Arrears
Arrears are missed or partial payments that a borrower owes but has not paid on time. An account 'in arrears' has fallen behind its contractual schedule. Lenders track arrears by stage (for example one, two or three-plus payments behind) to prioritise support and collections.
Early, proportionate contact and affordability-based repayment arrangements tend to produce better outcomes than aggressive collection. Under the Consumer Duty and FCA rules, firms must treat customers in arrears fairly and consider forbearance.
Predicting which accounts are likely to fall into arrears lets lenders intervene before a payment is missed.
Credit Canary builds arrears into one platform for UK lenders, with the data and decisioning behind it.
Missed PaymentsSee arrears in a working platform
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