Half a million Canadians are delinquent - Equifax Canada data reveals 19% jump

    TORONTO, July 3 /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 19% over a one-year span from May 31, 2008 to
May 31, 2009. In April, the same rate was increasing at 13%. The average
delinquency rate for all of Canada as of May 31, 2009 was 1.52%. This means
that over a half a million Canadians are now more than 90 days behind on their
credit payments.
    Provincially, Nova Scotia had the highest average delinquency rate in May
at 2.07% and Saskatchewan had the lowest rate at 1.22%. Ontario's rate was
1.74%.
    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.

    Delinquencies - Their Alarming Rise

    On a yearly basis, the average delinquency rates have been rising
dramatically in Alberta (26%) and British Columbia (27%), and, on the east
coast, Prince Edward Island experienced a 26% increase. The national yearly
average rate of increase is 18.8%.
    It is important to note that these provinces continue to have average
delinquency rates that are lower than the national average with British
Columbia at 1.31% and Alberta at 1.42%. In Prince Edward Island (2.05%),
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:

                             May 2009      Year over Year

                          Delinquency Rate   Increase (%)
                          ----------------   ------------
              Calgary           1.32%             29%
              Montreal          1.41%             18%
              Vancouver         1.18%             22%
              Quebec City       0.83%             17%
              Edmonton          1.40%             23%
              London            1.66%             20%
              Hamilton          1.70%             20%
              Toronto           1.98%             14%
              Canada            1.52%             19%

    With the exception of Quebec City, all provinces and cities monitored by
Equifax Canada from April 2009 to May 2009 experienced an increase in their
average delinquency rate.
    Toronto continues to have the highest delinquency rate at 1.98%, even
though its yearly increase rate is 14.45%, which is below the national
average.
    "While we have seen delinquencies increase steadily since the beginning
of the year, the rate of increase in the past 3 months has been significantly
higher," said Nadim Abdo, Vice President of Equifax Canada Consulting
Solutions. "The sharpest increase has resulted from Credit Card and Sales
Finance purchases, which have increased by 38% and 58%, respectively, since
May 2008. Such transactions typically represent the purchase of durable goods,
such as furniture or electronics, and consumers appear to be willing to fall
behind on them first before they miss payments on their Bank Loans and Lines
of Credit."
    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
www.equifax.ca.

    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: Craig Hillyer, AVP, Product Management &
Innovation, at (416) 227-5290 or visit our website at www.equifax.ca