Smart Money Club: How to Request your Credit Report

When it comes to finances, your credit report is critical. It is used for a number of different things – not just obtaining financing. Many financial institutions now require it to open a bank account, a new employer may request it to qualify for a job, and it can even be requested for things like joining a gym! It is also important for your own financial knowledge – if you don’t know what’s on your credit report, you may not be as financially fit as you think. Bad credit or errors on your credit report could mean a no from any of the above – or sky high rates and fees. So, to help you out, this week we focus on how to request your credit report.

In Canada, there are two credit reporting agencies – Equifax and TransUnion. These agencies use the information provided to them by creditors to determine your credit score. Unfortunately, not every creditor reports their information to both of these agencies. A creditor may report to one agency and not the other. As a result, Equifax and TransUnion may not have exactly the same credit information about you, nor do they use the exact same software to calculate credit scores, and thus your score and report may differ. This is why it is important to request your credit report from both.

How to request your credit report: you can request your credit report by mail or online for free, but in most cases you have to pay to see your credit score. Make sure to get the report that includes your credit score as this is a major factor when lenders determine your risk status.

Here are some helpful links to information and Equifax and TransUnion:

• https://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02197.html
• http://www.consumer.equifax.ca/home/en_ca
• https://www.transunion.ca/ca

Great, now you’ve requested the report and can better gauge where you sit on the risk scale. Stay tuned – next week we will walk you through how to read your credit report.

For more financial tips or to speak to someone about a loan, even if that credit score isn’t as high as you’d like, call Prudent Financial today at 1-888-852-7647.