Credit report is an important document that details your financial transactions through the past few years. It is started the moment you get your first credit card or loan approved. A credit report is important to a lender agency because it proves that you are responsible debtor. For you, a credit report will provide information on your financial health.
You can become aware of any fraud that could be draining your wealth. You can point out any pitfalls that your finances may experiencing and keep track of your debt. The other reason why you should get hands on your credit report is because your credit score is not affected when you pull the report yourself. This is an misconception which people have and I would like to clear it here.
The report is not difficult to read and puts your financial status into perspective.
Who creates your Credit Report?
The Equifax Canada and Trans Union Canada are responsible for your credit report. Generally, it is updated every month when financial institutions send in their report on your financial activities.
How to get your hands on a Credit Report?
There are two ways to get a Credit Report. You can access it through the internet or receive it through a mail order. When you access it through the internet, you’ll be charged a fee. Equifax charges $15.50 and $23.9, if included with credit rating. Transunion also has an similar fee structure.
Both of the credit agencies are required to provide the credit report free of charge to the consumer once a year. If you want the credit score or monthly reports they charge a fee for this. You can contact us by email or call us and we will send an form to get the free report. Along with filing up the request form, you have to submit two identification proofs like your driver’s licence, health card, signed credit card or social insurance number.
An additional option which is mostly avoided because of its tediousness is ordering through the phone. Here are the phone numbers you can call:
Equifax: 1-800-465-7166
TransUnion: 1-800-663-9980
You’ll have to deal with a computerised voice that will guide you through the process. Have your social insurance number and credit card ready. Both the agencies will ask you to pay if you want your credit score to be added with the report.
Getting the Free Report
Equifax Canada and TransUnion Canada are pretty aggressive in getting you to shell out money for your credit report. Even if you drop by their home page, you’ll be directed to get the online report. So be aware of it or call us, if you want to save up money.The link “Get your free credit report” might be very hard to find as it is in fine print.
It usually takes around two weeks for the credit report to come back by mail.
It’s important you monitor your credit report If you don’t think you’re well-versed in analysing your credit report, don’t hesitate to ask for professional help. It’s imperative that you understand all its aspects.
