Credit Report Canada
Do you know what’s on your credit report? Most Canadians have no idea. Even if you never missed a payment, errors on your report can lead to problems. Before you spend your hard earned dollars on checking your credit history, get the facts about how credit reporting works in Canada.
There is a great deal of misinformation about credit reports circulating around the internet and we are here to clarify things. Every Canadian who has taken out a loan will have a credit profile and anyone who has applied for a loan will have their credit score checked. There are many things that can impact your credit scores and by simply being informed, you can maintain a good credit rating and improve you chances of being approved for credit.
Learn about how Credit Reports work in Canada
- British Columbia
- New Brunswick
- Newfoundland & Labrador
- Nova Scotia
- Prince Edward Island
Credit History Report
A credit history is a detailed report of your financial information and is captured by only two Canadian credit-reporting organizations. Your credit history is kept up-to-date and is the standard measure of your financial health in institutions across Canada. Information about your credit cards, mortgages, car loans and even your phone bills are all captured on a credit report.
Banks, car dealerships, credit card companies, and insurance brokers use your credit information to assess your financial health. A quick check of your credit report can tell a company whether you have good or bad credit and can determine if they will to give you a loan.
Credit Score Report in Canada
A credit score is a standard measure of your credit worthiness based on many factors such as your spending habits, your payments to loans and even how much money you are borrowing. In the United States, the credit score is often referred to as a FICO score. Canadian credit scores are slightly different however, they are trusted indicator of your financial health. Credit reporting agencies in Canada, including those online, use specialize calculations to come up with your credit score.
Build and Rebuild your Credit
A credit report in Canada is updated once a month. Checking and monitoring your credit file will help make it easier to build good credit history and improve a bad one. There are many ways Canadians can make positive changes to their credit history. Start by checking your credit information online or get a free copy by mail.
Improve your credit rating
You will find that there are several Canadian credit agencies, sometimes referred to as a Credit Bureau, that offer services to help you build or improve your credit rating. One of the most beneficial services offer are Credit Monitoring or Credit Alert services. You are provided with easy online access and credit counselling options to help you keep watch of your credit history and offer strategies to improve or establish your credit rating.
Canadians get Free Credit Report
Be careful of sites that ask for credit card information in order to obtain a free credit report. Those are NOT free. In Canada, the law says that ALL Canadians have access to a free credit report. There is no charge, no deposit and no credit card info needed, honest! A credit report can be requested from the bureau for FREE at anytime, for as many times as needed – unlike the U.S. where residents can only get 1 free report annually. Get your free credit report today. Credit Reports Canada is your Free Online Resource for Credit Reports, History, Scores, and Credit Rebuilding. No Charge.