Credit Invisibles Recap – Presented by Canadian Lenders Association in Toronto
The Canadian Lenders Association’s (CLA) workshop on credit invisibles and credit deserts was held at the Toronto law offices of Blake, Cassels & Graydon on June 5th. Situated in the financial district with views of the CN Tower, Michael Turner of Policy and Economic Research Council (PERC) kicked off the morning with a presentation on credit invisibility.
Using data from TransUnion Canada, PERC’s research showed that 36.5% of all credit files in Ontario, the most populous province, have between 0-2 trade lines. Anything fewer than three was considered to be credit invisible. The numbers were similar for Quebec and British Columbia at 33.7% and 37.2% respectively. Meanwhile, in sparsely populated Yukon, the percentage of invisibility is over 65%.
Credit deserts were geographic areas where invisibility was highly concentrated.
The panel that followed affirmed PERC’s research that there is a lack of available credit data on a significant portion of the population and that geographics play a role. Panelists included Jason Appel, EVP & Chief Risk Officer of goeasy ltd., Glenn Waine, Head of Data Science at TransUnion, Elizabeth Sale, Partner at Blake, Cassels & Graydon LLP, Tony Vardy, COO at Progressa, Vahan Der Kaloussian, Director of Data Science at Capital One, and Christopher Grnak, CRO & EVP and Trust Science.
A video recording of the presentations is below:
Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.