Just a reminder, Equifax Canada is one of two consumer reporting agencies registered in Ontario (the other is TransUnion Canada), under the Consumer Reporting Act. Consumer reporting agencies create and maintain your credit report. They collect information from various sources, like banks, credit card companies, mortgage companies and other creditors.
You owe it to yourself to know the basics behind this law. Here’s a quick video, published by the Ontario government, to help you with that:
The new technology will provide mortgage lenders with access to enhanced insights into consumers’ credit profiles. Equifax Canada says it will enable its clients to deliver a better end-consumer experience, faster service, and fair and flexible access to credit for all Canadians.
In addition, the new product should help mortgage lenders better assess those Canadians with little-to-no credit history and give those consumers wider choices than just the high-interest lenders. “Our clients want and need us to innovate by helping them reach new markets and compete more effectively in a rapidly changing credit environment that includes emerging alternative and Fintech lenders. This investment will go a long way to achieving that goal,” explained Jimmy Chan, Chief Information Officer, Equifax Canada.
Among the insights available to lenders is trended credit data which details repayment history and highlights trends adds significant insight that goes well beyond a static point-in-time credit score when it comes to underwriting lending risk.
Phase one of the new technology platform was launched January 24th. You can read the Equifax press release hear for full details – http://www.consumer.equifax.ca/about-equifax/press-releases
If I can help, let me know.