Credit Reports British Columbia
In British Columbia, the credit reporting agencies are obligated to follow the rules outlined by the BC government. Credit Reports in Canada are like your financial key. It can unlock the doors to getting approvals for loans, credit cards and mortgages. They are accessed regularly and for the basis for lenders to assess your financial health. Credit reports are like your key to building financial freedom and it is important that you understand how credit reports works in Canada and in BC.
How does the Credit Reporting Industry work in British Columbia?
Credit Reports in Canada are generated by 2 main credit bureaus who have access to all your financial transactions. They update your report on a daily basis and companies who have a vested interest in you, will have access to this information. What is a credit report? It is basically a record about your financials and contains personal information about your debts, payment history and even bankruptcy details.
All BC Residents are protected under the Business Practices and Consumer Protection Act. This is the law of the land for the credit reporting agencies. Every Canadian in BC has the right to the credit information free of charge. There are many online options but usually it comes with a fee for the added convenience. To request a free credit report in Canada, you need to contact the credit agency by phone or mail.
Generally, Credit information in BC is kept on your file for a maximum of 6 years. Please note the following reporting rules,
- Late and missed payment can be reported for 6 years from the date of first missed payment
- Bankruptcy can be reported for 6 years from date of discharge
- Subsequent bankruptcies have no statutory time limits and technically can stay on your report forever
- Banks and other creditors must verify your information before reports can be pulled.
- You also must provide consent before any report can be pulled from the credit bureau.
- If there is an error on the report, you can write a 100 word letter to the credit reporting agency to dispute or verify the inaccuracy.
BC residents are protected in situations where information has been on your report for more than 6 years. You also have the right to request free access to your credit report and to review it for errors.
Correcting and resolving crediting report issues in BC
Credit bureaus in BC have to ensure that you information is current and accurate. If you have been turned down for a loan because of a bad credit, make sure that you immediately check your report and inform the credit bureau of mistakes. Don’t get stuck with bad credit! Take action.
If you encounter a problem with your credit reports contact the credit reporting agency in Canada to get it resolved.
- Request for a Free Credit Report so that you can review credit history
- Contact the credit bureau of Canada to identify the misinformation
If you cannot resolve your issues with the credit agency, you can contact the Office of the Information and Privacy Commissioner in BC for assistance.
Office of the Information and Privacy Commissioner for British Columbia
PO Box 9038 Stn. Prov. Govt.
Victoria B.C. V8W 9A4
4th Floor, 947 Fort Street, Victoria BC V8V 3K3
General: (250) 387-5629
Vancouver: (604) 660-2421
Elsewhere in BC: (800) 663-7867