60-Plus Delinquencies

60-Plus Delinquencies are a type of credit score that measures how often a borrower has missed payments on their debts. The score is calculated by taking into account the number of times a borrower has been 60 days or more late on a payment, as well as the total amount of debt that they have.

A 60-Plus Delinquency can have a significant impact on a borrower's credit score. In general, the more 60-Plus Delinquencies a borrower has, the lower their credit score will be. This is because 60-Plus Delinquencies are seen as a sign of financial instability and risk.

There are a few things that borrowers can do to improve their 60-Plus Delinquency score. First, they should make sure that they are making all of their payments on time. Second, they should try to reduce the amount of debt that they have. Third, they should work on improving their overall credit score.

If a borrower has a 60-Plus Delinquency, they may have difficulty getting approved for loans or credit cards. They may also have to pay higher interest rates on loans. In some cases, a 60-Plus Delinquency can even lead to foreclosure or bankruptcy.

It is important to note that 60-Plus Delinquencies stay on a borrower's credit report for seven years. This means that even if a borrower makes all of their payments on time going forward, their 60-Plus Delinquency will still be reflected in their credit score for seven years.

If a borrower has a 60-Plus Delinquency, they should speak to a credit counselor to learn more about how to improve their credit score.