Core Insights - Younger Canadians are increasingly considering switching lenders for better credit support, with a significant number of mortgage holders also exploring refinancing options [1][4][8] Consumer Behavior and Preferences - 41% of mortgage holders have considered switching lenders in the past year, with 38% receiving refinancing offers from other institutions [4] - 62% of younger mortgage holders plan to explore refinancing at renewal time, compared to 52% of those aged 35 and older [4] - 57% of Canadians under 35 would switch financial institutions for better credit monitoring, versus 38% of those aged 35+ [8] Generational and Newcomer Insights - 72% of Canadians aged 35+ feel they have sufficient access to credit, while only 62% of those under 35 agree [5] - 84% of newcomers to Canada consider access to credit important for achieving their goals, compared to 78% of Canadian-born respondents [5] Credit Protection and Identity Security - 95% of surveyed Canadians believe protecting their credit and identity is very important [6][8] - Regular credit monitoring and strong digital security practices are recommended for safeguarding financial goals [6] Gaps in Financial Support - 19% of Canadians feel they lack sufficient access to necessary credit and lending products [7] - Only 47% believe their current bank or lender is helping them achieve financial goals, and just over half trust their lender to improve their credit over time [7] Equifax's Role and Solutions - Equifax offers various solutions to assist Canadians in managing their credit and financial decisions, including consumer education and identity protection services [9] - The company emphasizes the importance of data and analytics in helping consumers and lenders make informed decisions [11]

CHICAGO, Sept. 10, 2025 (GLOBE NEWSWIRE) -- The number of consumers whose rent payments are reported to credit reporting agencies rose to 13% in 2025, up from 11% in 2024, according to a new TransUnion (NYSE: TRU) report. This trend may gain momentum after the announcement of a policy from the Federal Housing Finance Agency (FHFA) that will make it easier for rent payments to help consumers qualify for mortgages. In July 2025, the director of the FHFA issued an order mandating that Fannie Mae and Freddie Ma ...

Group 1 - TransUnion's President and CEO, Chris Cartwright, will present at the Barclays Global Financial Services Conference on September 9, 2025, at 9:30 a.m. CT [1] - A live webcast of the presentation will be available on the TransUnion Investor Relations website, with a replay accessible after the event [1] Group 2 - TransUnion operates globally with over 13,000 associates in more than 30 countries, focusing on providing reliable representation of individuals in the marketplace [2] - The company has expanded its services beyond core credit into marketing, fraud, risk, and advanced analytics through acquisitions and technology investments [2] - TransUnion promotes the concept of "Information for Good®," which aims to create economic opportunities and empower consumers and businesses [2]

Core Points - TransUnion experienced a data breach that compromised the personal and confidential information of approximately 4,461,511 individuals [2][4] - The breach was identified on July 30, 2025, when suspicious activity was detected on a third-party application [2] - Murphy Law Firm is investigating claims and evaluating legal options, including a potential class action lawsuit for affected individuals [1][3][4] Data Breach Details - Cybercriminals accessed sensitive personal information through an inadequately secured application [2] - The exposed information includes names, Social Security numbers, and dates of birth [5] - There is a risk that the compromised information may be sold on the dark web or used for identity theft [4] Legal Actions - Murphy Law Firm is actively seeking individuals affected by the breach to join a class action lawsuit [1][3] - The firm specializes in data breach class actions and has a history of securing favorable recoveries for clients [4]

Core Points - TransUnion LLC experienced a data breach in July 2025, potentially compromising personal information of customers, including names and Social Security numbers [1][2] - Wolf Haldenstein Adler Freeman & Herz LLP is investigating claims on behalf of affected individuals and is notifying them about the breach [1][2] Company Overview - TransUnion is headquartered in Chicago, Illinois, and is a major player in consumer credit reporting [1] - Wolf Haldenstein Adler Freeman & Herz LLP is a national consumer rights law firm with experience in consumer rights litigation across various courts [4]

Hackers accessed the personal information of more than four million TransUnion customers in July, according to a regulatory disclosure from the major credit reporting agency https://t.co/a0nxzog9lP ...

Data Breach - Credit reporting industry faces unauthorized access to a third-party application [1] - Personal information of customers was stored on the compromised application [1]

Core Points - TransUnion has reported a data breach affecting over 4.4 million customers' personal information [1][2] - The breach occurred on July 28 and was attributed to unauthorized access of a third-party application [1] - TransUnion claims that no credit information was accessed, but has not provided evidence to support this assertion [2] - The specific types of personal data stolen have not been disclosed [2] - TransUnion is one of the largest credit reporting agencies in the U.S., storing financial data for over 260 million Americans [3] - The breach follows a series of hacks targeting major U.S. corporations across various industries [3] - Other companies, including Google and Allianz Life, have also reported data breaches related to their Salesforce-hosted cloud databases [4] - The identity of the hackers behind the TransUnion breach remains unclear, and it is unknown if any demands were made [4]

Core Insights - Serious consumer-level mortgage delinquency rates have increased from 0.89% in Q2 2023 to 1.27% in Q2 2025, indicating a rising trend despite historically low levels [1] - The analysis by TransUnion highlights a direct correlation between payment-to-income (PTI) ratios and mortgage delinquency, suggesting that higher PTI ratios can signal increased risk of delinquency [1][3] Group 1: Mortgage Delinquency Trends - Mortgage delinquency rates have risen gradually, with 60+ days past due (DPD) rates increasing from 0.89% in Q2 2023 to 1.14% in Q2 2024 and further to 1.27% in Q2 2025 [1] - The study focused on nearly 57 million mortgage consumers who were current on their loans, providing a relevant sample for assessing emerging risk factors [2] Group 2: Payment-to-Income Ratios - A strong link was found between changes in PTI for non-mortgage products, such as credit cards, and subsequent increases in mortgage delinquency rates in the following year [3] - As PTI ratios for credit cards increased from 2.18 in March 2023 to 2.33 in December 2023, the 60+ DPD mortgage delinquency rates also rose from 0.42% to 0.63% in the same period [4] Group 3: Implications for Lenders - Mortgage lenders are encouraged to implement a proactive schedule for collecting consumers' cross-wallet credit data to gain early insights into emerging risks of mortgage delinquency [5] - Utilizing trended credit data can help lenders identify shifts in key attributes such as aggregate excess payment and debt-to-income ratios, allowing for timely interventions [6][7]

Core Insights - Consumer credit performance shows early signs of stabilization in Q2 2025, particularly among mortgage holders, while younger Canadians without mortgages continue to face financial pressures [1][2] - Total consumer debt reached $2.58 trillion, a 3.1% year-over-year increase, with average non-mortgage debt per consumer at $22,147 [3][20] - The delinquency rate for non-mortgage holders is nearly double that of mortgage holders, indicating a growing financial divide [2][10] Consumer Debt and Delinquency Trends - Approximately 1.4 million Canadians missed a credit payment in Q2 2025, a decrease of 7,000 from the previous quarter but an increase of 118,000 from a year ago [1] - The average non-mortgage debt for consumers under 36 years old rose to $14,304, with a delinquency rate of 2.35%, reflecting a 19.7% year-over-year increase [10][20] - Delinquency rates in Ontario and Alberta are notably high, with Ontario's non-mortgage delinquency rate at 1.75% and Alberta's at 1.98% [5][6] Regional Analysis - Ontario has the highest delinquency levels for non-mortgage products, with significant increases in urban areas like Toronto and Hamilton [5] - Alberta's delinquency rates have also risen, influenced by economic challenges and a recent population surge [6] - Mortgage delinquency rates in Ontario and British Columbia remain elevated, with Ontario at 0.27% and British Columbia at 0.19% [7] Credit Demand and Spending Behavior - New credit trades decreased by 4.5% year-over-year, with only super-prime consumers seeing growth, indicating tighter lending criteria [12] - Average credit card spending per consumer was over $2,100 in June, a 0.4% decrease from June 2024, suggesting declining consumer spending on credit cards [3] - Auto loan originations increased by 2.9% year-over-year, primarily among low-risk consumers, with average loan amounts climbing to $35,586 [15][16] First-Time Homebuyer Activity - First-time homebuyer activity increased by 1.8% year-over-year, but major markets like Ontario and British Columbia saw lower numbers compared to 2024 [14] - The average loan amount for first-time homebuyers rose by 4% from Q2 2024, now close to $430K, intensifying affordability pressures [14]