Credit Management

Credit Report

If you have not checked a copy of your credit report lately, you should. You will not know how accurate your report is unless you check. It is not good enough to obtain a copy of just one of your credit reports. To really monitor your credit history you must obtain a copy from all major credit reporting bureaus:

• Equifax: 1-800-465-7166
• Trans Union: 1-800-663-9980

What is a credit report?

It is a written report consisting of the following facts regarding your personal credit worthiness and debt repayment history.

A Personal Report that may include any of the following: your name, addresses, date of birth, Social Insurance Number, telephone number, place of employment, etc.

Credit Inquiries appear every time a credit issuer runs a credit report on a person and a record of the file inquiry is made. This inquiry will remain on file, in most provinces, for one or two years. Creditors value this information because it reveals recent credit activity. Information in public records and collection accounts are also registered to these agencies. Public records include courthouse records, bankruptcies, judgments, lawsuits, etc.

A Credit History includes the name, identification number, date account was opened, credit limits, current balance, monthly payment amounts, credit/debt repayment history, and payment frequency for the last 12-24 months for each creditor. Records are dated with each request or entry. Other information includes, but is not limited to, consumer disputes, criminal convictions, individual liability or joint liability of accounts, secured accounts, and charge-offs (When a creditor has reported an unpaid balance as a loss).

Consumer Statements are statements written by the consumer, not exceeding a 100 words, regarding any account(s). These statements let you accurately and completely explain any extenuating circumstances.

When is a credit file created?

Your credit record is established when you apply for a loan or a credit card. The party who extends the credit must make a report to the credit reporting service on your debt repayments.

Therefore the automatic stay gives you a little extra time to devise a plan to deal with your debts without having to worry that your creditors are going to create more problems for you.

Who can legally look at my credit report?

Banks and merchants, etc., may not access an individual's credit record unless authorized. This authorization is standard procedure when you sign credit and loan applications, life insurance applications, security clearance requests, etc. Read the fine print on the applications for more details.

How often should I look at my credit report?

If you are actively using credit and have monthly or bi-monthly charge activity, instalment loan(s), vehicle lease, etc., you should review your credit file every 12 to 18 months.

Since each of the major credit bureaus operates independently they can contain different, and often conflicting, information.