2006-08-25 05:31:47 · 5 answers · asked by rob a 1 in Business & Finance ➔ Credit
There's not a definition for "defaulted credit", but you can default on a credit card or a loan, etc. It just means you didn't follow the agreement-- late payments, missed payments, etc.
2006-08-25 06:17:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Defaulted Credit is deemed a negative credit item in which you have failed to comply with the terms and conditions of a credit agrement. More than likely, this item has been reported to the credit bureau.
Defaulted credit situations begin when you have delinquent status that is usually caused when you fail to make "agreed-upon" or minimum payment arrangements. As such, more aggressive collection efforts may be taken against you since the loan or credit agreement is now impaired.
2006-08-25 13:55:44 · answer #2 · answered by DaMan 5 · 0⤊ 0⤋
I think it is when you miss a payment on a credit agreement you have.
I can be lodged agasinst you for up to 6 years.
2006-08-25 13:37:36 · answer #3 · answered by Rebz 5 · 0⤊ 0⤋
when u dont pay your credit...its called as def cr
2006-08-26 07:24:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
when you fail to pay your debt
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2006-08-25 15:14:28 · answer #5 · answered by bijan816 2 · 0⤊ 0⤋