Canadian credit report
Credit report in Canada plays a very important role when a person approaches lending institutions for getting different types of credit facilities. Canadian credit report is provided by specialized agencies called as credit bureaus and reflects the repayment history of a person. Getting Canadian credit report is very easy as a person can log on to number of web sites for getting same. Credit bureaus can also be approached for getting credit reports.
Even online Canadian credit reports can be obtained free of cost. There are many credit reporting centers like Canadian-creditreport.com that allow their customers to get free credit report. A person can also find his creditscores. There are some centers that provide subscribing services. For getting credit report and creditscore from one bureau, a person has to pay about $14. Triple credit reports are provided by most of sources for $35. Detailed explanation of credit report and creditscores is also provided.
What does canadian credit report contain
There are many types of information contained in the credit report. First of all, it provides identification details about the individual. It includes name of a person, his address, his social insurance number, his employment details and his birth date. Second important information contained in the credit report is the credit history of a person. In fact, this is the most important piece of information lending institutions look for while providing different types of credit facilities. All credit accounts and loans that are held at banks, retail stores, credit unions, finance companies etc are shown along with balances, late payment details, credit limits and timely payment details. On the basis of this information, lenders decide whether they have to provide credit facility to a person or not. Other important information contained in the credit report is public record. This includes bankruptcies filed by a person, judgments provided and other registered items. Inquiries' is also an important section of credit report and it provides information about all lenders etc that have asked for the credit report of a person.
There are also certain pieces of information that are not contained in the Canadian credit report. First of all, this report does not provide any information on the medical history of an individual. Similarly, Canadian credit report does not contain any details about the purchases that have not been made on credit by a person. All types of debts like business debts for which a person is not personally liable are not shown by the credit report. There are also lending institutions that do no report to credit bureaus and hence, Canadian credit report does not contain any information about all the debts held with such creditors. Apart from above, credit report does not provide any information about ethnicity, race, political affiliations, color, creed and ancestry of an individual.
Credit bureaus
Let us now discuss about the credit bureaus that provide Canadian credit report. A person can contact these bureaus on the basis of his place of residence. Northern Credit Bureaus is one of major credit rating agencies in Canada. It can be approached at 336 Rideau Boulevard, Rouyn, Noranda QC J9X 1P2. Trans Union of Canada Inc is another agency offering Canadian credit report. People living in all provinces except Quebec can approach it at Consumers Relation Center, P.O. Box 338, LCD 1, Hamilton Ontario L8L 7W2. Contact numbers of this credit bureau are 1-800-663-9980 and 905-525-0262.
Residents of Quebec can approach this credit bureau at Trans Union, Echo Group, 1600 Henry Bourassa Boul Ouest, Suite 200 Montreal PQ. Contact numbers of this credit bureau are 1-877-713-3393 and 514-335-0374.
Equifax is another credit bureau offering Canadian credit report. It can be approached at Equifax Canada Inc, Consumer Relations Department, Box 190 Jean Talon Station, Montreal Quebec H1S 2Z2. Its contact number is 1-800-465-7166.
Above credit bureaus can easily by contacted for copy of Canadian credit report. A person can get credit report from one bureau or from all the bureaus. As per Trans Union, before making any major purchase, a person should obtain copy of his credit report. Similarly, he should get the same once in a year. Lending institutions, landlords etc can access the credit report of an individual only when he has provided consent for the same. Contact is usually made automatically through computer. Credit bureaus provide information as required by the lenders and do not make any suggestions.
For managing the Canadian credit reports, credit bureaus obtain information about all the companies that have granted credit to a person. Apart from it, information is gathered from courthouses located across Canada.
Other aspects
There are many benefits of having a Canadian credit report. First of all, it makes very easy for a person to get credit facilities. Individuals with credit reports are considered as safe and qualified applicants. Credit reports also prove very useful in getting homeownership, automobile purchase, etc. With availability of credit report on internet, it has become very easy for residents to view their reports and check for the accuracy. They can also monitor credit report updates on monthly basis. A person can easily become a subscriber of a credit bureau and can get the credit reports free of cost.
For getting credit report by mail, there are certain requirements that have to be fulfilled. A person is required to provide two copies of identification document. Copies must be made front as well as back. The identification must provide the signature of a person. Various documents that are accepted for identification are driver's license, certificate of Indian status, citizenship card, credit card, passport, birth certificate, bills of utilities like gas, electricity, telephone, cable etc. If a person wishes to get a copy of his consumer disclosure report from Trans Union, information that has to be provided include name, address, phone number, employment details, birth date, etc.
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