Economic Readiness Insights

Helping organizations build resilience in challenging economic times

In an uncertain economy, businesses are inclined to pause. Our recession readiness insights can help your business plan so your operation is resilient and prepared for whatever is next.

Economic indicators show the need for downturn planning

Increase in the Consumer Price Index on an annual average basis; the largest increase since 1982

The rise in interest policy to this rate in 2023; the highest the Bank of Canada’s key rate has been since 2007

Value that Canadians lost in net worth in 2022; with the drop in Q2 being a record quarterly loss
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Protect and Grow your Business by Uncovering Hidden Risks and Opportunities

Limit Risk

Review accounts more frequently

Closely monitor your portfolio to spot changes that may increase your risk or alter your consumers’ needs.

Bankruptcy Navigator Index 4.0

Minimize portfolio risk exposure

Optimize risk strategies based on potential consumer vulnerabilities and risk scenarios

Portfolio Insights

Validate and adjust risk strategies

Leverage lost business performance insights and adjust existing lending policies to become more competitive

Optimize Collections Strategy

Minimize losses from accounts with financial stressors

Identify credit file cash flow changes that may detect potential consumer risk

Triggers*

Prioritize debt recovery efforts

Prioritize recovery initiatives on customer accounts with a higher likelihood of repayment Improve contact rates to maximize recoveries

Equifax Recovery Scores

Improve contact rates to maximize recoveries

Improve contact strategies with the most recently reported contact information for debtors

Equifax Collections Suite

*Triggers is only available to approved credentialed Equifax members who have obtained appropriate consent and who have permissible purpose to access individual credit files. Additional terms, conditions and exclusions may apply. Contact your Equifax rep for details.

Find Growth Opportunities

Mortgage Attrition Predictor

Find high-growth customer segments

Inform lending capacity with insights into a consumers’ ability to take on more credit

Target potential customers smarter

Calculate your share of a customers’ product mix to identify upsell and cross sell opportunity

Share of Wallet Analysis

Use data visualization to inform customer segmentation

Leverage market intelligence across various geographies, customer dimensions, and credit metrics

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Our Experts Can Help Support You In Your Planning

Now is the time to be proactive and get downturn-ready.

1. Implement risk management strategies to optimize risk mitigation across all your products and services.
2. Deliver growth by targeting consumers with capacity for discretionary spending that balances risk and revenue.
3. Identify opportunities to enhance collections strategies to help optimize operational efforts and potentially improve recovery rates.

Connect with our sales team for products and solutions tailored to support your business in any economic condition.

Join Equifax for quarterly Market Pulse webinars

Listen to quarterly credit trends, market data and economic insights so your business can make more confident decisions in a downturn economy

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