Credit report canada
Credit report in Canada is provided by specialized credit rating agencies called as credit bureaus. These reports are very crucial as these play very important role in getting different types of credit facilities, insurance products, leased apartments etc. Main credit bureaus that provide credit report in Canada include Northern Credit Bureaus, Trans Union of Canada, and Equifax.
Northern Credit Bureaus is located at 336 Rideau Boulevard Rouyn Noranda QC J9X 1P2. Similarly, a person living in all provinces except Quebec can contact Trans Union of Canada at Consumer Relations Center, P.O. Box 338 LCD 1, Hamilton Ontario L8L 7W2. Its contact numbers are 1-800-663-9980 and 905-525-0262. Residents of Quebec can approach it at Trans Union, Echo Group, 1600 Henry Bourassa Boul Ouest, Suite 200, Montreal PQ, H3M 3E2. Its contact numbers are 1-877-713-3393 and 514-335-0374. Equifax can be contacted at Consumers Relation Department, Box 190 Jean Talon Station, Montreal Quebec. Its contact number is 1-800-465-7166.
Information contained in credit report in canada
If a person wishes, he can obtain his credit report in Canada online also, apart from writing to the credit bureaus mentioned above. There are also some sources that provide free online credit reports. Online credit report in Canada is also provided by the credit bureaus. Credit report in Canada contains identification information like name and address of a person, his social insurance number, employment details, birth date and telephone numbers. Credit history contained in the credit report provides information about credit accounts, different types of loans with the retail stores, financial institutions, banks, credit unions etc.
This section also provides details about the balances in the accounts along with credit limits, late payments, and on time payments. Public Records section provides important information about bankruptcies, judgments, registered matters etc. Inquiries section in the credit report in Canada provides information about all the sources that have seen the credit report. There is also some information not contained in the credit report in Canada. For example, credit reports does not contain medical history information or information about the purchases that have not been made on credit, debts for which a person is not personally liable like business debts, debts with those creditors which do not report to credit bureaus, and about the creed, race, ethnicity, political affiliation or ancestry of a person. Most of experts feel that a person must obtain copy of his credit report once in a year and three months before any type of major purchase.
Access and benefits
When any person provides consent for the access of his credit report, landlords, lenders and other financial institutions make automatic contacts with the credit bureaus for obtaining the report. This contact is made through computer. Within second, credit bureaus assemble the desired report using the information contained in the files. It is important to understand here that there are no decisions or recommendations provided by the credit bureaus regarding credit reports provided. All decisions on basis of credit report in Canada are taken by the lenders. Generally, these obtain other information also apart from credit reports like income, bank balances etc before taking any decision. There are many benefits of credit reports. For example, qualified applicants find it very easy, fast and safe to get credit facilities. Also, homeownership, car ownerships, credit card purchases etc become very easy through credit report in Canada.
Other important aspects
All the credit bureaus in Canada keep the monthly records of past due payments as well as current payments made by a person. Apart from this, monthly records of credit limit are also maintained. Sometimes, credit report in Canada also contains errors that affects the creditscore a person in a bad manner. Thus, it is very important that a person checks his credit report regularly. This also helps him in preventing identity theft. By becoming a subscriber of credit bureaus, a person can access his credit report through computer network in an easy manner. If a person wishes to get the credit report in Canada by mail, he must provide 2 copies of identification cards. This include driver license, provincial ID card, gas, electricity, telephone or cable bills, passport, birth certificate, credit card, citizenship card or certificate of Indian status. For receiving the copy of the consumer disclosure report, credit bureaus require certain information like name and present address, previous address, date of birth, phone number, place of employment, social insurance number and signature.
It is advised here that a person should become a subscriber of credit bureau for getting credit report in Canada. This is because there are multiple benefits that are received. For example, by becoming subscriber of Equifax, a person gets Equifax Credit Watch facility. This allows him to protect his identity and keep track of all the changes that have been made in the credit report. Equifax also provides daily alerts, id theft insurance, credit reportsummaries on quarterly basis etc. All these help a person in fighting identity theft in an effective manner. As far as fee is concerned, a person is required to pay $11.95 per month for getting Equifax Credit Watch. Identity theft insurance is provided up to a sum of $2500.
There are many other sources also that provide credit report in Canada. For example, Canadian-creditreport.com is one web site that allows a person to get his credit report. A person can see his single bureau credit report for a sum of $13.44 only. Credit report is provided instantly and there is no waiting required. Similarly, by paying $34.95, a person can get instant triple credit reports and scores. This is provided through three in one report. This source also provides free and instant credit report. This is offered as 30-day online introduction package. Through Credit Check facility, a person can also get personal credit monitoring facilities. For getting more information, a person can easily call at 877-513-4268.
Other Articles
