Credit Reports Newfoundland & Labrador
Canadian Credit Reports can be obtained in Newfoundland and Labrador from Credit Reporting Bureaus. These credit bureaus are private companies who gather and store information about your credit history.
The information on your credit report can be reviewed by your employers, banks, landlords and any credit business interested in giving you a loan.
What you should know about your credit reports
Credit reports contain sensitive financial information such as your employment history, marital status, credit cards accounts, balances, payment history and more. This data can be used by businesses such as a banks to determine if they want to offer you a credit card or a loan.
If you have missed credit card payments or have declared bankruptcy, this information will show on your credit report. When you are applying for any kind of loan, it is always recommended that you check your credit reports. In Canada, credit reports can be obtained free of charge.
How is bad credit history information handled by the credit bureau?
In Newfoundland, the government established a Consumer Protection and Business Practices Act which outlines what a credit bureau can do with your information. This includes how they handle bad credit, missed payments and bankruptcies. By law, the credit report agency must
- Make reasonable efforts to corroborate the data and keep it current and accurate
- Remove any judgement about money owing after 7 years
- Remove bankruptcy information after 7 years
- Remove debt information, late payments, miss payments after 6 years
- Remove convictions for crimes after 7 years
- Must not include data on race, religion, sex, ethnic background
What you should know
- Credit information is captured from you daily and is recorded in a credit report.
- In Newfoundland, private credit bureaus are the organizations that have the authority to collect the personal data.
- You have the right to obtain your credit history free of charge
- Credit bureaus use your credit history to determine your credit score. A credit score is a system determines if you have good or bad credit.
- Information on credit reports are not always accurate or correct. It is recommended that all Canadians check their credit reports.
Be pro-active in reviewing your credit reports.
- Check your Free Credit Report so that you can review credit history
- Contact the credit bureau to identify the misinformation
- Submit a request to the credit bureau to update or correct the information
Contact the government of NL if you cannot resolve your credit reporting issues,
Consumer Affairs Division
5 Mews Place
P.O. Box 8700
St. John’s, NL