Free credit report in canada
Credit report of a person plays a very important role in Canada and many decisions are based upon this report only. For example, when any person approaches a lender for getting any credit facility, interest rates and other terms and conditions are decided on the basis of credit scores as provided in the credit report. Even credit can be denied to a person on basis of credit scores. Apart from non repayment or default in payments, there are some other reasons also due to which credit scores can get adversely affected. For example, many times, credit report of a person contains errors that lower the credit score and a person has to suffer due to same. Identity theft is also common in Canada and many people have to suffer due to this every year.
Most of experts feel that before approaching any lender, a person should check his credit report for errors, identity theft etc so that he does not become a victim. Luckily, a person can get free credit report in Canada. Through free credit reports, he can easily check for errors etc and can ensure that credit scores as provided by the credit report are correct. Annual free credit report in Canada can be obtained from credit bureaus, which are specialized credit rating agencies and maintain and provide credit reports to lenders, landlords etc upon request. Credit reports are maintained by credit bureaus on basis of repayment information provided by different types of lending institutions. As per the laws, a person can request for free credit report in Canada from all the credit bureaus once in a year. There are three major credit bureaus in Canada.
These are Northern Credit, Trans Union and Equifax. Obtaining free credit report in Canada from these bureaus is easy. All the required information and details are available online at the web site of these bureaus. Time period taken for getting credit report generally varies from 2-3 weeks. It should be understood here completely that while applying for free credit report in Canada at web sites of Equifax and Trans Union, a person should pay close attention to forms applicable. This is because in many cases, instead of getting free report, a person ends up in paying nominal charges for getting instant access to the credit report that is available online. Both the credit bureaus, Equifax and Trans Union, allow consumers in Canada to get access to their credit reports and scores for a fee. For getting more information about free credit report in Canada, a person can also approach credit bureaus.
Equifax can be approached at Consumers Relations Department, Box 190, Jean Talon Station Montreal QC H1S 2Z2. Contact number of this credit bureau is 514-493-2314. It can also be contacted over toll free number at 1-800-465-7166. Northern Credit Bureaus Inc can be approached at 336 Rideau Boulevard, Rouyn Noranda QC J9X 1P2. Residents of all provinces except Quebec can approach Trans Union at Consumers Relations, Box 338, LCD 1, Hamilton ON L8L 7W2. Its toll free number is 1-800-663-9980. Residents of Quebec can approach Trans Union Canada at Consumer Relations, 1 Place Laval, Suite 370, Laval PQ H7N 1A1. Its toll free number is 1-877-713-3393. Apart from above, a person can also approach Experian for getting credit report. It is located at 150 King Street West, Suite 805, P.O. Box 68, Toronto Ontario M5H 1J9.
For getting free credit report in Canada by mail, there are certain requirements that have to be completed. A resident of Canada is required to provide two sets of photocopied identification. Photocopies must be done front and back. One of identifications provided by a person must contain his signature. Various identifications acceptable in Canada include Provincial ID card or driver license, credit card, statement of different types of bills viz. telephone bill, cable bill, gas bill, electricity bill etc; citizenship card and certificate of Indian status. If a person wishes to get copy of consumer disclosure report, there are some pieces of information required. These include name and present address of a person, his previous address if he is not residing at current residence for a minimum period of two years, his date of birth, and his signature. Options requirements are place of employment, phone number and social insurance number.
Other important aspects
Free credit report in Canada provides different types of information. First of all, it provides information about the identification of a person. It includes name, present and previous address, phone number, employment details, social insurance number and date of birth. Credit history is the most important information contained in this report. It includes credit accounts, loans held with banks, retail stores, credit unions, finance companies, and other institutions. Credit accounts also provide information about late payments, balances, on time payments and credit limits allowed. Apart from above, a person can also get information about public records in the credit report which includes bankruptcies, judgment, and other registered items. Last but not the least, free credit report in Canada provides information about all the sources that have seen credit report. There is also some information not contained in the free credit report in Canada. It includes medical history, purchases that have not been made on credit, debts that have not been reported by the creditors to the credit bureaus, debts for which a person is not liable personally, etc. Credit report does not provide information regarding creed, race, political affiliations, ancestry etc.
By paying a nominal fee, many types of services and tools are offered by credit bureaus. For example, through paid credit report, Equifax provides instant access to online credit scores, personalized credit report, explanation of scores and tips on improving credit rating, factors that affect credit score heavily and custom graphs.
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