A credit report is a history of how consistently you pay your
financial obligations. A credit report is created when you first
borrow money or apply for credit. On a regular basis, the companies
that lend money or issue credit cards to you (banks, finance companies,
credit unions, retailers, etc.) send the credit reporting agencies
specific and factual information about their financial relationship
with you - when you opened up your account, if you make your payments
on time, if you miss a payment, or if you have gone over your
credit limit.
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Credit bureaus store and maintain information about
your credit and payment habits in a detailed credit
report. This report can contain information such as
personal identification, your credit history, public
records with an effect on your credit and a list of
parties you have authorized to access this information.
The purpose of this report is to establish a standardized
and objective credit rating for you.
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| You have the right to
see the information in your credit bureau file, which
includes your credit rating. Contact one of Canada's credit
bureaus to receive a copy of your credit report by mail,
free of charge. For a fee, you can also view your credit
report online. If you have been denied credit on the basis
of a rating which you feel is inaccurate, you can request
that the information be corrected. |
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Credit Report History
Because your credit report contains all the information received
from your lenders and provides a picture of your financial health,
other lenders will request your report when they are determining
whether or not to grant you a loan. Your credit report is a history
that will help them determine what kind of lending risk you are
- if you are likely to repay your obligation on time or not.
Typical items found in a credit report Include:
- Personal Identification - Includes key identification information,
such as your name, address, date of birth and Social Insurance
Number (SIN)
- Consumer Statement - Allows you, the consumer, to add a brief
comment about any information in your report
- Credit Information - Provides details of your credit accounts
and transactions and shows if payments are being made on time
- Banking Information - Includes information on your bank account
and NSF cheque history
- Public Record Information - Contains information about secured
loans, bankruptcies and/or judgments
- Third-Party Collections - Contains information about any involvement
with a collection agency trying to collect on a debt
- Inquiries - Includes all organizations or individuals that have
requested a copy of your credit report in the past three years
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