First-payment default (FPD)
First-payment default (FPD) is when a borrower misses the very first scheduled repayment on a new loan. A high FPD rate is a strong warning sign, often pointing to affordability problems or fraud that the original decision missed.
Because it happens so early, FPD is a sharp test of decision quality. Verifying income and affordability at application is the main way to bring it down.
Credit Canary builds first-payment default into one platform for UK lenders, with the data and decisioning behind it.
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