• What is an Equifax Credit Report? 2

    The consumer’s credit report is financial information based on past credit history. Creditors and lenders use this report as basis for approval of credit and loans. Employers and landlords also use the credit report it to base their decision to hire or lease property. Federal law gives you the right to view your own credit report. You should check it at least once a year to detect identity theft and make sure the correct information is being reported.

    Pls See: credit.about.com

    This article discusses the following:

    1. Equifax Canada

    2. Meaning of Credit Reports

    3. FCAC Tips for Consumers

    What is Equifax Canada?

    Equifax Canada offers information and frequently asked questions about its credit reports and credit scores for Canadian Consumers. At Equifax Canada, your Canadian credit report is critical. Yet, many Canadians have never looked at their own credit report, so it's not surprising that it is often overlooked when individuals assess their financial situation.
    If you would like to obtain a copy of your credit report immediately from Equifax Canada, for a fee, you can receive real-time on-line access to your personal credit report, credit score and a full explanation of your score and how lenders view your credit history. You just need to visit Credit Scores as your Internet gateway to Equifax Consumer Services Canada in English and Francais.

    Pls See: canadiancreditcenter.com

    What is the Meaning of Credit Reports?

    The consumer’s credit history is recorded in files maintained by at least one of Canada's major credit-reporting agencies: Equifax Canada and Trans Union Canada. This is kept along with the credit histories of millions of other people. It is possible to obtain your credit file for free. Please consult the agencies' websites in order to obtain more information. These files are called credit reports. A credit report is a snapshot of your credit history. It is one of the main tools lenders use to decide whether or not to give you credit. Your credit file is created when you first borrow money or apply for credit. Companies, which lend money or issue credit cards to consumers, send specific factual information related to the financial transactions they have with you to credit reporting agencies. These are including banks, finance companies, credit unions, retailers.

    Pls See: ic.gc.ca

    What are FCAC Tips for Consumers?

    Annualcreditreport.com is the centralized website to order your free credit report granted by the Fair and Accurate Credit Transactions Act (FACTA). This is the only place to get a free credit report from the three major credit bureaus without obligation. You can order your credit reports from each of the credit bureaus individually. Each bureau offers its own credit report as well as 3-in-1 reports with all three credit reports.
    The FCAC says that, if your credit score is not as high as you think it should be, make sure that the information in your credit report is correct. If it is correct, read your report carefully to find out which factors are most likely having a negative influence on your score, and then work to improve them.

    Here are some tips from the Financial Consumer Agency of Canada on how to improve your credit score:

    1. Always pay your bills on time. Although the payment of your utility bills, such as phone, cable and electricity, is not recorded in your credit report, some cell phone companies may report late payments to the credit-reporting agencies, which could affect your score.
    2. Try to pay your bills in full by the due date. If you are not able to do this, pay at least the required minimum amount shown on your monthly credit card statement.
    3. Try to pay your debts as quickly as possible.
    4. Avoid going over the credit limit on your credit card. Try to keep your balance well below the limit. The higher your balance, the more impact it has on your credit score.
    5. Reduce the number of credit applications you make. If too many potential lenders ask about your credit in a short period of time, this may have a negative effect on your score. However, your score does not change when you ask for information about your own credit report.
    6. Make sure you have a credit history. You may have a low score because you do not have a record of owing money and paying it back. You can build a credit history by using a credit card.

    Pls See: ic.gc.ca

    Correct Practices

    The government makes it a point to remind consumers to learn about the complete details about credit reports, credit scores, credit repair and credit card payments. This is to ensure that they cannot be fooled by unscrupulous individuals or firms.

    Article Created: 2012-07-09
    Article Updated: 2013-08-05

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