Understand Your Credit Report & Score – Part 1
What is a “Credit Report”?
A credit report is a “snapshot” of your credit history. It is one of the main tools lenders use to decide whether or not to give you credit/loan/mortgage.
In Canada, your credit history is maintained by at least one of three major credit-reporting agencies: Equifax, TransUnion, and Experian*.
* Effective April 17, 2009, Experian will no longer be providing credit reports out of its Canadian database regarding any consumer in Canada.
Check your credit report every year and report any errors.
Mistakes in your report may negatively impact your credit score. It’s your responsibility to make sure your credit history is accurate. As mandated by consumer reporting legislation, you have the right to obtain a copy of your Consumer Disclosure, free of charge by mail or in person.
Order your FREE Credit Report today by mail/phone/fax or in person.
Equifax | TransUnion | Experian (service discontinued)
What information does your credit report contain?
Your credit report contains information about your past and present personal and financial situation.
Personal information: Your name and alias, social insurance number, birth date, current and previous addresses, current and previous employment, and phone numbers.
Credit information: This section lists all the accounts that have been reported by various institutions with which you have established a credit relationship; eg, credit or retail cards, lines of credit, loans, mortgage, phone companies, vehile insurance companies, etc.
Banking information: Any bank account you have, including any
NSF (non-sufficient funds) or “bad” cheques you may have written.
Public records: A list of public record such as a bankruptcy or a
credit-related court judgment against you in a lawsuit. Secured loans, which are backed by an asset (your property for example), may also appear in your credit report.
Collection information: This shows whether you ever had a debt that you could not pay, which was referred to a collection agency for payment.
Consumer statement: Any statement you may have made to explain a
particular situation, such as a dispute with a financial institution or a fraud warning.
Credit report inquiries: A list of all of the people who have inquired about your credit: yourself, a lender, or any other authorized organization.
How does your credit report look like?
Sample TransUnion credit report | Sample Equifax credit report
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