Credit Ratings, Fico score, Identity theft on canLaw

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Identity Theft
and
Your Credit Report

Identity theft is a growing crime and it can happen to you. The Ontario Provincial Police report that about 5,500 Canadians have had their identity stolen in 2005 alone.

All the thieves need is your name, address, birth date and SIN to apply for credit cards or loans in your name, put a mortgage on your house or get any other documents with your name. When this happens, your credit can be destroyed and it will take YEARS to repair it even though you did nothing wrong.

As always prevention is better than the cure.

If your house is burgalarized or your wallet or purse is lost or stolen the vital ID documents could easily find their way into the hands of identity thieves. Report the theft to both credit bureaus at once. ( Contact information is listed below) They will put a warning watch on your file and any new credit enquiries or applications will be confirmed directly with you. It is not foolproof but it helps.

Mail theft is a common way for thieves to get vital information. They are bold enough to rummage through accessable mail boxes looking for utility bills, credit card or bank statements or any other mail which contains account numbers and similar information.

If you have a mail box hanging on the outside of your residence, replace it with a mail slot. If you live in a condo or apartment, where the mail is delivered to common boxes make certain that you retrieve your mail promptly and do not ever throw unwanted mail in the trash containers in public areas.

In addition to alerting the credit bureaus, it is also equally vital that you notify the police, the financial institutions you deal with, and all creditors. It is advisable to obtain a copy of your police report as this will help you to demonstrate that you are or may be a victim of fraud. You should also cancel all existing credit cards, accounts, passwords and PINs, and replace them with new ones.

A poor credit rating caused by someone impersonating you -- using your identification and running up bills -- can mean total ruin and may take months or even years to correct. If you should become a victim, it is vital that you quickly advise the credit bureaus because your credit worthiness may be in peril. Timing is critical -- thieves often act quickly and repeatedly. Leave your SIN card at home. You do not need it on a day to day basis and since you probably know your number you would never encounter a situation where you would require it on the spot.

BUY AND USE A SHREDDER. Thieve retrieve your garbage and rummage through it for bills, statements and other useful information. Shredders are very inexpensive, (many are available around $50.) and easy and fun to use. Shred all the paper you throw out, not just your important documents. The mixes up the bits of shredded important documents with tons of useless shredded junk mail, old papers, and other garbage. That makes it more trouble than it is worth for identity thieves. One other neat idea is to soak your shredded documents in lots of water before you put out the trash. That disolves the paper bits and makes them impossible to put back together.

About credit bureaus


Equifax Score Power available from Equifax Canada

When you apply for credit, retailers and lending agencies verify the information from your credit application through a credit reporting agency -- often called "a credit bureau." Credit bureaus are private institutions that serve retailers and other credit grantors by providing them with information about your credit record. The credit grantors then use this information to verify and assess your credit worthiness.

In Ontario, there are two credit bureaus. These are Equifax Canada and TransUnion of Canada. Both are governed by the Ontario Click here Consumer Reporting Act Both also have fraud victim assistance specialists who advise on the steps that need to be taken with respect to one's credit file. Although not foolproof, these steps will help to decrease any further impact on one's life as a result of fraudulent actions taken by imposters.

Note that as a precautionary measure, even if you have not been a victim of identity theft, it is alway a good practice to annually request copies of your credit reports from both Equifax and TransUnion, to check for possible errors or inaccuracies -- you have this right under the Consumer Reporting Act . You are entitled to a free copy of your current credit report upon request and it must be supplied to you within a reasonable time period.... customarily 30 days

   
Monitoring your credit report for changes is one of the best ways to combat identity theft and ensure the accuracy of what's being reported about you.

Click here Equifax Credit Watch makes it easy by automatically alerting you of certain key changes in your Equifax Credit Report such as when someone tries to open credit in your name so you can act before serious damage is done.


Click here Identity Theft: Who's Using Your Name provides a checklist of what you should do if it does happen to you.

FRAUD ALERTS: If your identity is stolen;

Request that the credit bureau attach a fraud alert to your file. A fraud alert is a "red flag" on your credit report which will identify you as a potential fraud victim to credit grantors.

Immediately contact both credit bureaus using the "800" numbers listed at the end of this paper.

Ask to speak to a "Fraud Alert Specialist"

The specialist will immediately attach the fraud alert and:

  • review your credit file with you on the telephone; this is to ensure that you have a complete list of your creditors so that you can contact them directly and advise that you are a victim of identity theft.

    It is up to you to contact all creditors directly. The credit bureau does not do this. The review of your credit file will also reveal any credit enquires on your file. If an enquiry cannot be confirmed by you, then the credit bureau will investigate further.

  • advise that you may also attach a short statement to your file -- this statement may say something like, "My identification has been stolen. Contact me directly at this number before extending any credit."

After you have spoken to the specialist, you will be sent a copy of your credit report. TransUnion will also send you a form to fill out (Equifax does not send a form.) The purpose of the form is to provide formal authorization to TransUnion to place an "alert" message on your file. The form is called a Fraud Victim Authorization Form. Complete and return this form as soon as possible.

It is recommended that you follow up with both credit bureaus in three months and request a copy of your credit report to again review and report on any fraudulent, false or incorrect information.

There is no cost to the consumer for any of the above services.
Contact information

Contact information for both credit bureaus is listed below. When calling Equifax, select the "lost identification or an institution has contacted you regarding fraud activity" option; when calling TransUnion, select the "victim of fraud" option.

For future reference, mailing addresses are also provided below, but it is strongly recommended that you initiate contact by telephone as this will allow the alert to be placed on your file immediately, and for the fraud victim specialists to discuss your file with you.

It is imperative that you take action.

Click here Equifax Credit Watch
Equifax Canada
1-800-465-7166 (for callers inside Canada) or 514-493-2314
Fraud Victim Assistance Group
P.O. Box 190, Station Jean Talon
Anjou, Quebec, H1S 2Z2
Fax: 514-355-8502

TransUnion of Canada
1-800-663-9980 (for callers inside Canada) or 905-525-4420
Fraud Victim Assistance Department
Box 338, LCD1
Hamilton, Ontario, L8L 7W2
Fax: 905-527-0401


Published by the Click here Office of the Information and Privacy Commissioner.

Communications Department
Information and Privacy Commissioner/Ontario
80 Bloor Street West, Suite 1700
Toronto, Ontario M5S 2V1
Telephone: (416) 326-3333 · 1-800-387-0073
Facsimile: (416) 325-9195
TTY (Teletypewriter): (416) 325-7539
Web site:Click here Office of the Information and Privacy Commissioner.
Click hereE-mail

PROTECT YOURSELF from IDENTITY THEFT
An Ontario Government page on how to protect yourself from identity theft.

What is identity theft? "Identity theft involves acquiring key pieces of someone's identifying information in order to impersonate them and commit various crimes in that person's name. Besides basic information like name, address and telephone number, identity thieves look for social insurance numbers, driver's license numbers, credit card and/or bank account numbers, as well as bank cards, telephone calling cards, birth certificates or passports. This information enables the identity thief to commit numerous forms of fraud: to go on spending sprees under the victim's name, to take over the victim's financial accounts, open new accounts, divert the victim's financial mail to the thief's address, apply for loans, credit cards, social benefits, rent apartments, establish services with utility companies, and more." Very interesting reading.

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