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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.
Even though fraud and identity theft are on the rise, Canadians don’t seem too worried about it. According to new data from credit monitoring service Equifax, attempts at credit card fraud have ...
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 ...
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]
Credit bureaus had the most complaints of all companies filed with the CFPB by consumers in 2018, with 34% of all complaints directed at TransUnion, Equifax, and Experian that year. [35] In June 2017, a California jury ruled against TransUnion with a $60 million verdict in the largest Fair Credit Reporting Act (FCRA) verdict in history. [36]
The Financial Consumer Agency of Canada opened its doors in 2001 under the Financial Consumer Agency of Canada Act. In its first year, FCAC established a website and a call centre for consumers to make complaints and ask questions about their rights and responsibilities regarding financial products and services.
OBSI is Canada's national independent dispute resolution service for consumers or small businesses with a complaint they can't resolve with their financial services firm. As a free alternative to the legal system , OBSI works informally and confidentially to find fair outcomes to disputes about banking and investment products and services.
Based in Burlington, Ontario, TransUnion Canada is one of two [1] credit reporting agencies in Canada. Like their main competitor, Equifax Canada , they now market their credit reports directly to consumers, in addition to their core business of providing the reports to potential creditors.