In September 2022, the CII of 105.6 represented an improvement in credit health compared to the same month prior year (September 2021) and a slight increase in credit health compared to the prior quarter (June 2022).Ĭonsumer balances growing at a healthy pace The CII number needs to be looked at in relation to the previous period(s) and not in isolation. (i) A lower CII number compared to the prior period represents a decline in credit health, while a higher number reflects an improvement. Source: TransUnion Canada consumer credit database. “Credit performance remains relatively healthy compared to pre-pandemic levels, although the CII was offset somewhat by slowing credit demand in a high interest rate environment, with lenders also being more cautious in anticipation of continued macroeconomic headwinds,” he added.Ĭhart 1: Canadian Credit Industry Indicator “Rising CII levels generally indicate an improvement in the overall activity and health of the consumer credit market, which in the most recent quarter was primarily propelled by the strong credit activity due to balance growth and continued higher spend levels,” said Matt Fabian, director of financial services research and consulting at TransUnion in Canada. This is a year-over-year (YoY) increase of 7.9%, on a three-year compound annual growth rate of +6.4%.Īs part of the CIIR, TransUnion maps consumer credit market health with its Credit Industry Indicator (CII), which rose 3.5 points YoY to 105.6 in September 2022, staying relatively steady following the Q2 2022 score of 103.8, after reaching a high of 110.8 in April this year. Credit participation reached a new record high, with 27.9 million Canadians having active credit products with a total outstanding balance of $2.29 trillion. TransUnion today released the findings of its Canada Q3 2022 Credit Industry Insights Report (CIIR), which shows that more Canadian consumers are utilizing credit. Get information you need on the financial health of Canadian smallĬount on current, comprehensive information on virtually every credit-active Monitor consumer credit file changes more effectively and identify risks andĪ transformational analytics environment that puts the power of our deep data
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