For Canadians, it is extremely easy to receive a copy of a credit report. Canadian law allows for unlimited copies to be reviewed, provided a consumer meets a few requirements. Below is a quick overview of how you can receive your credit report and the rules and laws surrounding credit reports in Canada.
You can receive your credit report in two different ways. They are:
By Mail: The main advantage of receiving your credit report by mail is that it is completely free. However, with that being said, mail can be slow due to weather or a backlog. Therefore, it may take days or even a few weeks to actually view your credit report. Also, credit scores are not available if you choose this method.
If you choose this method you will also need to send two valid forms of ID. You will need to speak to each credit-reporting agency to find out what the acceptable forms of identification are.
Via the Internet: If you choose to receive your credit score via the Internet, then you are able to view it almost instantly. Plus, your credit score will be given if you choose to view your credit report over the Internet. However, you are charged every time you request a copy of your credit report online, which is why it is recommended you just sign up for a credit report service to give you access at any time.
Both credit report-agencies will require you to answer security questions and personal questions to confirm your identity online. You will also need a credit card to pay the fees, which are general nominal.
If you choose to view your score online, you will be able to see your credit score. In Canada, credit scores range from 300-900. You obviously want to aim for the highest credit score possible because a higher credit score allows you to access credit cheaper then you would with a lower score.
Also, your credit report will contain just about every piece of financial information about you. You can view all of your current loans, any bill in collections, banking information, a history of your credit use, and much more.
No matter which method you choose to obtain your credit report, you should pay close attention to the fine details of it to ensure everything is correct. If you find an error, you should contact the credit-reporting agency to start the process for a dispute. The agency will then try to resolve your dispute and fix the error if one is found to be present.
Obtaining your credit report is extremely easy and painless in Canada. There are no hoops to jump through and all of your information is easily presented and clearly marked so you can understand it. If you are not taking advantage of the accessibility of your credit report, you should start doing so now. Your credit report has everything you need to make proper financial decisions so you can plan for the future. If you are proactive now and use your credit report to your advantage, then your life down the road will be much easier. If you haven’t checked your credit report, start now.
