Your Credit Rating

Each of us has a financial story.  This story begins with your first trip to the bank to open a bank account or the credit card application that you sent off in the mail.   It’s called a credit rating.  It’s important, it belongs to you and it’s free. 

The credit report records your credit activity for 7 years and in some cases longer. It is important that the information it is reporting is true.  Credit grantors, employers and even landlords can check your credit report if you give them authorization.  So, it is important that it is correct.

You can go online to check your credit report via numerous pop ups, but the best way is to go directly to the 2 Canadian reporting agencies.  You need to contact both as, often, they receive their information from different sources.  For a fee you can view or get a copy by going directly to their websites:

Equifax – http://www.equifax.ca/   or Trans Union – http://www.transunion.ca/

However, you can also attain a copy for free.  The following page is a request form that should be completed, signed and accompanied by photocopies of applicable I.D.  Once you have done this, make 3 copies of everything.  Keep one for yourself, send one off to Trans Union and the other to Equifax.

In about 2 weeks you should receive a copy of your credit report from both agencies.  There will be a correction form with the package.  Check over all of the information and, if necessary, use the correction form to correct any wrong entries.  Now you know what the financial institutions and other credit grantors are seeing.  You can do this once a year without any cost.

Good Luck.