A credit file contains a great deal of information about an individual.
Consumers generally are not aware of the detailed content of their credit file and focus primarily on their rating.
There are six main categories within a consumer’s credit report:
1. Personal information; name, address, previous address, employers, birth date, sin, etc.
2. List of inquiries over the past 3 years; who have requested the file along with the date and telephone number.
3. Public records; bankruptcies, proposals, judgments, etc.
4. Third party collection agencies.
5. Trade information; credit transactions, ratings.
6. Consumer Statement; consumers can submit a brief statement in their own words if they choose.
As consumers complete various credit applications over time, they are providing the Credit bureaus with updated information. Consumers should always be aware of whom they have provided permission to obtain credit reports over time. The Personal Information Protection and Electronic Documents Act gives consumer control over personal information requiring organizations to obtain consent to collect and disclose information about consumers. Ultimately, consumers need to be responsible to protect their privacy and their identity.
Consumers should keep a list of credit cards, the expiry dates and the emergency phone numbers for each card. If the cards or account numbers are stolen a credit alert can also be placed on the consumers credit file by contacting Equifax at 800- 465-7166 or 514-493- 2314. The Canadian Banker Association also has an informative web site ( www.cba.ca ), which can provide further information regarding this matter.
