05-04-2012 05:12 PM
Any adverse item in payment history, be it a monthly delinquency, a CO, collection, PR, BK, etc., is a "derogatory adverse item."
The term derog is a generic term that has no specific credit reporting code attached to it. Similary, the generic term "negative account" has no specific credit reporting definition, and is simply a "derogatory description" of an account as having an adverse item reported.
A "serious" or "major" derog is also a subjective term. Only one classification of derogs seems to be consistent.... that 30-lates are, in all cases I am aware of, referred to as "minor delinquencies." Above that level, some scoring systems also consider 60-lates as minor, while others may not. It is semantics.
It seems to be fairly consistent terminology that anything above 60-late is referred to as a major or serious derog. One could, I suppose, reserve the term "serious derog" to refer only to derogs other than monthly delinquencies, which would be only collections, charge-offs, PRs and a BK.
I would not get hung up on the terminology.
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