Equifax Financial News

Canadians are struggling with debt, from credit card bills to mortgages and loans — recent studies from TransUnion Canada and Equifax have found millions of people dealing with trillions of dollars in debt. As we pass the midway point of 2024, there are things that can be done to try and manage your money.

Subscribe to enjoy similar stories.Driven by soaring global prices and across-the-table lending, the gold loan market has exploded, expanding almost 4 times in just four years. This surge has made gold loans the second-largest retail credit category in India, according to the Gold Loan Landscape Report by TransUnion Cibil in April 2026.

Aditya B Chatterjee is managing director at Equifax IndiaCatch all the Instant Personal Loan, Business Loan, Business News, Money news, Breaking News Events and Latest News Updates on Live Mint.

cost of living, with new data showing more are taking on debt as financial pain bleeds out into broader sections of the economy.It comes as the so-called “K-shape” economy continues to underscore a widening wealth divide between Canada’s highest and lowest income groups, with Equifax reporting debt among Canadians with higher credit scores is rising.“There’s more of a divergence happening and a few of the higher income or low-risk people are kind of switching almost on that ‘K’,” says Rebecca Oakes, vice-president of analytics at Equifax Canada.“Everything that’s happening right now is just going to add pressure to an already difficult situation where we did have diversions in financial health.”Total Canadian consumer debt in the fourth quarter, or final three months of 2025, increased 3.13 per cent from a year earlier to $2.65 trillion, and non-mortgage debt increased by 4.5 per cent.Those with higher credit scores of between 751 and 880 out of the scale to 900 saw their non-mortgage debt rise by 6.1 per cent, while lower credit scores of 320 to 580 remained mostly the same, the report showed.“It doesn’t really matter what your credit score is. What matters is how much income you have relative to your expenses.

In today's financial landscape, a loan is generally granted based on an applicant's credit score, a three-digit number that ranges from 300 to 900, with 900 being the best. It reflects how consistently an individual repays debt.

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Unpaid medical bills will no longer appear on credit reports, where they can block people from mortgages, car loans or small business loans

It is well known that your credit score directly impacts your ability to get a loan and a lower interest rate on it. But what factors impact your credit score? The credit report has answers to that. It is important to know the difference between the two and why both matter.

Canadians are piling on the debt as interest rates come down, with the younger generations leading the way.

Equifax Inc. is launching a program to allow newcomers to transfer their foreign credit history to Canada.

Fintechs with names like Chime Financial and Credit Sesame are advertising an unusual perk on some of their products: Customers can boost their credit scores without ever borrowing or paying back any money. Millions of Americans have opened these so-called credit-builder cards since the first major ones came onto the market around the start of the pandemic. Customers deposit money into these accounts to pay bills or make purchases, much like with a debit card.

An Equifax Canada report says missed credit payments were higher among younger Canadians in the second quarter due to living costs and unemployment.

IIFL Samasta Finance, which is one of India’s largest non-banking microfinance companies (NBFC-MFI), today said that Former Chairman of NABARD, Dr. Govinda Rajulu Chintala has joined as independent director and Chairman of the Board at IIFL Samasta Finance. The microfinance company also announced the appointment of three other members to its Board of Directors.This strategic move reflects the company's commitment to further strengthen its governance structure and driving continued growth and innovation in the microfinance sector.Besides Former Chairman of NABARD, Dr. Govinda Rajulu Chintala, Former Managing Director of Equifax Credit Information Services Mr. Kalengada Mandanna Nanaiah, Former President of Institute of Chartered Accountants of India (ICAI) Mr. Nihar N Jambusaria and Co-promoter of IIFL Group, Mr. R. Venkataraman have joined the board.

Credit risk monitors that have been keeping a close eye on loan performance in Canada as higher interest rates put pressure on borrowers, say lenders are starting to get nervous.

Stocks that traded heavily or had substantial price changes on Thursday: Ally Financial, CSX rise; Equifax, Synovus Financial fall

Last month, the federal government proposed tying rent payments to credit scores, a new way to help Canadians build their credit.

credit reports through a number of means, primarily through credit bureaus authorised by the Reserve Bank of India (RBI) and regulated by the Credit Information Companies Regulation Act (CICRA). Ajay Mishra wants to raise ₹10 lakh personal loan and before he negotiates with the bank for favourable terms, he wanted to explore different options to access his credit report. 1.

Being rich is no guarantee of a high CIBIL score.  And being not-so-rich does not imply a poor credit score either. Likewise, being employed in a multinational corporation (MNC) doesn’t mean your credit score would be high, and being jobless also doesn’t adversely impact the score always.

Managing one's personal finances can seem like a hodgepodge of never-ending checklists and rules of thumb.

Central bankers and economists have been talking about the elusive “soft landing” for some time, but a report out today suggests it might actually be achievable.

credit score is different across credit bureaus such as CIBIL, Equifax and Experian? For instance, what if your CIBIL score is 760 whereas the one on Equifax is 740. Is this possible and if yes, why? Well, credit score ranges can certainly vary, albeit slightly, among different credit bureaus, but they fall within similar ranges. The most common credit scoring model is the FICO score, which is between 300 and 850.