Equifax is now able to answer questions to help ease Covid anxiety

Recognizing the growing anxiety consumers are experiencing as bills may pose a challenge, Equifax can now prove to be a valuable information resource.

The last few months have proven to be some of the most challenging and daunting many Canadians and millions around the world have ever experienced. COVID- 19 has swept through many countries and as well as posing a serious health challenge, the virus has sent many into challenging economic dilemmas as well.

As many have seen their jobs disappear, while others have had to accept fewer hours and changing working circumstances, an underlying source of concern remains. Just how bills are going to be reliably paid? Of equal importance, many are very anxious about how their credit will be affected by the economic uncertainty. Specifically, how is one’s credit score impacted. Many are wondering where to find the information to answer these economic questions.

 

Equifax can answer pressing credit questions  

Like anything in life, knowing what you are facing and knowing where to find the information to navigate your decisions is of paramount importance. Simply having questions is not enough. Answers to these questions is what will provide the information to make informed decisions and to provide clarity. 

Equifax, one of Canada’s premier credit reporting agencies has recognized this need for answers when it concerns factors pertaining to credit scores and overall credit standing. In response to the anxieties pertaining to the current pandemic, Equifax has launched  the COVID and Credit Resource Center.  

 

What does the COVID and Credit Resource Center provide the consumer?

The resource center provides valuable information that consumers are looking for. The objective of the resource center is to help Canadians to better understand the impacts of the pandemic on their credit, providing valuable insight. Specifically, the resource center can provide information to:

  1. Help to better understand the impact the pandemic has had so far on credit
  2. Provide valuable insight on the impact on credit
  3. Provide steps to lessen any negative impact that may have occurred
  4. Provide guidance and necessary information to help give credit direction

According to Carrie Russell, President of Equifax Canada. “We are committed to helping all Canadians build credit confidence, no matter their circumstances. Our resources help provide answers for the people who need them.”

When accessing the COVID and Credit Resource Center, individuals can read various articles that address some of their key concerns including:

  1. How deferred payment may impact credit scores
  2. COVID questions and answers
  3. How to recognize deferred payments on your credit report
  4. What factors will impact credit
  5. What information is needed to help  improve overall credit scores
  6. Consumer statements

Know your credit score and take the steps to improve it

The bottom line is that credit is crucial to your overall  economic standing. Your credit score and overall credit history will impact so many things in your life. The ability to borrow to buy a house,  obtain the best rates on car loans and many other aspects pertaining to your overall ability to borrow for the important aspects of your life.

The pandemic has negatively impacted many and made it difficult to pay in full, or on time for bills or various loans. This will impact your credit score.  However, knowing what steps to take to help restore it is paramount. Knowledge is power. 

Take a look at your current credit report and use information now provided by Equifax to take any necessary steps, and formulate an economic strategy to help improve it and protect it moving forward. 

We will get through these challenging economic times. The economy is resilient and we are also. In the meantime, arm yourself with the knowledge to protect your credit score and familiarize yourself with your current credit report.

If you would like to contact one of our brokers, you can do so here.

If you would like to check out our podcast where we dive deeper into COVID, you can watch here.