Latest news with #Equifax
Yahoo
19 hours ago
- Automotive
- Yahoo
Your Personal Credit Matters – How to Build It Before You Need It
Think your LLC protects you from credit checks? Think again—here's what lenders really look at and how to get your score ready before your next big move. Let's get one thing straight—your business credit is not separate from your personal credit, especially when you're just starting out. If you're running a small fleet or even one truck, every lender, leasing company, and equipment finance company is going to look at your personal FICO score first. They're not just betting on your business. They're betting on you. And if you're waiting until you need money to care about your personal credit, you're already too late. This article is about taking control—because in trucking, access to capital can make or break your next move. Whether it's adding a truck, covering a repair, or surviving a slow month, your personal credit profile is either a weapon or a weakness. Here's how small fleet owners can get their credit right before it ever becomes an emergency. Don't get fooled by the legal structure. Having an LLC doesn't mean lenders won't look at your personal score. In fact, until you've got 3–5 years of business financials and strong business credit reporting, your personal credit is the co-signer on everything. Whether it's a: Truck lease Line of credit Business credit card Equipment loan Fuel advance program …they're pulling your personal credit first. Your LLC might help protect liability, but it doesn't shield you from credit checks. And if your score's under 620, most lenders won't even finish the application. Let's break it down. These are the key areas every underwriter is reviewing: Credit score (FICO 8 or FICO Auto) – Most want 680+ to unlock the best terms Credit utilization – Keep it under 30%, ideally under 10% Payment history – Any late payments in the last 12 months hurt your profile Credit mix – Installment loans (auto, student) + revolving accounts (credit cards) Length of credit history – The longer, the better Derogatory marks – Collections, charge-offs, bankruptcies, tax liens Pull your real credit report—not just the Credit Karma version. Use and check all three bureaus (Equifax, Experian, TransUnion). That's what lenders are looking at. If your score is under 640, start here before you ever apply for business credit: Go through each line item on your report If anything looks wrong (wrong balance, duplicate account, incorrect late payment), dispute it directly with the bureau Focus on the card with the highest utilization first Bring each card under 30%, then under 10% Don't close cards—just lower the balance One missed payment drops your score 50–100 points Auto-pay removes the human error Don't apply for store cards, auto loans, or anything else unless it aligns with your trucking business Rebuilding takes 60–180 days to show results. But the earlier you start, the more leverage you'll have when it's time to grow. The best time to build credit is when you don't need it. Here's how to create a credit profile that's ready to work: Even if your business is new, most banks will offer a secured card with a personal guarantee. Use it to cover: Fuel Hotel stays Business subscriptions Pay it in full every month. This builds a positive history fast. Use vendors like Uline, Quill, and Grainger that report to Dun & Bradstreet and Experian Business. Pro tip: Don't just open the account. Use it. Pay it. Build the habit. Cards like WEX and Fuelman often report to both. Treat it like a credit card—stay under 30% usage and never miss a payment. How Good Credit Changes Your Trucking Strategy Here's what a 720+ personal credit score unlocks for you: Low-interest truck financing without massive down payments Business lines of credit to manage cash flow gaps Credit cards with 0% APR offers you can use to fund emergency repairs Approval for factoring lines with better terms Vendor accounts that reduce out-of-pocket costs It's not about borrowing to survive—it's about creating options so you can grow when the time is right. Too many fleet owners sabotage their credit out of habit. Avoid these traps: Co-signing for others – Their risk becomes yours Using personal cards for business expenses without tracking – This tanks utilization Paying late 'just this once' – One late hits harder than you think Maxing out cards to buy a truck – This lowers your score at the exact moment you need it high Discipline beats hustle when it comes to credit. Build slow. Use smart. Protect your score like it's part of your equipment—because it is. In trucking, cash isn't always king—credit is. Your ability to access working capital when rates drop, a truck breaks down, or opportunity knocks will make or break your long-term success. Don't wait until you're desperate to clean up your credit. Build it now. Use it strategically. And protect it like it's your CDL. Because the next time you walk into a bank, finance company, or dealership—they're not just looking at your MC number. They're looking at you. And if you've done the work, that's not a risk. It's a weapon. The post Your Personal Credit Matters – How to Build It Before You Need It appeared first on FreightWaves. Sign in to access your portfolio
Forbes
a day ago
- Business
- Forbes
20 Important Pieces Of Workplace Culture To Maintain And Bolster
getty In times of change or budget pressure, it can be tempting for leaders to scale back or even eliminate certain cultural practices. But not all aspects of workplace culture are expendable—some are essential for keeping employees engaged and morale high to support long-term organizational resilience. From recognition and flexibility to trust and opportunity, certain cultural cornerstones shape how teams connect, grow and succeed together. Below, 20 members of Forbes Coaches Council explore workplace practices leaders should think twice about before changing or cutting, and why preserving them can make all the difference in their companies' overall performance. Psychological safety fosters open communication, innovation and error-reporting without fear of punishment. Undermining it can silence voices, suppress creativity and heighten risk exposure, especially in cybersecurity and compliance-sensitive environments where early detection and reporting are critical to resilience and trust. - Damodar Selvam , Equifax Inc. Trust is the foundation of great workplace culture; leaders should think twice before altering anything that erodes it. Trust fuels innovation, candor and healthy conflict. Without it, people go quiet, engagement drops and growth stalls. Remember: Culture isn't what you say, it's what you tolerate. Protect trust relentlessly—it's hard to build and easy to break. - Alex Draper , DX Learning Solutions Eliminating DEIB initiatives risks further ignoring the needs of already marginalized employees. Currently, work doesn't work for everyone. Leaders should be expanding DEIB to support neurodivergent employees, seeking to create cultures where hidden talent not only survives but thrives. If you are losing talent and writing it off as those employees just not fitting in, this might be your problem. - Dr. Nicole Scott, SPHR, CPC, PCC , Evo Exec 4. Unstructured Time With Colleagues One thing I'd be cautious about changing is unstructured time with colleagues. Informal catch-ups and quick chats before meetings might seem dispensable, but they're often where trust is built and ideas surface. When you remove those moments, culture risks becoming transactional. Preserve them, and you protect what keeps the workplace human. - Mo Khan , Forbes Coaches Council is an invitation-only community for leading business and career coaches. Do I qualify? 5. L&D Investments As we all experience massive changes in the workplace and the workforce, there are ostensibly many reasons for making changes to the internal company culture, including expense cutting, realignment, AI integration and so on. However, a company may well lose its soul if it eliminates too many of its employees. A key area to focus on is learning and development. When a company makes that investment, it shows that it really cares about its people. - Ash Varma , Varma & Associates 6. Opportunities For Connection One important aspect of workplace culture are the rituals and traditions that promote employee connection and belonging, such as team celebrations, onboarding lunches or end-of-week wrap-ups. Leaders might see these as expendable to reduce costs. However, removing them can undermine employee engagement, especially in hybrid or rapidly changing environments with fragile personal connections. - Curtis Odom , Prescient Strategists 7. Curiosity Never kill curiosity. It drives innovation, fuels risk-taking and powers moonshot thinking. Remove it, and you lose momentum. In a world moving at exponential speed, curiosity is not a luxury; it is the fuel that keeps teams adaptive, bold and relentlessly forward-focused. - Adam Levine , InnerXLab 8. Open Communication Across All Levels One crucial element of workplace culture that leaders should reconsider before changing is open communication, especially through skip-step meetings. These meetings foster direct connections between employees and higher management, enhancing trust and transparency. Eliminating them can lead to misunderstandings and decreased morale. - Jay Garcia , Jay Garcia Group 9. Visible Brand Values Leaders should never underestimate the power of highly visible brand values. While that big poster on the wall about 'integrity' may occasionally get mocked, it's a daily reminder of what the company stands for and the behaviors it expects. When values are clear, they align the culture from the inside out. This builds consistency and trust for both employees and customers. - Gabriella Goddard , Brainsparker Ltd 10. Cross-Functional Gatherings And Workshops Don't eliminate events such as monthly team dinners or creative workshops where employees freely brainstorm ideas. These gatherings build camaraderie, spark innovation and foster psychological safety. In a hybrid world, maintaining spaces for informal connection and cross-functional ideation is essential for a thriving, collaborative culture. - Dr. Adil Dalal , Pinnacle Process Solutions, Intl., LLC 11. Development Of Internal Talent Do not stop investing in people to reduce costs. Have the right people in the right roles and develop them for current and future positions. Invest in and leverage your talent to drive business results and promote retention. - Karen Tracy , Dr. Karen A Tracy, LLC 12. Leadership Awareness Of Team Dynamics The heart of any workplace culture is how well leaders listen—not just to what people say, but to what they don't say. Culture is really about people, their unspoken feelings and everyday vibes. When leaders stay connected to that, trust and teamwork thrive. Change that, and you risk losing what really makes the workplace feel like a community. - Shikha Bajaj , Own Your Color 13. Spaces That Foster Emotional Intelligence In the era of AI, leaders should think twice before removing spaces that foster emotional intelligence, like group coaching conversations, reflection sessions or peer learning circles. AI can optimize tasks, but it can't replace human empathy or purpose. Preserve what cultivates trust, resilience and meaning. In a tech-driven world, your culture's humanity becomes its greatest competitive edge. - Alejandro Bravo , Revelatio360 14. Consistent Core Cultural Artifacts The best cultural artifacts are unique to an organization and are crafted over time through the actions and examples set by its leaders. However, they all change and adapt as each successive generation leaves its imprint. Keeping the core of these artifacts consistent is crucial, as this core is as individual as the leaders who crafted it and the organization it supports. - Ed Brzychcy , Lead from the Front 15. Food Service Programs Company leaders should think twice before changing or eliminating their food service programs. Food is a community- and culture-building medium. For centuries, humans have gathered to share meals and conversation. This form of hospitality is an integral part of building and sustaining workplace culture. Changes to food programs are highly disruptive and not worth the potential cost savings. - Brittney Van Matre , Rewild Work Strategies 16. Regular Recognition Moments Leaders should think twice before axing regular recognition moments like shout-outs, kudos boards or award moments. These gestures aren't fluff; they reinforce values, boost morale and signal appreciation. Abandoning recognition can erode motivation, diminish engagement and make employees feel invisible, weakening the cultural fabric and undermining long-term resilience. - Kerri Sutey , Sutey Coaching & Consulting LLC 17. Team Bonding Activities When people are well-connected, they collaborate more effectively. The impact of team bonding may not always be immediately visible, but it acts as an invisible glue that reduces friction, builds trust and enhances overall workflow. - Sandra Balogun , The CPA Leader 18. Support For Work-Life Balance One piece of workplace culture that is critical to keep in place (or introduce, if necessary) is support and transparency around work-life balance. For example, employees seek flexible work arrangements (this is much broader than working from home occasionally) and well-being initiatives. These demonstrate that the company truly values the whole person, not simply the productive employee. - Peter Accettura , Accettura Consulting LLC 19. Flexible, Agile Work Environments Eliminating an agile work environment will be detrimental to any company's culture. The landscape of the workplace isn't just rapidly changing; it has already changed. Surviving Covid means we have proven our resilience. Working from home or locations other than the 'office' should always be a choice given to employees, especially in times of need. Offering flexibility makes them feel valued and appreciated. - Kurline J Altes, CWDP , KURLINEJSPEAKS LLC 20. Values-Based Rituals In the push for efficiency, it's easy to dismiss cultural practices, like storytelling at all-hands meetings, value-based recognition rituals or team reflections. Values are the soul of culture, and rituals are how those values are lived and reinforced. - Neerja Bhatia , Rhythm of Success
Yahoo
6 days ago
- Business
- Yahoo
Canadians defaulting on non-mortgage bill payments
The financial strain on Canadians has reached unprecedented levels recently, with metropolitan centres such as Toronto and Vancouver experiencing dramatic increases in living costs. These elevated expenses continue to burden residents across the country. Toronto's Greater Area (GTA) residents are particularly impacted, with new research from Oxford Economics revealing that they dedicate a larger portion of their income to housing costs, more than almost any other major city globally. This sobering statistic highlights the severity of the region's affordability crisis. As a direct consequence of these financial pressures, Ontario has witnessed a concerning rise in mortgage delinquencies and missed bill payments, signaling growing economic distress among its residents. According to newly released data from Equifax, Canadians are struggling with debt like never before. In the first months of 2025, there has been a concerning 17.06% increase in people who are either late on payments or completely defaulting on their bills compared to last year. The GTA is particularly affected, leading the nation in the rate of mortgage payments that are more than 90 days overdue. But the problem extends beyond housing — Ontario residents are showing the highest increase in defaults across various types of debt, including credit cards and auto loans year-over-year. This troubling trend isn't new for Ontario, which has consistently shown mounting debt problems over recent years. Data shows a significant increase in non-mortgage payment defaults across Canada, with some provinces experiencing dramatic spikes. Ontario leads the nation with a 24% rise in delinquencies during Q1 2025 compared to the previous year. Alberta follows with a 15.93% increase, while Quebec rounds out the top three at 13.95%. British Columbia and the Western Region also saw notable increases of 12.63 and 12.49% respectively. In contrast, some regions maintained relatively stable delinquency rates. Newfoundland reported a minimal increase of 0.48%, while Manitoba saw a modest 2.04% rise in missed payments. At a municipal level, Toronto stands out with a 24.28% year-over-year increase in delinquency rates, significantly higher than other major Canadian cities. For comparison, St. John's experienced only a slight uptick of 1.19% during the same period. For non-mortgage debt in Q1 2025, Fort McMurray leads Canadian cities in delinquency rates at 2.56% — Edmonton is in a close second at 2.26% with Toronto rounding out the top three at 2.17%. This indicates significant challenges in debt repayment across major urban centers. Looking at provincial statistics, Alberta shows the highest delinquency rate at 1.97% in Q1 2025. Saskatchewan follows at 1.82%, while New Brunswick and Ontario report rates of 1.77% and 1.72% respectively. In terms of non-mortgage consumer debt, Fort McMurray residents carry the heaviest burden among analyzed cities, with an average of $37,269, while Toronto ranks seventh out of nine cities studied, with residents owing an average of $21,048. At the provincial level, Newfoundland leads with the highest average personal non-mortgage debt at $24,770, while Ontario sits at seventh place among provinces with an average of $22,543 per person. 1. BNN Bloomberg: Toronto housing among least affordable on this global index. Here's what experts say needs to change (June 8, 2025) 2. Equifax: Non-Mortgage Delinquencies Reach Levels Not Seen Since 2009 (May 27, 2025) This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
7 days ago
- Business
- CTV News
Hidden costs of home ownership that most people forget to budget for
Personal finance contributor Christopher Liew breaks down some of the most commonly forgotten costs of owning a home, so you can budget smarter, plan ahead, and step into homeownership with confidence. (gopixa / Getty Images) Christopher Liew is a CFP®, CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers at Blueprint Financial. Are you planning to become a homeowner in the near future? One of the biggest mistakes that prospective buyers make is to focus solely on the estimated mortgage payment, while forgetting about the host of additional ownership expenses that can easily mount up to hundreds of extra dollars per month. Below, I'll break down some of the most commonly forgotten costs of owning a home, so you can budget smarter, plan ahead, and step into homeownership with confidence. It's not just about the mortgage A recent report from Equifax Canada showed that an increasing number of homeowners are missing their mortgage payments. This is something that you really want to avoid if you want to keep your credit in good standing. If you're a first-time buyer who's used to renting where you live, it's easy to start shopping for homes by their estimated mortgage price, the same as you may shop for apartments based on your monthly rental budget. When you make the jump from being a renter to a homeowner, though, you'll be required to take on the full financial burden of many of the same responsibilities that your landlord used to take care of on their dime. Overlooking these expenses can quickly stretch your budget and turn homeownership from a dream into a financial strain, trapping you in a living situation that you find difficult to afford. What is considered a hidden cost in home ownership? Each house is going to come with various associated expenses based on a number of factors, including: How old or new the home is What type of neighbourhood is the house in The property under and around the home The type of dwelling (condo vs house) Some properties are lower maintenance, while others require constant upkeep. With this in mind, here are the potential expenses to watch out for as you begin your home-shopping journey. 1. Home insurance Home insurance isn't legally mandated in Canada, but if you finance your purchase with a mortgage, your lender will nearly always require it, especially if your down payment is less than 20%. This protects their investment until you fully own the property On top of that, if your down payment falls below 20%, you'll also need mortgage loan insurance, often called CMHC insurance when provided by the Canada Mortgage and Housing Corporation. It's required by law for high-ratio mortgages (i.e., those with more than 80% loan-to-value) and allows you to borrow up to 95% of the purchase price 2. Property taxes Another inescapable expense is going to be your annual property tax. Failure to pay your property tax can result in your home being taken away by the government. The amount you'll be taxed is usually determined by the current estimated value of your property, which ca fluctuate significantly from one year to the next. 3. Everyday repairs If you live in a recently built home, you likely won't have too many repairs to worry about, and much of the building and appliances may be covered by a limited warranty if a hiccup occurs. However, if you live in an older home, you'll need to budget for maintenance and repairs such as: Plumbing leaks Electrical repairs Roof or window leaks Locks and door hinges Railings, banisters, and stairs If you're a DIY type of person with the tools, time, and knowledge to do your own repairs, you can save a lot of money here. If not, then you could easily find yourself paying $1,000 or more every year in simple household repairs. 4. Increased heating and cooling costs If you're coming from renting a small, well-insulated apartment, you're going to notice a sizable increase in your monthly heating and cooling costs. Larger homes require more power to heat and cool. There are a number of ways you can better insulate your home and reduce energy costs (some of which are also tax-deductible), but this is yet another expense you'll foot the bill for. 5. Roof replacement A classic shingle roof will typically need to be replaced every 10 to 15 years. When purchasing a house, it's a good idea to ask the realtor or seller when the last time the roof was replaced. Depending on how big the roof is, replacement can cost anywhere between $5,000 on the low end to $20,000 or more on the high end. 6. Pest control and prevention If you want to prevent a costly infestation, you'll want to periodically treat your home and property for pests. Compared to some of the other expenses on this list, pest control is more affordable. A pest control company will typically visit your home on a monthly or quarterly basis, spray a few pesticides, and be on their way in less than an hour. 7. Appliance upgrades Again, if you have a newer home, you likely don't need to worry about appliance upgrades. However, if you're purchasing an older home with older appliances, you need to weigh the possibility that appliances will need to be repaired or replaced in the near future. Most appliances such as refrigerators, dishwashers, stoves, washers, and dryers have an average lifespan of 10 to 15 years when well cared for, but each can cost upwards of $500 or more to replace with a brand-new unit. Finding the right home within your budget All in all, between various monthly expenses and building an emergency savings account for major repairs, you could easily end up paying an extra $300 to $500 per month in addition to your mortgage. This means that a home with a $2,500 mortgage could really end up costing you $3,000 or more each month, skewing your annual budget by $6,000 per year. Unlike renting, where you can easily downgrade and move to a cheaper unit at the end of your lease, you're stuck with your home and all of its expenses unless you want to go through the tedious and lengthy process of selling your home. To ensure you don't end up with more home than you can afford, create an estimated list of expenses for each home you're considering, and then add that to the estimated mortgage price. More from Christopher Liew:
Finextra
20-06-2025
- Business
- Finextra
Mitigating cyber-risks in outsourcing: Contract strategies for compliance and protection
0 This content is contributed or sourced from third parties but has been subject to Finextra editorial review. A clear and present danger In recent years, several prominent UK businesses have faced significant technology and cybersecurity challenges and the consequences of data protection breaches. For example, in October 2023, the Financial Conduct Authority (FCA) fined Equifax over £11 million for failing to manage and monitor the security of UK consumer data it had outsourced to its parent company based in the US. The breach allowed hackers to access the personal data of millions of people and exposed UK consumers to the risk of financial crime. As reported by Finextra on 15 May, NatWest's head of cyber security has revealed that the Bank faces 100 million cyber-attacks every month. That incident brought into sharp focus the risks and vulnerabilities which can arise where a customer outsources the handling of sensitive data, and the serious regulatory consequences faced by UK firms if they fail to ensure the safeguarding of sensitive information. Rules are rules Aside from principles of good business sense, obligations in relation to security and data protection are imposed on customers looking to outsource IT services to third parties via a range of regulatory and quasi-regulatory/industry measures. Regulatory measures in the UK include the requirements in the UK GDPR relating to security and data processor contracts, as well as more financial services-specific rules such as the FCA Operational Resilience regime, the FCA and PRA rules on material outsourcing and use of cloud, and the incoming FCA rules on use of Critical Third Party suppliers. Businesses operating in the EU (and by extension their relevant suppliers) must now also comply with the requirements of the EU Digital Operational Resilience Act (DORA) and its requirements in relation to critical IT services providers. Regulatory measures carry the added risk of sanctions and penalties from the relevant enforcement agencies if they are breached. Non-regulatory, but nonetheless important, requirements which impact many financial services business include the Payment Card Industry Data Security Standard (PCIDSS) which impose requirements on the security of card data, and the information security requirements of ISO27001. Get it in writing The typical provisions which a customer can try to include into contracts to meet its regulatory obligations, and otherwise to guard against (or at least provide some form of recourse in the event of) cyber and data infringements, can be grouped into two main types: (1) contract standards; and (2) rights and remedies. Contract standards Set out the general standards to which a supplier must conduct its business and provide their service(s) - for example in compliance with all laws and regulations, with professional skill and care and in accordance with good industry practice. standards to which a supplier must conduct its business and provide their service(s) - for example in compliance with all laws and regulations, with professional skill and care and in accordance with good industry practice. Set out any specific requirements which the supplier must meet which are intended to address particular cyber and data concerns, for example: Detailed security provisions, including compliance with the customer's own information and systems security policies Warranties of compliance with any information provided by the supplier pre-contract as part of the customer's due diligence process. Early warning requirements related to suspected cyber incidents or data breaches. Specific clauses designed to meet the requirements of the UK GDPR including: to exercise sufficient technical and organisational measures to protect data against unauthorised access, to notify data breaches in good time, and controls on the export of data outside of the UK/EEA. Compliance with specific industry standards including PCIDSS and ISO27001 Regular conduct of security testing and the provision of results to the customer (this can be a source of debate - a customer may want the right to conduct its own testing (including penetration tests) but suppliers can be reluctant to give this, especially over systems used for multiple customers, and so a right to see the results of the supplier's own internal or third party testing may be the best which can be achieved). An obligation to rectify any detected weaknesses after testing. Restrictions against use of sub-contractors and/or AI systems without the customer's consent. Requirement to use at least 'industry – standard' cybersecurity measures such as firewalls, malware blockers etc. requirements which the supplier must meet which are intended to address particular cyber and data concerns, for example: Rights and remedies Making sure that the supplier's liability for losses which might be suffered due to a cyber or data breach are not excluded out of hand, or caught by a general exclusion of 'indirect or consequential' liability. Potentially no or separate/higher liability caps for issues such as breach of confidentiality, security, or data protection requirements. It is now not uncommon to have 'supercaps' for data liability (although suppliers may not accept uncapped liability given the potentially large data protection regulatory fines). Indemnities for issues such as security or data breach Audit rights for the customer (and also its regulators) - which would extend to the supplier's sub-contractors. Definite termination rights in the event of a cyber or data related breach A right to remove supplier personnel or sub-contractors or the service if there are any concerns. Prevention is always better than the cure, and the only sure-fire way to avoid cyber and data issues is to make sure that, practically, the appropriate measures and behaviours are put in place by suppliers. However, a well-drafted contract will make it clear what a supplier is required to do, meet any regulatory requirements for terms which must be included, provide the customer with various rights and remedies (ideally to try and catch and avoid problems before they escalate), and otherwise provide the customer with a potential claim for damages for breach of contract, or indemnity rights should the supplier fail to comply with the relevant terms and the customer suffers loss or liability as a result.
