Equifax Canada

Equifax® Canada: Insolvencies Rise Amid Mounting Financial Stress on Canadian Businesses

Retrieved on: 
Tuesday, March 19, 2024
CEBA, Squeeze, Growth, Equifax Canada

TORONTO, March 19, 2024 (GLOBE NEWSWIRE) -- 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).

Key Points: 
  • One significant contributor to this mounting stress is the repayment of Canada Emergency Business Account (CEBA) loans.
  • “Canadian businesses are facing a perfect storm of economic pressures,” says Jeff Brown, Head of Commercial Solutions for Equifax Canada.
  • “The sharp rise in insolvencies, representing a 30.3 per cent surge since 2019, underscores the financial pressures faced by businesses.
  • “As always, we will monitor this closely and we will provide insights to help businesses respond to the ever-evolving market conditions.”

Equifax® Canada Report Reveals Increased Financial Strain as Credit Delinquencies Continue to Rise

Retrieved on: 
Tuesday, March 5, 2024
HELOC, Bankruptcy, Equifax Canada, Housing, Credit, Education minister, Cryptocurrency

TORONTO, March 05, 2024 (GLOBE NEWSWIRE) -- 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 delinquency rates over the last 12 months saw a 52.3 per cent increase, from 0.09 per cent to 0.14 per cent.

Key Points: 
  • Financially stressed mortgage holders in these provinces are also increasingly missing payments on their credit cards.
  • Non-mortgage debt rose by 4.1 per cent, mainly fueled by a $15.9 billion rise in credit card debt during 2023 to $116.2 billion.
  • Bankruptcy filings increased by 8 per cent year-over-year and by 1.4 per cent quarter-over-quarter, indicating persistent financial pressure.
  • “Factors such as high cost of living, inflation, credit card payments, and mortgage renewal worries are coming at consumers right now,” said Oakes.

Equifax Canada: Economic Pressures has Fraud and Auto Theft on the Minds of Canadians

Retrieved on: 
Tuesday, February 27, 2024
Equifax, Identity, Fraud, ID, Consumer, Risk, Crime, Prevalence, Probability, Equifax Canada, Bank statement, Theft, Insurance, Cryptocurrency

In addition, Equifax Canada data shows mortgage fraud and identity fraud continuing to escalate across the country as economic pressure continue.

Key Points: 
  • In addition, Equifax Canada data shows mortgage fraud and identity fraud continuing to escalate across the country as economic pressure continue.
  • Economy Fuels Fears: Over 76 per cent of Canadians surveyed believe financial hardships may increase the likelihood of people committing fraud and theft, suggesting economic anxieties may contribute to growing auto theft and identity fraud concerns.
  • Auto Industry Alarm: Over 74 per cent of Canadians surveyed believe insurance fraud impacts their auto insurance payments, highlighting the financial burden of this growing crime.
  • In response to these fraud trends, Equifax Canada emphasizes the importance of proactive fraud prevention measures and heightened consumer awareness.

InvestmentPitch Media Video Discusses Zonetail's Agreement with Equifax Canada, Enabling Tenants to Use Rental History to Build Their Credit Score

Retrieved on: 
Wednesday, January 31, 2024
Partnership, Software, OTC Markets Group, News, Equifax Canada, Equifax, Starlight Investments, MRI Software, Asset, Advertising

For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company.

Key Points: 
  • For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company.
  • With its partnership with Yardi, Shiftsuite and MRI Software, Zonetail reaches an estimated 50 million households across North America.
  • In fact, we have had recent discussions internally about this exact topic and how we can help our residents establish credit."
  • For more information, please visit the company's website, www.zonetail.com or contact Mark Holmes, President and CEO at 416-994-5399, or by email at [email protected] .

Canadian Businesses Facing Crucial Challenges this Holiday Shopping Season

Retrieved on: 
Tuesday, December 12, 2023
Equifax Canada, Risk, Delinquent, Bank

TORONTO, Dec. 12, 2023 (GLOBE NEWSWIRE) -- This holiday season, Canadian businesses face challenges including rising debt levels, slowing demand for new credit, and concerns about potential delinquencies, according to Equifax® Canada’s latest Market Pulse Business Credit Trends and Insights report.

Key Points: 
  • TORONTO, Dec. 12, 2023 (GLOBE NEWSWIRE) -- This holiday season, Canadian businesses face challenges including rising debt levels, slowing demand for new credit, and concerns about potential delinquencies, according to Equifax® Canada’s latest Market Pulse Business Credit Trends and Insights report.
  • Overall delinquencies (60+ days) rose 3.4 per cent compared to the previous quarter, signaling potential challenges in debt repayment.
  • We will be closely monitoring both debt levels and roll rates throughout the holiday season.”
    Brown suggests the data highlights the crucial role of the holiday season for small businesses.
  • “A strong holiday season can make a significant difference for these businesses.

Missed Payments and Financial Strain Are Increasing for Many Canadians, Credit Card Debt Continues To Rise

Retrieved on: 
Wednesday, December 6, 2023
Equifax Canada, Credit, Ageing, News, Education minister, Housing, Delinquent, Equifax, Growth, Population growth, HELOC, Bank

TORONTO, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Total consumer debt in Canada stood at $2.4 trillion in Q3 2023, an increase of $80.9 billion from the same period last year, according to Equifax® Canada’s latest Market Pulse Consumer Credit Trends and Insights report. Despite the impact of high interest rates and a slowing economy, mortgage debt rose by 1.7 per cent compared to the second quarter while non-mortgage debt growth was slightly lower at 1.2 per cent.

Key Points: 
  • The rise in non-mortgage debt was primarily due to credit cards.
  • More than 6 million new cards were opened in the last 12 months, up 13.7 per cent from 2022.
  • The average balance of credit card holders rose to $4,119, up from $3,727 in the third quarter of 2022, exceeding the averages seen pre-pandemic.
  • While average monthly credit card spend per consumer rose by 2.2 per cent compared to 12 months ago, average payment only increased by 1.7 per cent.

Equifax Canada: Budget Planning and Fraud Prevention ‘Top the List’ this Holiday Season

Retrieved on: 
Tuesday, November 14, 2023
Holiday, Equifax Canada, Consumer, Social media, Family, Leger, Food, Allotment (travel industry), Identity theft, Ageing, Retail, Cryptocurrency

68 per cent of respondents said they plan to budget for holiday shopping this year, up from 57 per cent in 2022.

Key Points: 
  • 68 per cent of respondents said they plan to budget for holiday shopping this year, up from 57 per cent in 2022.
  • Shopping local is on the rise for the 2023 holiday season, with 61 per cent of shoppers planning to do so, up from 51 per cent in 2022.
  • A 10 per cent increase in shoppers planning to shop locally could be a boon to small business owners, who are facing a challenging holiday season.
  • “It’s so important to support small businesses this holiday season, and beyond,” said Jeff Brown, Head of Commercial Solutions at Equifax Canada.

Industry Veteran, Michel Archambault, Named Managing Director of Safe-Guard Products Canada Operations

Retrieved on: 
Wednesday, November 8, 2023
Knowledge, Development, Fenbendazole, Original equipment manufacturer, Acquisition, Office Products International, RV, Equifax Canada, Saint Laurent

MISSISSAUGA, ON, Nov. 8, 2023 /PRNewswire/ -- Safe-Guard Products International, LLC , the leading provider of branded protection products for the automotive, RV, powersports and marine industries announced today that industry veteran and Quebec resident, Michel Archambault, has been named Managing Director of Safe-Guard Products Canada.

Key Points: 
  • MISSISSAUGA, ON, Nov. 8, 2023 /PRNewswire/ -- Safe-Guard Products International, LLC , the leading provider of branded protection products for the automotive, RV, powersports and marine industries announced today that industry veteran and Quebec resident, Michel Archambault, has been named Managing Director of Safe-Guard Products Canada.
  • With more than 20 years of experience in strategic corporate development, including the last nine years in automotive finance, Archambault brings a unique combination of industry and local market knowledge to Safe-Guard Products Canada.
  • Prior to joining Safe-Guard, Archambault was an executive at Dealertrack Canada, a division of Cox Automotive Canada.
  • In 2013, Safe-Guard formed Safe-Guard Canada Ltd., a wholly owned company of Safe-Guard Products International, LLC, to manage all operations in Canada.

Canadians Cite Concerns Over Bills, Debt, and Identity Theft

Retrieved on: 
Monday, October 30, 2023
Ageing, Social media, Housing, Consumer, Identity theft, Computer, Equifax, Retirement, Equifax Canada, Anxiety, Financial Literacy Month, Online shopping, Cryptocurrency, Bank

Checking credit reports is one of the best ways to spot identity theft early.

Key Points: 
  • Checking credit reports is one of the best ways to spot identity theft early.
  • “We need to talk about money more to empower Canadians of all ages and backgrounds to build financial resilience.
  • Half of Canadians surveyed (52 per cent) agree that newcomers face difficulties securing housing due to a lack of credit history.
  • *An online survey of 1,564 Canadians was completed between September 15-18, 2023, using Leger’s online panel.

Fairstone Takes Proactive Steps to Strengthen Financial Knowledge during November's Financial Literacy Month

Retrieved on: 
Wednesday, November 1, 2023
Karma, Knowledge, Identity theft, TransUnion, ClearScore, Organization, TransUnion Canada, Social responsibility, JA, Credit score, Eye, Credit, Equifax Canada, Financial Literacy Month, Credit Karma, Insurance, Payment card, Management, Fraud

MONTREAL, Nov. 1, 2023 /CNW/ - As November marks the beginning of Financial Literacy Month, Fairstone Bank of Canada and its wholly-owned subsidiary, Fairstone Financial Inc. (hereinafter collectively "Fairstone"), are proud to reaffirm their commitment to the financial well-being of Canadians.

Key Points: 
  • MONTREAL, Nov. 1, 2023 /CNW/ - As November marks the beginning of Financial Literacy Month, Fairstone Bank of Canada and its wholly-owned subsidiary, Fairstone Financial Inc. (hereinafter collectively "Fairstone"), are proud to reaffirm their commitment to the financial well-being of Canadians.
  • This year, as we dive into Financial Literacy Month, Fairstone introduces the inaugural national "Check Your Credit Score Day" on November 2nd!
  • "We believe that knowledge is power when it comes to personal finances," said Grant Wyard-Scott, Chief Operating Officer at Fairstone.
  • Recognizing that financial literacy is the cornerstone of financial health, Fairstone offers a range of resources to enhance Canadians' financial knowledge and support informed decision-making.