TORONTO, Aug. 6 /CNW/ - Equifax Canada today released the latest consumer
credit delinquency data which shows that Canadians continue to fall behind on
their credit payments at an ever-increasing rate. The average delinquency rate
for Canada rose by approximately 24% over a one-year span from June 30, 2008
to June 30, 2009. The average delinquency rate for all of Canada as of June
30, 2009, was 1.56%, a 3% increase over May 2009.
Provincially, June numbers reveal that Nova Scotia continues to have the
highest average delinquency rate at 2.09%; Saskatchewan again had the lowest
rate at 1.24%. Ontario's rate was 1.78%.
Equifax Canada defines delinquent accounts as credit facilities that have
not received a payment for at least 90 days. The average delinquency rate is
calculated by comparing the number of delinquent credit facilities to the
total number of credit facilities. Equifax Canada's experienced team of
consultants and analysts compute delinquency rates by analyzing data from
Canadian lenders who report to it on a daily basis.
On a yearly basis, the average delinquency rates have been rising
dramatically in Alberta (32%) and British Columbia (30%), and, on the east
coast, Prince Edward Island experienced a 27% increase. The national yearly
average rate of increase is approximately 24%.
It is important to note that British Columbia (1.35%) and Alberta (1.46%)
continue to have average delinquency rates that are lower than the national
average. In Prince Edward Island (2.04%), however, average delinquency rates
were higher than the national rate.
Calgary sees sharpest jump
Urban areas experienced some of the largest jumps in delinquency rates.
Five out of the ten cities monitored by Equifax Canada have annual increases
in delinquency rates that are higher than the national average:
June 2009 Year over Year
Delinquency Rate Increase (%)
Calgary 1.36% 35%
Montreal 1.44% 23%
Vancouver 1.21% 27%
Quebec City 0.83% 22%
Edmonton 1.45% 31%
London 1.70% 26%
Hamilton 1.75% 25%
Toronto 2.03% 20%
Canada 1.56% 24%
With the exception of Prince Edward Island and Quebec City, all provinces
and cities monitored by Equifax Canada from May 2009 to June 2009 experienced
an increase in their average delinquency rate.
Toronto continues to have the highest delinquency rate at 2.03%, even
though its yearly increase rate is 20.12%, which is below the national
This is another in a series of news releases that will feature Equifax
Canada's financial and demographic data, which can help businesses target
opportunities and make informed decisions. If you would like to find out how
Equifax Canada can use their unique insights to help you make better decisions
for your business, please contact us at 1-800-278-0278 or visit our website at
About Equifax Inc. (www.equifax.com)
Equifax empowers businesses and consumers with information they can
trust. A global leader in information solutions, we leverage one of the
largest sources of consumer and commercial data, along with advanced analytics
and proprietary technology, to create customized insights that enrich both the
performance of businesses and the lives of consumers.
Customers have trusted Equifax for over 100 years to deliver innovative
solutions with the highest integrity and reliability. Businesses - large and
small - rely on us for consumer and business credit intelligence, portfolio
management, fraud detection, decisioning technology, marketing tools, and much
more. We empower individual consumers to manage their personal credit
information, protect their identity, and maximize their financial well-being.
Headquartered in Atlanta, Georgia, Equifax Inc. operates throughout the
U.S., Canada and 13 other countries in North America, Latin America, and
Europe. Equifax is a member of Standard & Poor's (S&P) 500 Index. Our common
stock is traded on the New York Stock Exchange under the symbol EFX.
For further information:
For further information: Craig Hillyer, AVP, Product Management &
Innovation, at (416) 227-5290 or visit our website at www.equifax.ca