Credit Reports Prince Edward Island PEI

In Prince Edward Island (PEI) the credit reporting agencies (Credit Bureau) are organizations that collect personal credit information such as name, birth date, employment data, addresses, debts, income, paying habits, credit card info, mortgage amounts etc. and compile them in what is called a credit report.  In PEI, if you have ever applied for a loan or credit card, obtained a mortgage, or renting an apartment, chances are that your credit report has been reviewed.

How is the government of PEI involved in Credit Reports?

Credit Reports in Canada are generated by 2 main credit reporting agencies: Equifax Canada and TransUnion Canada. These organizations have access to all your financial transactions. They update your report on a on a regular basis and also share that information with companies that have a vested interest in you.

The Department of Environment, Labour and Justice has established regulations to protect your rights when if comes to credit reporting. Information on these reports is highly sensitive and can affect your capability of getting approval for loans. As a consumer, you have the right to know what is being collected about you and what information can be shared. PEI’s Consumer Protection Act deals mainly with this disclosure and the Conduct of Creditors Regulations deals with how credit collection is run.

In PEI, credit report records on late payments, unpaid debts and collections information will be kept on your credit history for 7 years. Bankruptcy are erased from the credit report after 7 years and judgement information can stay on as long as 10 years. However, there are no rules around how long reporting can continue for individuals with more than one bankruptcy.

Check your Credit reports at least once a year

Credit bureaus in PEI have to ensure that you information is accurate. If you have been turned down for a loan because of a bad credit, make sure that your credit report is correct. A small mistake can cause blemishes in your credit score. Check your credit report in Canada at least once a year. No one wants bad credit. Take action.

If you encounter a problem with your credit reports contact the credit reporting agency to get it resolved.

  • Request for a Free Credit Report so that you can review credit history
  • Contact the credit bureau to identify the misinformation