Credit check canada
Canada is one of nations in the world where the credit status of a person plays a very important role in number of fields. The credit check can also be called as credit rating or credit scores . The credit check is performed by all the lenders when a person approaches them for getting any type of credit facility. Getting the credit card is also subject to credit check and even when a person goes for getting a home for rent, credit check is performed by all the landlords in Canada. Thus, it can be said that credit check plays a very important role in the lives of person in this nation.
SO CHECK YOUR CREDIT FIRST
A person himself should be quite aware of his credit rating before he approaches any lender for any type of loan or applies for the credit check. This would help him in dealing confidently with the financial institutions . Now the question arises how a person can check his credit in Canada. The credit check by the person himself even becomes more important because of the fact that in present times, about 70% of the credit reports are containing error in Canada due to frauds, accidents etc. Out of these 70%, about 25% of the credit reports are having serious errors that debars a person from getting most of benefits. Even he cannot apply for any credit facility. Thus, it becomes the responsibility of the person to ensure that his credit report is error free and mind, doing this is very easy. A person can easily obtain his credit report free of cost from the credit rating agencies in the nation.
Apart from this, a person can also purchase his credit report for a nominal amount online. If you are living in Canada, it is indeed very important for you to note that you are entitled to get one free credit report in each calendar year from the two credit reporting agencies in the nation . This report can be obtained by mail or can be collected in person . The two credit reporting agencies that provide free credit report to a person in Canada are the Equifax and the Trans Union. Each city in Canada is having local offices of these agencies and these can be contacted for getting the free credit reports . Other important aspect you should be aware of is the status of reports provided by these agencies . You should not obtain report from one of this credit reporting agencies rather credit report of both credit reporting agencies should be obtained . This is because of the fact that there can be huge differences in the credit reports of two agencies . This makes credit check very efficient. The credit reports contains information pertaining to the bankruptcy history of a person, payment history and any other court judgments etc given against a person .
HOW THE CREDIT CHECK IS DONE
Now the question arise how a person can get the credit check done• That is, what has to be done for obtaining the credit report• There are many credit bureaus in Canada that can be contacted for getting a credit report and making a credit check, including the above two agencies. The credit reports can be obtained by paying a fee that varies from $20 to $1000, depending upon the credit report. A person may also be required to become the member of the credit bureau first for getting the credit report. Apart from Equifax and Trans Union, other credit bureaus in Canada are the Northern Credit Bureaus INC and D&B Canada. All these credit bureaus keep records of a person pertaining to credit limits, past due payments, defaults etc on monthly basis. Information about the bankruptcy and court judgments is also included .
There are some requirements for getting the credit report especially towards the identification and a person has to complete all these before he can apply for the credit report. A person is required to send two photocopies of the identification proof, front and back, for getting the credit report. One of these should bear the signatures of a person. The acceptable identification proofs in Canada include Drivers License or the Provincial Identity card, the birth certificate, passport, Bill statements like gas bills, electricity bills etc; Citizenship card etc. Apart from the above, the information required by the credit bureaus for providing the credit report are name and present address of the person, previous address of the person, his contact numbers, his date of birth, his Social Insurance Number, Place of Employment and his signature .
Northern Credit Bureau can be contacted at 336 Rideau Boulevard, Rouyn Noranda QC J9X 1P2. Trans Union can be contacted at Consumer Relations Center, P.O. Box No 338 LCD 1, and Hamilton Ontario, L8L 7W2. Equifax can be contacted at Equifax Canada INC, Consumer Relations Department, Box 190 Jean Talon Station, and Montreal Quebec HIS 2Z2 .
As said earlier also, a person must check his credit report to see for any type of irregularity. All the persons living in Canada are entitled under the Consumer Reporting Act to obtain free credit report . And mind, the credit bureaus mentioned above are not consumer friendly . Since they are paid in good amounts by various banks and other business houses, it is very important to see if something wrong has been done by them in the credit report. And to make the situation worse, it is really very difficult for a person to amend his credit report. No doubt, a person can initiate a legal action against the credit bureau if it contains any false report that is harmful for a person in any way. Both the credit bureaus, the Equifax and the Trans Union, can be sued by a person for doing so . It is advised here that a person should not call up the credit bureaus on telephone as credit reports cannot be discussed and rather, a hard copy should be asked for. While providing loans to people in Canada, most of lenders use a score on the basis of credit report called as the FICO score or the Beacon Score . This score is not provided in the credit report sent to a person and has to be obtained by paying a small fee .
ided in the credit report sent to a person and has to be obtained by paying a small fee .Other Articles
