Resources include responses to consumers’ questions about deferred payments

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.

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