A credit report is when you borrow money from a lender, apply for a credit card, and applied for a mortgage to purchase a home you should have a credit report with the credit rating agencies TransUnion and Equifax. It is important for you to regularly check your credit report to ensure it is accurate and you are not a victim of fraud and identity theft. You may request your free credit report once every 12 months for each credit reporting agency.
What is a Credit Report?
When we talk about credit reports, this is your personal record that includes identifying information about you such as your name, address, employer, and your debt obligations such as car loans, student loans, credit cards, and mortgages. your credit report may include any loan you have taken out for the past six years. Your file shows not only how much you owe, but it also shows whether you pay on time, your credit limit, and your outstanding balance. All this information will be saved on your credit file.
Equifax and TransUnion have developed a simple coding system to track your payment history. Your lenders require to regularly communicate with agencies and indicate if you’re paying your bills on time. The codes are made up of two parts: a letter and a number. The letter stands for the type of credit, such as “R” for “revolving credit.” The numbers can range from 1 (best rating) to 9 (worst rating). If you have a rating of 1 on all your different credit accounts, it will help you achieve a higher credit score.
When you apply for credit, the lender can request a copy of your credit report. The lender will want to check and review the rating of 1 on all your credit accounts. this is why it is important to pay your bills on time, as credit information stays on your credit history for at least six years.
How to Order Your Credit Report for a Fee
The credit bureaus will generally try to get you to pay for a score/report combo, but you are entitled by law to a free yearly report by mail. Online reports generally are not free. If you’ve been the victim of fraud, it’s advisable to access your credit report instantly to see if any credit applications have been fraudulently made under your name.
An advantage of paying for your credit report is that you also receive your credit score and explanations of what’s helping and hurting your credit score, something you won’t receive if you order your report for free by mail.
The free reports are pretty well hidden, as the credit reporting agencies would much rather have you pay for your credit report and score. If you’re anxious to see your credit report and can’t wait the two to three weeks for it to arrive in the mail, you can order it online for a fee. Equifax charges a one-time fee of $23.95, while TransUnion charges $16.95 per month for its credit monitoring service. To order your credit report online, you’ll need a credit card, your SIN, and personal ID such as your driver’s license to verify your account.
How to Order Your Free Credit Report
There are two major credit reporting agencies in Canada: Equifax and TransUnion. You are entitled to one free credit report every 12 months from each of the credit rating agencies. You’ll have to make a written request to receive your credit report by mail.
To avoid paying, you can request your credit report every six months, alternating between the two agencies. If you suspect you’re a victim of credit card fraud or identity theft, it’s advisable that you request a copy of your credit report immediately.
To confirm your identity, you’ll need to provide your SIN and two photocopies (both sides) of government-issued identification (such as your driver’s license, health card, birth certificate or passport).
Equifax
You can order your credit report by phone by calling 1-800-465-7166. you may also order your free credit report by mail or fax, you may have to complete the Canadian Credit Report Request Form and forward to National Consumer Relations, PO Box 190, Station Jean-Talon, Montreal, QC H1S 2Z2. Alternatively, you can fax it to 514-355-8502. You may visit Equifax’s office at 5650 Yonge St., Toronto, ON M2M 4G4.
TransUnion
Your TransUnion consumer disclosure is available to you online once a year. You can order your free credit report in person by visiting one of the TransUnion provincial offices. if you need to order your free credit report by mail or fax, you’ll need to complete the Credit Bureau request Form.
Phone: 1-800-663-9980.
Mail :Consumer Relations Centre, PO Box 338 LCDI, Hamilton, ON L8L 7W2.
Fax: 905-527-0401.
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