Many Canadians work hard to keep their finances on solid ground and do their best to make smart decisions when budgeting and saving.
Your credit report is a powerful source of facts about your finances, so why not make it a practice to review your own report regularly? Consider it to be your own economic health checkup.
Credit reporting agencies, TransUnion Canada and Equifax Canada, generate reports when you apply for credit. These reports include information on your bank accounts, your credit usage, whether you have declared bankruptcy, and your debt payment history. They also include information about the people and the companies who have made inquiries about your creditworthiness—which represents the degree to which you are in a financial position that is sound enough to warrant receiving credit from a lender.
You should review your credit report for any mistakes. False information about your credit history may indicate someone is using your name to obtain and use credit fraudulently.
If there are errors on your report, ask the credit reporting agencies to make a correction. You may be able to speed up the process by contacting the lender yourself about the error. Ask the lender to verify its files and provide the credit reporting agencies with updated information.
Contact TransUnion Canada or Equifax Canada and ask them to put a fraud alert on your file if you feel you have been a victim of fraud. The alert will tell lenders to contact you and confirm your identity before they approve any credit or loan applications. You also have the right to dispute any information on your credit report that you believe is wrong.
