How is creadit risk priced into a forward contract

CFA Level II
#1

Essestially the only driver for the difference in future vrs forward prices is intrest rates (dut to mark to market feature).

In other words if int rates are equal over life of both contract then future = forward

So how is credit risk priced into the contract?

Thanks

#2

With futures the Futures clearing house guarantees the trade. With forwards, itr’s between private parties.