Feb 14 2009
Getting your Canadian Credit Reports…FREE
Ok, I’m a little obsessive about my credit report. If you’re a Canadian then you likely keep coming across US information on credit reporting that (while similar) is different than the way things are done up here.
For instance, here in Canada you can request practically unlimited free copies of your credit report (last year I ordered 12 credit reports from Equifax,11 from Transunion and 2 from Northern Credit/Experian).
Lets talk about your credit “report” for a moment here. The bureaus are required to provide you a copy of your credit report on demand (following sufficient proof that you are who you claim you are), and that report includes information on your previous (and current) addresses, former and present employers, credit extended (credit lines) and bad credit (collections) activity. Also included are a history of inquiries, which we’ll talk more about in a second.
Your credit “score” on the other hand is a number (between 400 and 900 depending on the formula used) that provides a quick reference as to the risk involved in extending you credit. The score is NOT provided for free, and must be paid for (although you can use your credit “report” to guesstimate your score through one of the online Credit Score Calculators.
Back to your credit report for a moment. The easiest way of ordering your credit report is to call into either Equifax or Transunion (or both preferably) and request a credit report through their automated service. A number of questions will be asked (based on your credit report – ie previous addresses, cities of residence on specific dates etc etc) and if they are answered correctly a report will be mailed to your most current address (they confirm your address before completing the call) within a week.
Equifax: 1-800-465-7166
Transunion: 1-800-663-9980
If you fail the verification then you have to go about this the old fashioned way my mailing in a request along with copies of some ID and a utility bill showing your present address. Turnaround time on this sort of submission is typically in the 3-5 week range.
Equifax Canada
Credit Report Dispute Form (Direct link to PDF file)
P.O. Box 190
Station Jean-Talon
Montreal, PQ H1S2Z2Transunion Canada
Credit Report Dispute Form (Direct link to PDF file)
P.O. Box 338 LCD1
Hamilton, Ontario L8L7W2
You also receive an updated credit report after each disputed item on your report is changed (the new report shows the changes) so if you’ve the time then sending in your disputes one at a time would mean a steady flow of current credit reports.
Now quit making excuses and order your credit report. How are you going to know what they’re saying about you if you don’t keep them honest?
I usually only do 1 a year, mostly because a friend of mine who spent a bit of time in the home finance profession warned me that multiple pulls of your credit report can have a negative impact on your FICO score. not sure how that translates to Canada but maybe worth investigating.
Dave: Wow, how did I miss your comment?
No, pulling your own credit report has no effect on your score, these count as “soft” pulls and their are not displayed to lenders nor do they count as credit inquiries in the conventional sense.
Am I certain? Yes, absolutely.. I’ve requested my credit report regularly for the last two years and there has been no downward trend in my score (the information provided by the credit bureaus also confirms that reviewing your own report is a “soft” credit inquiry, and only “hard” inquiries have an effect on your credit score.