Total Canadian Household Debt is at record levels. Here is some good information to help you understand your Credit Report.
Your credit report contains the following information:
Personal information such as your name, address, social insurance number,
employers, date of birth and telephone number
• Information related to any loans you have such as a credit card, mortgage or secured or unsecured loan
• Your payment history including bad loans and late payments
• Banking information about your various accounts including any bad cheques you may have written
• Public records such as a bankruptcy or judgment from a law suit
• Any people or organizations that have inquired about your credit
Once you start borrowing and have a credit file opened, it is very important for you to regularly check to ensure that your credit report is correct. You can check by phone, fax, email, mail or Internet. There is a fee if you check online but you can get your report for free by using the mail. When you get your report look closely at the data from the credit reporting agency to see that it is correct. Watch for:
• Incorrect Social Insurance Number
• Signs of identity theft
• Errors in your credit accounts
• Late payments
• Unauthorized inquiries
You have a right to correct any errors you find. The correction process, as well as instructions on ordering your credit report can be found on the agencies’ websites at www.equifax.ca and www.transunion.ca .