Super Finance Glossary
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Searched for Universal Default
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Universal Default
Definition: When a lender penalizes a borrower with accounts other than the account that is defaulted. For example, credit card 1 was 35 was paid 35 days late. Credit card 2 (from another bank) was informed and raised their customer's rate to the default rate.
Definition: When a lender penalizes a borrower with accounts other than the account that is defaulted. For example, credit card 1 was 35 was paid 35 days late. Credit card 2 (from another bank) was informed and raised their customer's rate to the default rate.
