Equifax® Canada is Committed to Helping Canadians Benefit from Paying their Rent
April 23 2024 - 5:30AM
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 communities worldwide. The inclusion of
rental payments in credit scores is an important step to ensuring
credit and mainstream financial services are made more accessible
to more people. Equifax supports the rental initiatives recently
announced by the Federal Government and believes the inclusion of
rental payments in credit scores will help more Canadians achieve
homeownership or gain access to other financial services.
“Renters are a growing part of the Canadian economy
and it’s time they are recognized for making their rent payments on
time,” said Sue Hutchison, President & CEO at Equifax Canada.
“Equifax Canada has been leading the way and has been modeling how
rental payments, just like mortgage payments, can help build a
credit score. This is so important for young Canadian consumers,
new Canadians and other underserved consumers.”
Equifax has been exploring how data sources not
traditionally used in credit scores, such as rent payments, could
help create a more complete picture of consumers’ credit health,
creating financial opportunities for more people, and better
reflecting the changing demographics in this country.
The addition of alternative data will be the
beginning of a meaningful step forward in modernizing the credit
infrastructure in Canada and improving access to credit. The
inclusion of rental payments in credit scores is an important step
to ensuring credit and mainstream financial services are more
accessible for qualifying Canadians.
Equifax has been testing small volumes of rental
payment data for some time now, to assess its suitability for
helping to responsibly contribute to credit files and scores in
Canada. A study undertaken by Equifax found that the inclusion of
alternative data in scores could establish or enhance the credit
scores of an estimated five million more Canadians. This could help
more people demonstrate their creditworthiness and expand the pool
of qualified consumers for various forms of credit.
Equifax looks forward to working collaboratively
with the government, banking and lenders, and other stakeholders to
ensure this important evolution in the credit infrastructure in
Canada is implemented responsibly. Equifax has invested billions of
dollars into unique data, verification insights, fraud reduction
tools, powerful modeling techniques and cloud-based technology
solutions that empower our customers to bring greater access to
financial opportunity to more people in more places. Equifax is
proud to be leading the way and is confident that this initiative
can be scaled while safeguarding the integrity of Equifax credit
scores.
“We know that a single financial opportunity can be
a critical step to establishing financial health, changing the
trajectory of families and communities for generations. Everyone
deserves the opportunity to build a strong financial future,” said
Hutchison.
About EquifaxAt Equifax (NYSE:
EFX), we believe knowledge drives progress. As a global data,
analytics, and technology company, we play an essential role in the
global economy by helping financial institutions, companies,
employers, and government agencies make critical decisions with
greater confidence. Our unique blend of differentiated data,
analytics, and cloud technology drives insights to power decisions
to move people forward. Headquartered in Atlanta and supported by
nearly 15,000 employees worldwide, Equifax operates or has
investments in 24 countries in North America, Central and South
America, Europe, and the Asia Pacific region. For more information,
visit Equifax.ca.
Contact:Andrew FindlaterSELECT Public
Relationsafindlater@selectpr.ca(647) 444-1197
Angie AndichEquifax Canada Media
RelationsMediaRelations@equifax.com
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