Credit Ratings, Fico score, Identity theft on canLaw

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Is your credit report accurate? Probably not.
You should check it at least twice a year.

WHERE TO GET YOUR CREDIT REPORTS & HOW TO DISPUTE ITEMS ON THEM

You have the right to see and to receive a free copy of your credit file.

 

Click here Get Your Equifax Credit Report Here


You are entitled to a free copy of all the information a credit agency has on you under the Click here Consumer Reporting Act

Find out what the credit bureaux are telling people about you and find out who has been asking.

To Get Your Personal Credit Reports at no cost:
Mail or fax a written request (addresses are below) with copies of two pieces of identification to Equifax and Trans Union.

This service is free by law. In a couple of weeks, they will mail your report to you.

You could also go to their office and ask to see your report.

WHAT DO THE RATINGS MEAN?
These ratings are used in conjunction with your FICO score to determine your credit worthiness

Standard Credit Bureau Ratings in Canada
Number
Rating
R0 Too new to rate; approved but not used
R1 Pays within 30 days of billing, or pays as agreed
R2 Pays in more than 30 days but less than 60 or one payment past due
R3 Pays in more than 60 days but less than 90 or two payments past due
R4 Pays in more than 90 days but less than 120 or three or more payments past due
R5 Account is at least 120 days past due but is not yet rated R9
R6 No rating exists
R7 Paid through a consolidation order, consumer proposal or credit counselling debt management program
R8 Repossession
R9 Bad debt or placed for collection or bankruptcy

Most credit grantors use the FICO or Beacon score. It is not included in the free credit report you order by writing the credit bureaux. You can Click here access it online right now. CanLaw recommends that you do so.

The credit bureaux are paid by the very businesses and banks which grant you credit or loans

     

Click here Get Your Equifax Credit Report Here


What if Your Report Contains Inaccurate Information?
Errors are very common. You can dispute erroneous items on your report. Correcting them will take a lot of time, work and effort.

Call the credit bureau and point out their errors. The credit bureau must review your complaints, however they will insist on your supplying the material using their forms. These forms, which are also included in your personal credit report, explain how to file disputes and get corrections made.

It is an uphill battle and you will have to fight them and be persistent.

You also have a right to place a 100 word statement on the credit bureau file to be given to anyone who obtains a future report.

Can you sue them for defamation or personal injury?
If the information about you is actually false and damaging, not just a true negative item, you might consider legal action against both the credit bureaux and the company reporting the false damaging information. However, practically speaking, defamation actions are not really practical.

Beware of credit repair scams.
You are the only one who can "fix" your bad credit. There is no shortcut to erasing bad credit records.

Credit repair scams prey on the greed and ignorance of people with credit problems looking for a quick fix. Anyone who offers to repair your bad credit rating quickly for a fee is lying to you and will take your money and do nothing.

Only you can fix your credit.

    Credit Bureaux and Your Consumers' Rights
  • Click hereThe Consumer Reporting Act Ontario applies only to consumer transactions.
  • Reports may be given to a person seeking information only for the purpose of: extending credit or collecting a debt; a tenancy inquiry, employment or insurance verification under authority granted by a government statute otherwise, as a direct business requirement.
  • Before a person may obtain a report, she or he must: have the consumer's consent in writing, or notify the consumer by mailing a notice postmarked at least three days before obtaining the report.

WHERE TO GET YOUR CREDIT REPORTS
Click here Equifax Canada Inc.
Consumer Relations Department
Box 190 Jean Talon Station
Montreal, Quebec  H1S 2Z2
Tel: ( 514 ) 493-2314
1 800 465-7166
Fax: ( 514 ) 355-8502
Click here Trans Union
Consumer Relations
709 Main Street W
Suite 3201
Hamilton, On L8S 1A2
Tel: 1 800 663 9980
Fax: ( 905 ) 527-0401

Canadian credit reports  HOW'S YOUR CREDIT RATING?   Canadian credit reports
Is your credit report accurate? Probably not.
You should check it at least twice a year.
   
Check your personal
Credit Reports from Equifax
credit bureau report on line

Find out what is in your own personal report right now.
 

CanLaw is the hands down number one, most visited, most popular and most useful consumer Canadian legal web site on the Internet.
 


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