Equifax Canada continues to support consumers, launches COVID + Credit Resource Centre
Equifax Canada has launched a COVID + Credit Resource Centre to assist consumers in understanding the financial implications of the pandemic on their credit. This initiative offers guidance on managing finances and mitigating potential negative effects on credit scores due to deferred payments. Consumers can access articles addressing deferred payments, factors impacting credit scores, and accurate reporting practices. The company emphasizes the importance of regularly checking credit reports and is committed to fair credit reporting amidst ongoing challenges.
- Launch of COVID + Credit Resource Centre to support consumers with credit-related concerns due to the pandemic.
- Provides resources that help mitigate negative impacts on borrowers' creditworthiness.
- Commitment to fair and accurate credit reporting practices.
- Concerns over consumers struggling to keep up with bills and financial decisions during the pandemic.
Insights
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TORONTO, June 03, 2020 (GLOBE NEWSWIRE) -- Equifax Canada has created a COVID + Credit Resource Centre to help consumers better understand how the pandemic may be impacting their finances and credit. The Centre provides insights on managing finances and steps to mitigate any negative impact on their credit during these difficult times. Consumers concerned about deferred payments and the potential impact on their credit scores will also be able to find guidance and helpful information.
Specifically, consumers concerned about deferred payments and their credit standing can refer to these resource articles:
- Deferred payments and your credit report
- COVID + credit: your questions answered
- How to spot deferred payments on your credit report
- What factors impact my credit scores?
- What information is in a credit report?
- What is a consumer statement and should I have one?
“We recognize that the pandemic has led to widespread uncertainty for millions of Canadians, leaving them struggling to keep up with their bills and overwhelmed by financial decisions,” said Carrie Russell, President of Equifax Canada. “We are committed to helping all Canadians build credit confidence, no matter their circumstances. Our resources help provide answers for the people who need them."
“To ensure information is being accurately reported, it's important for consumers to check their credit reports regularly - especially after a deferred payment agreement has been reached with their lenders.”
Equifax Canada recognizes the hardships people are facing and continues to work with industry stakeholders to define data reporting specifications, which strive to achieve these key objectives:
- Helping to minimize negative impacts of deferred payment programs on borrowers’ (consumer and business) creditworthiness
- Offering support to data furnishers who may have a limited ability to report account deferral data in accordance with the existing reporting specifications for standard reporting of deferrals
- Fair and accurate credit reporting practices in accordance with regulatory requirements
- Consistent data reporting and processing by both Equifax and TransUnion
Credit bureaus use different sources for collecting information, and not all third parties report to both credit bureaus. This means that the credit reports belonging to a consumer may contain different information. It is important to regularly check credit reports to help better understand your current credit position and detect any inaccurate or incomplete information. Consumers can currently obtain their free Equifax Canada credit report instantly via the company’s website: https://www.consumer.equifax.ca/personal/products/credit-report/.
About Equifax
Equifax is a global information solutions company that uses unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions. Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 11,000 employees worldwide. For more information, visit Equifax.ca and follow the company’s news on LinkedIn.
Media Contacts:
| Andrew Findlater SELECT Public Relations afindlater@selectpr.ca (416) 659-1197 | Tom Carroll Equifax Canada MediaRelationsCanada@equifax.com (416) 227-5290 |
FAQ
What is the COVID + Credit Resource Centre by Equifax Canada?
How does deferred payment affect credit scores?
How can consumers check their credit reports for free?
What steps is Equifax Canada taking to ensure accurate credit reporting?
What articles are available at the COVID + Credit Resource Centre?
