When a borrower does not adhere to a contractual agreement after taking out a loan, the account may end up going into default. Loan defaults often leave a negative imprint on credit scores and ratings for up to seven years.
In most circumstances, when a borrower does not comply with the payment agreement during a 270-day period, the loan will end up going into default. Having an account in default status on your report does not only lower your score, but it also serves as a red flag when future lenders access and review your report.
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