A credit report is a record of your past and present use of credit and loans. It can mean the difference between getting approved or refused when you apply for a credit card, a mortgage or other loans. OCCA Consumer Debt Relief and The Financial Consumer Agency of Canada (FCAC) urges Canadians to order their credit report at least once a year and to review it carefully.
You can find out what your credit rating is by obtaining a credit report from a reputable credit bureau, such as Equifax or TransUnion.
In recent months, many Canadians have spotted errors on their credit reports, which can give creditors the wrong impression or can be a sign of fraud. Consumers have a right to dispute any information they believe is wrong. If you have identified an error, you can approach Canada’s Equifax Canada and TransUnion Canada for clarification.
Here are some tips to help you correct errors on your credit report:
• support your case by gathering receipts, statements or other documents related to your credit accounts
• use Equifax Canada’s and TransUnion Canada’s forms for correcting errors and updating information
• contact the lender to speed up the process yourself—you can ask the lender to verify its files and provide the credit reporting agencies with updated information
• escalate your case to someone at a higher level if you are not satisfied with the results of the investigation
• add a consumer statement to your credit report. Consumers have a right to add a brief statement to their credit reports (approximately 100 to 200 words). It lets lenders and others who review your credit report know what your view is, and lenders may consider it when they make their decisions.
For more information about credit score and credit reports, visit www.occa.ca/budgeting/credit-rating-credit-score.
For general personal finance tips and information, visit our website at www.occa.ca. You can also access useful tips about credit repair by visiting itpaystoknow.gc.ca.
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