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What is my credit report & why should I check it regularly?

Your credit report is a record of your credit history to date. Your credit report may contain the following information:

• Identifying information- name, address, employer, date-of-birth, SIN#
• Credit history- your payment patterns to credit grantors and account history
• Public records- anything that may affect your credit worthiness i.e. bankruptcies, judgments, etc.
• Inquiries- list of those who have requested your credit report
• Other info- such as banking information and/or collections

Your credit report does not contain: medical histories, purchases made in full with cash or cheques, business accounts (unless you are personally liable for the debt), credit score, race, creed, color, ancestry, ethnicity, or political affiliations. The bureau receives the information on your report from credit grantors, public records, or it could be updated in response to correspondence the bureau my have had with you, the individual.

Your credit report directly affects your financial dealings. A survey was done in Canada and found that only 1 out of 11 Canadians is aware of the contents of their credit report. Good credit eases the process of obtaining loans, mortgages, low-interest credit cards even the purchase of a cellular phone. A poor credit history may send a warning sign to potential credit grantors making it difficult or even impossible to get credit. Obtaining your credit report allows you to know where you stand when a lender runs a credit check on you. Accounts, derogatory information, and judgments can remain on your credit report six to ten years from the date filed. Bankruptcies can remain six to fourteen years.

Another reason to check your credit report is because inaccuracies may be present on your report and these inaccuracies may affect how a lender sees you. The credit bureau provides steps to correct these issues should they arise.

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