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Equifax Canada Inc is one of two credit bureaus which are private companies in Canada that (the other being TransUnion Canada) collect, store, and share information about how Canadians use credit. [1] Reports are provided for both individual and commercial entities. Owned by Equifax of Atlanta, Georgia, Equifax Canada is based in Toronto, Ontario.
Services limited to cardholders or only offering trial plans are excluded. The chart specifies what is free, what kind of credit reports are included, and whether a full Social Security number is needed. According to the Federal Trade Commission, "AnnualCreditReport.com is the only authorized source for the free annual credit report."
In Canada, this has led to TransUnion and Equifax not offering any form of credit freeze (instead directing consumers to their paid identity monitoring services, which have been described as 'ineffective'), until the passage of Quebec's Bill 53, the Credit Assessment Agents Act. [6] [7] Lifting a credit freeze requires a PIN. [8]
In Canada, credit scoring is similar to the United States. Two of the three major credit bureaus (Equifax and TransUnion) operate in Canada, and scores range from 300 to 900, with a higher score ...
The credit reporting agency reached a $700 million settlement with government officials last week, agreeing to pay as much as $425 million of that money to consumers affected by the data breach.
Equifax primarily operates in the business-to-business sector, selling consumer credit and insurance reports and related analytics to businesses in a range of industries. [citation needed] Business customers include retailers, insurance firms, healthcare providers, utilities, government agencies, as well as banks, credit unions, personal and specialty finance companies and other financial ...
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An Equifax internal audit in 2015 showed that there was a large backlog of vulnerabilities to patch, that Equifax was not following its own timescales on patching them, that IT staff did not have a comprehensive asset inventory, that Equifax did not consider how critical an IT asset was when prioritising patches, and that the patching process worked on an 'Honour system'.