows the current condition of a credit account on a report.

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.