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| February 28, 2008: Equifax: Good News...More Canadians Are Paying Their Bills On Time... |
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{From Press Release}:Equifax Canada today released the latest data from its Predictive Sciences Group, revealing that Canadians are increasingly paying their bills on time. The average national delinquency rate declined by 21 percent over the period between June 2005 and December 2007. Improvements came largely from increased payments on credit cards, term loans, and personal lines of credit.
As part of its analysis, Equifax evaluated the average national delinquency rate of Canadians every six months between June 2005 and December 2007. Findings showed that the rate decreased from 1.6 percent in June 2005 to 1.2 percent in December 2007. "Equifax is continually investing in its data sources to give companies access to the latest financial, demographic, and marketing data to help them grow their business," said Nadim Abdo, vice president of Equifax Predictive Sciences. "Our data reflects that a strong economy and low unemployment have enabled more consumers to make their payments on time, despite rising personal debt." Lower delinquency rates come at a time when the average non-mortgage debt load of Canadians is at an all-time high. In fact, Equifax data shows similar declines in delinquency rates at the municipal level. For example, Toronto's delinquency rate more than doubled that of Quebec City at each six-month assessment point from June 2005 to December 2007. Equifax data from December 2007 put Toronto's delinquency rate at 1.73 percent, while that of Quebec City dropped to 0.67 percent. Based on Equifax analysis, Quebec City tops the list among all major Canadian metropolitan centres for maintaining lower delinquency rates. Equifax Predictive Sciences defines delinquent accounts as those that are 90 days or worse past due. Its team of seasoned analysts computes delinquency rates by analyzing data from Canadian lenders who report to Equifax on a daily basis. This is the first of a series of news releases that will feature Equifax financial and demographic data, which can help businesses target opportunities and make informed decisions. The next press release will examine charge-offs and bankruptcies. E.&O.E. |
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