Equifax Canada Champions Financial Inclusion for Newcomers to Canada with the Launch of Global Consumer Credit File

Core Insights - Equifax Canada has launched the Global Consumer Credit File to assist lenders in making informed credit lending decisions for newcomers to Canada [1][4] - The initiative aims to create a calibrated credit score using the credit histories of newcomers from their countries of origin, addressing the issue of thin credit files [2][3] Group 1: Newcomers and Credit Access - Canada is projected to welcome 500,000 new immigrants annually by 2025, many of whom have limited or no credit history recognized by Canadian financial institutions [2] - Newcomers often face challenges in accessing financial services such as credit cards and mortgages due to their thin credit files, which are generally defined as having two or fewer credit lines [2][3] Group 2: Global Consumer Credit File Features - The Global Consumer Credit File allows newcomers to leverage their international credit profiles, providing a secure connection to Equifax Consumer Credit bureaus worldwide [3] - The service will initially include credit information from India, with plans to expand to Brazil, Argentina, and Chile, ultimately covering 18 countries [3] Group 3: Company Commitment and Economic Impact - Equifax Canada aims to support the Canadian financial ecosystem by providing lenders with access to trusted global data, thereby expanding credit opportunities for newcomers [4][5] - The company emphasizes the importance of financial inclusion, stating that it is about creating opportunities for everyone to succeed and contribute to the economy [5]