CDR (Constant Default Rate)

Annualised measure of the percentage of outstanding principal defaulting in a given period. CDR × (1 − Recovery Rate) = net loss rate. CDR is a gross measure.

DPD (Days Past Due)

The number of calendar days since a scheduled payment was due but not received. 30–59 DPD: early delinquency; 60–89 DPD: serious delinquency; 90+ DPD: default in most consumer pools.

Vintage Analysis

Performance tracking of loans originated in the same calendar period (month, quarter, year), allowing like-for-like comparison across cohorts. The primary tool for identifying underwriting deterioration.

Payment Rate (PR)

Collections received ÷ beginning balance. Measures revolving pool health for credit cards and ABCP structures. If PR falls below the minimum payment rate threshold, early amortisation triggers.