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.
Credit Canary builds default into one platform for UK lenders, with the data and decisioning behind it.
Missed PaymentsExplore more from Credit Canary
See where your credit union stands, benchmarked, in two minutes.
Affordability, cost of credit and Consumer Duty calculators.
Risk appetite, affordability, Consumer Duty and more.
How Credit Canary compares with other providers.
Original research on UK lending and digital performance.
See default in a working platform
Credit Canary unifies credit risk, affordability and payments for UK lenders. Book a short walkthrough.
Book a demo