Glossary
Default
A default happens when a borrower fails to meet the terms of their credit agreement, typically by missing payments for a sustained period. Lenders usually record a default after several missed payments, and it is reported to credit reference agencies.
Default is the outcome lenders try to predict and prevent. Early, supportive contact and affordability-based arrangements reduce the number of accounts that reach it.
How Credit Canary helps with default
Credit Canary brings the data, decisioning and payments behind Default into one platform for UK lenders.
Missed PaymentsRelated terms
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