Equifax Releases 2024 Global Consumer Credit Trends Report

Rhea-AI Summary

Equifax (NYSE: EFX) has published its third annual 2024 Global Consumer Credit Trends report, analyzing consumer credit data from 10 countries including Australia, Brazil, Canada, India, Spain, and the United States. The report, powered by the Equifax Cloud™ and its custom data fabric, represents a $1.5 billion technology investment.

Key findings indicate slow recovery from high inflation across regions, with varied impacts across populations. Notable trends include:

• Australia's first cash rate reduction in 4 years
• India's mortgage lending grew 7% YoY, with non-mortgage debt up 45%
• Spain's GDP grew 0.8% QoQ and 3.2% YoY
• Canada's new mortgage originations increased 39% YoY

The report highlights steady global consumer credit demand, with consumers trending toward unsecured credit while mortgage markets show controlled recovery.

Positive

• Major $1.5 billion technology investment in Equifax Cloud platform
• Expansion of data analytics capabilities across 10 countries
• Strong growth in India's lending: 45% increase in non-mortgage debt
• 39% YoY increase in Canadian mortgage originations
• Positive GDP growth in Spain: 3.2% YoY

Negative

• Slow recovery from high inflation across regions
• Consumers shifting toward potentially riskier unsecured credit

News Market Reaction

+1.15%

1 alert

+1.15% News Effect

On the day this news was published, EFX gained 1.15%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Third Annual Report Provides Unique Equifax Cloud™-based Insights to Help Lenders Around the World Make More Informed Decisions and Innovate Faster

ATLANTA, April 11, 2025 /PRNewswire/ -- Equifax® (NYSE: EFX) has released its 2024 Global Consumer Credit Trends, a report that features global consumer credit data and trends information from 10 different countries including Australia, Brazil, Canada, India, Spain and the United States. The third annual report, made possible by the Equifax Cloud™ and the company's custom data fabric, is designed to give lenders around the world a deeper view into overall consumer credit demand, debt, delinquencies, credit card utilization rates and inflation trends in their particular region to make more informed decisions and innovate faster – enabling more mainstream financial opportunities for consumers.

"Unique, differentiated data and analytics continues to be at the heart of our business," said Patricio Remon, President of Equifax International. "Our Global Consumer Credit Trends report continues to be unique in the breadth of insights that it provides. This extensive look at consumer credit data and inflation trends from 10 different countries is enabled by Equifax Cloud and our custom data fabric, to help our customers across the globe create more effective insights and innovate faster."

The Equifax Cloud™ is a top-tier global technology and security infrastructure backed by a more than $1.5 billion multi-year investment that gives the organization the ability to develop solutions that are faster, more reliable, more powerful, and more secure than ever before. Central to the Equifax Cloud is its custom data fabric, an adaptable data platform that unifies the enterprise's data (from over 100 siloed data sources) in a single, virtual structure, enabling critical data governance measures, including data segregation, and maintaining compliance with regulatory requirements.

The 2024 report indicates that overall recovery from long periods of high inflation could be slow, with notable differences among populations and geographies. Specific inflation trends for Argentina, Australia, Brazil, Canada, Ecuador, India, New Zealand, Spain, the United Kingdom and the United States are also included, with most regions continuing to loosen their monetary policies to help consumers cope with tougher economic headwinds.

For example:

• Australia experienced its first reduction in cash rate in four years, prompted by their Consumer Price Index reaching its target rate for consecutive quarters.
• Mortgage lending in India increased by 7% year-over-year due to rising urbanization and better affordability, while non mortgage debt increased by 45% due to strong economic growth.
• In Spain, the Spanish economy ended 2024 as one of the healthiest in the Euro area. Specifically, Gross Domestic Product (GDP) grew by 0.8% quarter-over-quarter, and 3.2% year-over-year, with the European Central Bank reducing interest rates further in Dec 2024.

Equifax data further indicated that consumer credit demand mostly remained steady globally, even as economic pressures continued to push consumers towards unsecured credit, while the mortgage market returns in a controlled manner.

• In Canada, the overall mortgage market showed signs of recovery, with new mortgage originations rising 39% year-over-year.
• Demand in Argentina continued on a positive trajectory, which had been observed since the start of 2024, in particular, with an upward trend towards the end of the year.
• In Brazil, credit demand remained stable in the fourth quarter of 2024, compared to the previous quarter.

As consumer credit markets continue to evolve around the world, understanding consumer credit behavior and inflation trends is critical. Equifax offers consumer credit perspectives from various regions, including monthly National Consumer Credit Insights in the U.S. as well as quarterly consumer and commercial insights in Australia and Canada. The U.K. also produces its annual Financial Health Report, which provides a comprehensive overview of the nation's financial wellbeing.

The complete Equifax 2024 Global Consumer Credit Trends Report can be found here.

ABOUT EQUIFAX INC.
At 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.com.

FOR MORE INFORMATION:
Alexandra Packey for Equifax
mediainquiries@equifax.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/equifax-releases-2024-global-consumer-credit-trends-report-302426513.html

SOURCE Equifax Inc.

FAQ

What are the key findings of Equifax's 2024 Global Consumer Credit Trends Report?

The report shows slow inflation recovery globally, steady consumer credit demand trending toward unsecured credit, and controlled mortgage market recovery across 10 countries.

How much did India's mortgage lending grow according to EFX's 2024 report?

India's mortgage lending increased by 7% year-over-year, while non-mortgage debt grew by 45% due to strong economic growth.

What is the significance of Equifax Cloud in the 2024 credit trends report?

Equifax Cloud, backed by a $1.5 billion investment, enables faster, more reliable analysis of data from over 100 sources through a unified data fabric platform.

How did Spain's economy perform according to EFX's 2024 report?

Spain's economy was among the healthiest in the Euro area, with GDP growing 0.8% quarter-over-quarter and 3.2% year-over-year.

What was the percentage increase in Canada's mortgage originations in 2024?

According to EFX's report, Canada's new mortgage originations rose 39% year-over-year, showing signs of market recovery.