Younger consumers checking credit scores more often, but myths abound
BNN Bloomberg
Younger Canadians are checking their credit reports more often than their older counterparts, but still have many misconceptions as to how they work, according to a recent survey.
TORONTO -- Younger Canadians are checking their credit reports more often than their older counterparts, but still have many misconceptions as to how they work, according to a recent survey.
The poll conducted by credit reporting agency Equifax revealed that 30 per cent of 18- to 34-year-olds checked their credit reports within the last month compared to 25 per cent of those over 35.
Julie Kuzmic, Equifax Canada's senior compliance officer of consumer advocacy, suspects younger Canadians are checking their reports in higher numbers due the influx of digital-first financial institutions, fintechs and startups that provide free access to credit reports and scores, and specifically target this age group.
"Now it's so common you can get 1/8this information 3/8 as easily as you can count the likes on your Instagram," said Bruce Sellery, CEO of Credit Canada Debt Solutions.
And while they're checking their credit reports more often, Equifax's survey results show that younger Canadians still believe many myths about credit scores and reports.
When presented with a series of true and false statements, those 18 to 34 were more likely to believe the false statements were true than those 35 and up.
