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Equifax Canada Reports Rise in Automotive Fraud
TORONTO, ON (September 24, 2024) – Equifax Canada reports that while application fraud is down in some areas, automotive lenders are seeing a surge in fraud. According to new data from Equifax Canada, automotive fraud is up by 54 per cent year-over-year and is largely driven by falsified credit applications and the continued prevalence in identity theft. Ontario has experienced the most significant increase in auto fraud rates, doubling sinc ...
September 24, 2024
Financial Stress Continues to Rise for Businesses Across Key Industries
TORONTO, ON (September 17, 2024) – Equifax Canada’s Q2 Business Credit Trends Report reveals an uptick in businesses missing credit payments. According to the data, over 56,000 businesses missed at least one financial trade in Q2 2024, up 10.2 per cent from the same time period in 2023. At a trade level, the 60+ day (volume) financial trade delinquency rate went up from 2.8 per cent to 3.1 per cent in the last 12 months, driven l ...
September 17, 2024
Economic Pressures Could Impact Credit Performance of Consumers, Especially ...
TORONTO, ON (August 27, 2024) – Consumer debt levels rose to $2.5 trillion in the second quarter of 2024, marking a 4.2 per cent increase since Q2 2023, according to the latest Market Pulse Consumer Credit Trends and Insights Report from Equifax® Canada. Credit cards continued to be the primary driver of rising debt with outstanding balances reaching $122 billion, up 13.7 per cent from Q2 2023. On average, card holders ca ...
August 27, 2024
Canadian Businesses Lean on New Installment Loans For Debt Repayment as Del ...
TORONTO, ON (June 18, 2024) – According to the latest data from Equifax® Canada’s Market Pulse Q1 2024 Business Credit Trends Report, new installment loan originations surged by 74 per cent year-over-year in the second half of 2023. Businesses that raced to meet the Canada Emergency Business Account (CEBA) forgiveness deadline of January 18th, 2024 could potentially be driving this higher-than-seasonal demand. "Whi ...
June 18, 2024
Keeping up with the Economy: Canadians Continue to Adapt their Credit and F ...
TORONTO, ON (June 11, 2024) – Consumer debt rose to $2.46 trillion at the end of Q1 2024, marking a 3.5 per cent increase from the previous year, according to the latest Market Pulse Consumer Credit Trends and Insights Report from Equifax® Canada. Financial strain was evident in the first quarter of 2024 as mortgage delinquency rates continued to climb in highly-priced housing markets like Ontario and British Columbia, and missed ...
June 11, 2024
Equifax Canada Exploring How Payday Loan Data Could Help Drive Financial In ...
TORONTO, ON (May 17, 2024) – Equifax Canada, a global data, analytics, and technology company, is committed to promoting financial inclusion and access to fair and responsible credit opportunities for all Canadians. As part of this commitment, Equifax is exploring how data sources not traditionally used in credit scores, such as payday loans, could help create a more complete picture of consumers' credit health. "W ...
May 17, 2024
Equifax Canada is Committed to Helping Canadians Benefit from Paying their ...
TORONTO, ON (April 23, 2024) – Equifax® Canada, a global data, analytics, and technology company, is committed to helping people live their financial best and to take steps to further financial inclusion for people in Canada with the continued support of rent reporting in credit scores. As the largest consumer credit bureau in Canada, Equifax strives to empower economically healthy individuals and financially inclusive commu ...
April 23, 2024
Equifax Releases 2023 Security Annual Report
ATLANTA, MARCH 21, 2024 – Equifax® (NYSE: EFX) today released its 2023 Security Annual Report, documenting the company’s continued commitment to security leadership through constant adaptation and proactive protection. The fourth annual report outlines how Equifax increased efficiency, reduced friction and strengthened continuous controls governance across its internal security program, while also collaborating externally ...
March 21, 2024
Equifax Canada: Insolvencies Rise Amid Mounting Financial Stress on Canadia ...
TORONTO, ON (March 19, 2024) – Many Canadian businesses are facing an uphill battle, as evidenced by a 41.4 per cent surge in business insolvencies in 2023 when compared to 2022. The latest data from Equifax® Canada’s Market Pulse Quarterly Business Credit Trends Report also points to a 14.3 per cent uptick in the number of businesses that missed a payment on a credit product (Q4 2023 vs. Q4 2022). ...
March 19, 2024
Equifax Canada Report Reveals Increased Financial Strain as Credit Delinque ...
TORONTO, ON (March 5, 2024) – According to Equifax® Canada’s latest Market Pulse Consumer Credit Trends and Insights report, economic pressure is more visible as many consumers struggle to make monthly credit payments. Delinquency rates for non-mortgage balances that are 90+ days overdue went up from one per cent in Q4 2022 to 1.3 per cent in Q4 2023, representing a 28.9 per cent increase. Mortgage delinque ...
March 05, 2024
Equifax Canada Survey Reveals that Fraud Concerns Continue to Rise As Econo ...
TORONTO, ON (February 27, 2024) – A new survey* by Equifax Canada sheds light on a public increasingly worried about the potential rise in fraudulent activity across industries. In addition, Equifax Canada data shows mortgage fraud and identity fraud continuing to escalate across the country as economic pressure continues. Key Overall Findings: E ...
February 27, 2024
Zonetail Press Release: Zonetail has Signed a Reporting Agreement with Equi ...
Toronto, Ontario – January 30, 2024 - Zonetail Inc. (“Zonetail'' or the “Company”) (TSXV: ZONE) (OTC Pink: ZTLLF) is pleased to announce that it has signed a reporting agreement with Equifax Canada, that allows property management companies to have the ability to submit rent payment data to Equifax Canada on behalf of a tenant's request to help consumers build their credit score. The solution is available to multi-f ...
January 30, 2024
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