Press Releases

133 Articles
Equifax Canada Demonstrates Innovation and Growth with Industry-Leading Clo ...
TORONTO, ON (December 17, 2024) – Equifax Canada is excited to announce the successful completion of a multi-year cloud transformation of all customer products and platforms onto the Equifax CloudTM. This ambitious move allows Equifax Canada to help customers and partners leverage unique, proprietary Equifax data and patented EFX.AI capabilities to help them solve their business challenges, manage risk, and grow their busin ...
December 17, 2024
Canadian Businesses Face Contrasting Fortunes as Holidays Approach
TORONTO, ON (December 3, 2024) – Newer Canadian businesses are driving significant growth in debt balances, according to the Equifax Canada Q3 Business Credit Trends Report, setting a complex stage for the upcoming holiday season. Total business debt balances reached $35 billion in Q3 2024, a 15.3 per cent increase from the same period last year, with businesses opened in the past 24 months contributing to a 25.2 per cent rise in balances co ...
December 03, 2024
Interest Rate Cuts Begins to Ease Consumer Credit Burden - But Not for Ever ...
TORONTO, ON (November 26, 2024) – Equifax Canada’s latest Market Pulse Consumer Credit Trends Report reveals that while recent interest rate cuts have provided easing of financial  pressures for some Canadians, other groups such as newcomers to Canada and consumers that are new to credit continue to face challenges.    New to Credit and Newcomers to Canada  As delinquency levels start to flatten ou ...
November 26, 2024
BDC and Equifax Launch Innovative Canadian Small Business Health Index
TORONTO, ON (October 29, 2024) — BDC, Canada’s bank for entrepreneurs, and Equifax® Canada are proud to launch the Canadian Small Business Health Index, an innovative dataset that combines real-world data and business sentiment to provide a comprehensive view of the financial well-being of small and medium-sized enterprises (SMEs) across Canada. Using robust, anonymized Equifax data, this innovative index is designed to help entre ...
October 29, 2024
Equifax Canada Champions Financial Inclusion for Newcomers to Canada with t ...
TORONTO, ON (October 24, 2024) – Equifax Canada has launched the Global Consumer Credit File, an innovative solution designed to empower lenders to make more confident credit lending decisions for newcomers to Canada. The solution creates a calibrated credit score using newcomers’ credit histories from their countries of origin. The platform offers lenders and newcomers to Canada a seamless and secure means to access global credit data whi ...
October 24, 2024
Equifax Canada Appoints Ramon Yarde as Chief Data Officer
TORONTO, ON (October 11, 2024) – Equifax Canada has announced the appointment of Ramon Yarde as Chief Data Officer (CDO), as part of Equifax Canada’s commitment to market-leading data, analytics and unparalleled insights for Canadian consumers and businesses.  Yarde has served as interim CDO since February 2024. A trusted leader at Equifax Canada since 2006, he has held several leadership roles during his tenure, including ...
October 10, 2024
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