Delinquencies in last 7 years in credit summary, actually means 90 day delinqs in last 7 years
Registered lenders viewing listings' extended credit summaries, will see lines like:
Now delinquent: 1
Delinquencies in last 7y: 1
Public records in last 10y: 0
Keep in mind, however, that while the now delinquent may actually refer to a bad debt from 6 years ago, the delinquencies in last 7y may skew in the opposite direction:
fine print here...
Many newer lenders may fail to realize that this field only picks up on 90 day lates -- so if the prospective borrower were 60 days late 50 times over the last 7 years, this field will still read 0.
4 Comments:
The borrower could also have write offs that do not show up even if they were delinquent.
interesting -- are you certain that chargeoffs don't still appear as now delinq? there seems to be a fair amount of anecdotal evidence that this is the case...
If a person was constantly 50 days late on a payment, doesn't that actually help a lender on prosper b/c that person would in-turn receive a late fee on top of everything else. At least the borrower is paying of the loan.
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