When you apply for a credit card, loan or mortgage, the bank will check your credit history before making a decision to lend you the money. This information comes from the three reporting agencies in Canada:
- Equifax Canada Inc.
- TransUnion of Canada
- Experian Canada, Inc.
These companies keep files on individuals who apply for credit. Lenders, insurers, creditors and anyone involved in business transactions with you are able to receive these reports.
Your credit file will include information about your occupation, past and present addresses, debts, payment history and bankruptcies. You should get your credit report from each company once a year to ensure this information is correct.
When looking on these companies sites, it’s not always easy to see that you can get these reports for free. The free request form is normally hidden a few pages deep after you read all the offers to sell you an instant credit report. There are two benefits to paying for a report. One is that you get a credit score and tips to improve your score. The other is that you get the report immediately, if you suspect any type of credit card fraud or identity theft then this is a must.
Along with the request form, you will also need to send a photocopy of both sides of two pieces of identification. Together these combined pieces must contain your name, current address, date of birth and signature. Make sure your photocopies are readable and your form is properly filled out. If you make a mistake in your request you will not be notified by the credit bureau and will not receive your report.
The reports will take from two weeks to a month to arrive. Once you receive them, look them over and if you see any incorrect information, return the form they will provide you to get it corrected.
To make is easier to find and send in these forms once a year, I’ve combined all three with some directions on what identification to include and where to send them.
I personally recommend check your report every quarter. You’d be surprised to the amount of inaccurate information you can find on it.
Good written ! thanx
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