Equifax

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Could A New Credit Scoring System Affect Your Ability To Borrow?

Equifax will combine credit histories, ratings, and mortgage information with Teranet's database of property values to offer lenders and financial institutions an assessment of a borrower's debt-to-asset value and home equity. This RESL metric will help lenders measure risk in the real estate market, allowing them to determine if they want to lend or not.

High Risk Credit Products Lead to Insolvency

Consumers who file insolvency are in severe financial distress, but surprisingly this does not mean they are behind on their payments. According to Equifax Canada, about 70 per cent of consumer accounts are paid as agreed at the time the individual files for bankruptcy, and this is definitely consistent with what we see every day. More debtors are turning to subprime debt as a way of balancing payments. While any one payday loan, high cost instalment loan or low credit car loan will not necessarily lead to bankruptcy, it does begin a slippery slope and these loans are a primary indicator of an increasing percentage of insolvencies.
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Canadians' Non-Mortgage Debt Jumps

TORONTO -- Canadians continue to pile on debt and now collectively owe more than $1.5 trillion excluding mortgages, according to the latest figures from Equifax Canada. The consumer credit rating agen...
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We Owe $1.4 TRILLION

TORONTO - The love affair Canadians have with debt is still going strong, according to a new report by credit monitoring agency Equifax Canada.Equifax said Monday that its figures show that consumer d...
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More Debt? No Problem

TORONTO - Canadians are carrying more debt now than a year ago, but it seems like many have a better handle on paying it back, says a newly-released study.Statistics from credit monitoring firm Equifa...
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Canadians' Debt Burden Spikes

OTTAWA - Canadian households have returned to their free-spending ways and seniors have joined the party lately by borrowing to finance their post-retirement lifestyles, a new report says.The report f...
AP

Consumer Debt Delinquencies Down

TORONTO - The number of Canadians missing or defaulting on loan payments fell to pre-recession levels during the summer even though the amount of money owed continued to rise, according to a report fr...
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Found: $3M

OTTAWA - The Canada Revenue Agency has uncovered millions of dollars worth of missing taxes by doing a simple credit check that the banks have been using for years.The project found almost $3 million...