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Understanding Your Credit Report and Credit Score
Checking your credit report and your credit score
- How can you check your credit report and score?
- How can you get errors corrected?
- How can you improve your credit score?
How can you check your credit report and score?
It's a good idea to request a copy of your credit report from the two credit-reporting agencies at least once a year to verify that your personal information is up to date, that your financial information is correct, and to ensure that you have not been the victim of identity fraud. Because your credit information can be kept by more than one credit-reporting agency, and because those agencies do not necessarily share information, it's important to check both credit reports carefully.
Credit report
Although there are many ways to order your credit report, such as by phone, fax or e-mail, the easiest and safest methods are by mail or by Internet.
By mail
If you make your request in writing and send it by mail, the credit-reporting agencies will provide you, by mail, with a free copy of your report. It is important, however, that in your request you include a copy of two pieces of I.D. Contact the credit-reporting agencies to find out which pieces of I.D. are acceptable.
By Internet
You can also order your credit report through the reporting agencies' websites. This method is faster since you will receive your credit report online only a few minutes after you made the request. However, credit-reporting agencies charge a fee for providing you with an online copy of your credit report.
Credit score
The only way you can obtain your credit score is online, through the credit-reporting agencies' websites. The fee charged for your credit score might be higher than the cost of receiving only your credit report online. However, the cost of your credit score will include an online copy of your credit report. You will receive your credit score (and credit report) online a few minutes after you have made the request.
To get copies of your credit report and credit score, contact Equifax and TransUnion, at the following coordinates:
National Consumer Relations
P.O. box 190, Station Jean-Talon,
Montreal, Quebec H1S 2Z2
Tel. (toll-free): 1-800-465-7166
Fax: 514-355-8502
Web site: www.equifax.ca
All provinces except Quebec:
Consumer Relations Centre
P.O. Box 338 LCD 1
Hamilton, Ontario L8L 7W2
Tel. (toll-free): 1-866-525-0262
Fax: 905-527-0401
For Quebec Residents:
TransUnion (Echo Group)
1 Place Laval
Suite 370
Laval, Quebec H7N 1A1
Tel. (toll-free): 1-877-713-3393
Fax: 905-527-0401
Web site: www.transunion.ca
How can you get errors corrected?
When you get your credit report, make sure the information in it is correct and up to date.
If you believe that the information in your credit report is incorrect, follow these steps.
1. Contact the credit-reporting agency
Before the credit-reporting agency can make a correction on your credit report, it will have to contact the financial institution that reported the information to see if an error was made.
If the financial institution agrees that an error was made, the credit-reporting agency has 30 days (with the exception of Alberta that allows 90 days) to correct your credit report. If the financial institution says that the information reported is correct but you are still not satisfied, you can submit a brief statement to the credit-reporting agency, explaining your situation. This statement will be added to your credit report.
2. Contact your financial institution
To avoid any delays in getting errors on your credit report corrected, you can contact the financial institution that provided the incorrect information to the credit-reporting agency and ask the financial institution to follow up with the credit-reporting agency.
If the error came from your financial institution and the institution will not correct the error, ask for information on its complaint-handling process. Financial institutions that are regulated by the Government of Canada are required, by law, to have a process in place to resolve disputes between consumers and financial institutions. Contact us to obtain information on your financial institution's complaint-handling process.
How can you improve your credit score?
If your credit score is not as high as you think it should be, make sure that the information in your credit report is correct. If it is correct, read your report carefully to find out which factors are most likely having a negative influence on your score, and then work to improve them.
Here are some tips on how to improve your credit score:
- Always pay your bills on time. Although the payment of your utility bills, such as phone, cable and electricity, is not recorded in your credit report, some cellphone companies may report late payments to the credit-reporting agencies, which could affect your score.
- Try to pay your bills in full by the due date. If you aren't able to do this, pay at least the required minimum amount shown on your monthly credit card statement.
- Try to pay your debts as quickly as possible.
- Don't go over the credit limit on your credit card. Try to keep your balance well below the limit. The higher your balance, the more impact it has on your credit score.
- Reduce the number of credit applications you make. If too many potential lenders ask about your credit in a short period of time, this may have a negative effect on your score. However, your score does not change when you ask for information about your own credit report.
- Make sure you have a credit history. You may have a low score because you do not have a record of owing money and paying it back. You can build a credit history by using a credit card. See the next section to find out how.
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