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After a lot of research i will appreciate you coming along with me as we discuss things that affect our credit scores. i will be discussing things that affects it positively and negatively and how best we can monitor it

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https://youtu.be/ozbGWLtZdoY?si=J6Tq4ARHKKzFCcKN

after carefully reviewing this video I must say it gives a break down in a short. the video talked about how the credit report contains payment history, credit to debt ratio, credit history length, diversity of an individual credit and how new line credit forms a credit report

i used this video as it states the detailed form of what an individual credit report contains. it talked about everything a beginner needs to know and it is a video I will always recommend to someone who is new to the credit report system.

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this video is also something i find informative and interactive at the same time the video talks about the 5 things a credit report entails and also stated some facts like not using your credit card is as bad as overusing it. it talks about how credit report just wants to how an individual can manage it credit.

picked this video as its able to use a good captivating introduction. the video also stressed on how the report just goes between 300-850 and how an individual cant have a credit report of 1000. which clarified it properly.

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What is a Credit Score? Kal Penn Explains | Mashable

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looking at this video i can say it is one of my all time favorite. the video did not only entail what is included in the credit report but also gives a good break down on how each factors affects the account. it made mention on how the 5 factors can be arranged on its level of importance and mentioned how the credit report also end up affecting interest rates

I see this as a very nice video as it is the only one wh9ich mentioned how 0-5 credits can actually be poor but also m4ntioned on how you shouldn't open over 22 credits all at once. it also gives a good breakdown on how hard inquiries affects a credit report which i think is a good one.

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Work Harding Home Mortgage Team - Ryan Harding

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Looking at this video i can say it is amazing. it shows the things affect the credit report and how best an individual can analyze it. It mention how lenders can use it for things like students loans or even buying a car. this video talks about how we can create an Inuit account to check our credit report

It shows a good breakdown of everything needed and this is why I picked it. if trying to catch an individual attention in the space of a short time you can use this video as it not only talks about it but gives a good breakdown but also shows it.

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looking at this image it talks about how our credit report also contains our personal details, accounts we own, when people and how many times people have ,made enquiry about our credit report, our public reports and summary of collection items

i picked this image as explains that our personal information are also available on the report which others didn't mention

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This image does not only explain what an individual credit report is, it also talks about factors that affects credit reports like bankruptcy, tax liens credit cards e.t.c

i picked this image as its the only one which listed enough factors that affects credit reports including the credit alien and also give a quick but detailed step on how it is made

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using this website it talked on how the credit report is also known as a FICO credit score which depends on five main things: paying on time (35%), how much you owe (30%), how long you've had credit (15%), any new credit (10%), and the types of credit you have (10%). it talks about how it is important to pay bills on time and not use too much credit. Having a long credit history and different types of credit is good.

I picked this website because it has been able to analyze how applying for lots of new credit can hurt your score temporarily and it mentioned that bankruptcy hurts ones score for a long time it also mentioned how Utilities usually don't count. I can say understanding these things can help you improve your credit and get better deals.

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Your FICO credit score is calculated based on several factors. Learn the criteria that determine your FICO credit score, which is most commonly used by lenders.

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this website talks about how an individual credit report is super important for finances because it helps lenders decide if they can trust you to borrow money. it also mentions how you can get it for free from Equifax and TransUnion, which are the main credit bureaus in Canada. It shows things like your personal info, credit history, and other financial stuff.

i picked interest in this site as it also mention things that are not included in the credit report like discrimination information, medical history, or business debts. the website also stress how it is really important to make sure your credit report is accurate so you can keep good credit scores and get better deals when you borrow money.

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Consolidated Credit Counselling Services of Canada

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Ben: Okay. Hello, and welcome to our latest video, where today we're going to be looking a little more closely at what exactly a credit report is, and the information that can be found there. I will also look at some of the differences between any good and bad information you may come across, as well as what you can do if you notice an error or a mistake on your credit report. So, we're joined again by our executive director, Jeffery Schwartz, who's gonna lend his expertise to the topic today. So, thanks again for coming and joining us today.

Jeff: Ben, happy to be here. As the credit world becomes more and more important to Canadians their credit report also becomes more important. So, this presentation is both timely and useful.

Ben: The million-dollar question is "What does your credit report say about you?". That's what your lenders, landlords, and some employers are asking when they check it. So, make sure you're monitoring your credit report and that you understand what's on there. There's a ton of information on the credit report and yeah, it can seem a little overwhelming at first. So, that's why we're gonna take a look at some of the differences between credit reports, credit scores, credit ratings, and what they all mean. So, we'll turn it over to Jeff who's just going to introduce the topic today and then we'll get into the details.

Jeff: Excellent, and that's right, Ben. Far too many people find mistakes on their credit report and they can cost you money. If there's a mistake, dispute it. Gather any documents or evidence you have, such as statements or bills and we'll go over the dispute process a little bit more later. But I've got a question for you. When was the last time you even looked at your credit report or have you looked at it at all? The credit reporting bureaus and creditors are not infallible and they make mistakes too, and if those mistakes reflect poorly on you, they're going to cost you money by way of higher interest rates, higher insurance premiums or worse, being declined for some opportunities. So firstly, check your credit report and secondly, if there are any errors, dispute them and get them corrected as soon as possible and we can get into more of this later on but for now, it's important to make sure that whatever information you have on your report, it's correct.

Ben: Right, so we'll start with the simple question of "What is a credit report?". Essentially, your credit report, or your credit file as it's sometimes called, is your history with using credit. It's a seven-year, or longer in some cases, history of all your loan or credit accounts. Those are accounts are known as tradelines and they usually fall into one other following categories that you see there. Each trade line is listed as either R, I, O, or M, or in this case, revolving, installment, open, and mortgage, depending on the type of the credit that it is. So, credit cards would typically be a revolving account. You have a limit. You can borrow up to it and then you can make payments and borrow within that limit as much as you want. Installment loans, or credit loans that are paid on a monthly basis such as a student loan or car payment, that would be with the " I" Signifies there. Open credit or " O" credit sometimes is also referred to as service credit and they're typically for bills or utilities like a cell phone contract, hydro, natural gas, and obviously, there " M " would be for a mortgage on the home or a loan for a home.

Jeff: There's also some important and other information that gets reported too and that's what's known as a narrative. Narratives are any type of good or bad information. Paying as agreed or showing a strong payment history would be an example of a good or non-derogatory narrative. Late payment, collections or any other bad, uncollectible debts would be considered bad or derogatory information, but we'll cover that a little bit more in depth later in the video.

Ben: Okay, so, next we'll actually get to the credit reports themselves and this might be surprising for some of you, but you actually have several credit reports that are available to you and you might actually have several credit scores as well. Does that sound confusing? Well you're right, but it was never meant to be an easy-to-read document. When credit reports and credit scores were first developed to gauge a consumer's creditworthiness, they were never designed with our comprehension or consumer comprehension in mind. They were meant for banks. They were meant for lenders. It's only recently that credit reports and scores have become a major interest for Canadians but that's actually a really good thing. Knowledge is power here.

Jeff: So true Ben, and that's why it's vital to make sure that all the information is correct. The credit bureaus aren't in the business of calling consumers and verifying if the information they have on file is correct. That's your responsibility. You need to make sure that whatever credit report you get, has the right information and the information is the same on both the credit bureau reports. There are two major credit bureaus in Canada but the way they collect and retain information can be done differently. So, if there's a mistake on your credit report, then you need to follow the dispute process of that credit bureau. You can fill out a form online. You can call them or make your request by mail to either the lender or the credit bureau. If the bureau or bank verifies that the information was a mistake, they have to remove it and as mentioned earlier, including a copy of a credit card statement or a final bill can help you verify that error. If the error can't be verified, then the information has to stay put, but you can always include a personal statement to try and explain what happened. When we took a, take a look at an actual credit report later, you'll get chance to see the consumer statement section and we'll explain a bit more about why you might want to use it if there's an error on your credit report.

Ben: Right, so, the first step like we mentioned, is to get your credit reports. You'd be surprised how many people put that off, but getting it is actually pretty easy and you have more than a few options. So, obviously free is best and if you're entitled, you know sorry, you're entitled to your credit report, or sometimes it's called a consumer disclosure, for free once per year through the mail. Also, if you head over to the online consumers disclosure website you see there from Transunion, you'll not only be able to download the mail-in request form. You'll also be able to access your credit report online once a month absolutely free, but this is just the report. There's no score included. If you head over to Equifax CA, they also have a free option to get your credit report but you're gonna have to do a little bit more digging to find it. The free downloadable mail-in request form is there, way at the bottom. So, scroll down way to the bottom of the page and in the teeny fine print there in section 4, you see a link to the request form, but that's only the first step. Jeff, what's next?

Jeff: So, once you've downloaded these forms, all you need to do is fill them out and include two copies of photo ID and mail them off to the address on these forms. In a few weeks, you'll have your credit reports. If you don't want to wait that long, as many of us want instant gratification on these things, head over to one of those credit monitoring websites you see there, that provide access to free credit scores and reports. Just keep in mind that they aren't providing these services out of the goodness of their hearts. These sites are essentially loan brokerages, meaning that after they give you your credit scores, they're also going to recommend loans and credit cards that you'll likely be approved for. So, take that with a grain of salt, but that doesn't mean these sites are necessarily a bad thing. For instance, you might be interested in a rewards or cash back credit card. Sites like these will let you search for that type of card with the perks that you want, while also letting you know the likelihood of getting approved for it, and if you're really in a hurry and you want your credit reports and scores today, Equifax and Transunion, through their websites, provide an immediate option, but you're going to have to pay for that.

Ben: So, if you have the time, do it through the mail. If not, you know, these are great resources to kind of monitor your credit. So, now we'll take a detailed look at all of that credit information that's on there. As we saw earlier, there are many versions and many different packages of credit reports and credit scores that you can get, but they should all have the same information. It might just be laid out a little bit differently. Here, we see the paid version of an Equifax credit score that you can get online today. The first thing you need to do is make sure that all the information is correct and yes, spelling counts here. So, double check that all your personal employment information is correct. Now, the employment information or addresses might not be up to date, but you should definitely make sure that those were addresses that you lived at and that those were indeed your places of employment. If you see an address that you don't recognize, it could be the sign or could be a sign of identity theft. Identity thieves often change your address on Canada Post website, and then apply for credit and loans in your name, and that ensures that you don't get the bills right away until long after the damage has been done.

Jeff: Yeah that could

Ben: Where do we start here

Jeff: That can be a real challenge if someone steals your identity for sure. It's getting easier and easier for them to do that. So, with that said, let's start with your personal information. Is it correct? Do the same for your employment information as well. If one day, you have the misfortune of being a victim of identity theft or if a card is used fraudulently then you'll want to make sure you put a fraud alert or statement on your credit report. Those would go here, just under the consumer statement portion. A fraud alert will be seen by any lenders you apply with when they do a credit check and if they see afraid alert on it, they're required to call you and get your verbal confirmation that it was indeed you that requested the loan or credit card. For Equifax, a fraud alert can be placed on your report for free for up to 90 days. At Transunion, you'll have to pay six dollars for a fraud statement to be added, but it will stay there for six years

Ben: Right, and with identity theft crimes rising year-over-year, I'd say that's probably six dollars well spent. Anyways, next on your report, you might see the spot for that consumer or personal statement. These are best used when the mistake or an error on your credit report can't be removed. They can't verify the information you believe the way. That might happen if a lender or bureau, you know, doesn't have the correct document saying that you paid late or something like that. So, in either case, a personal statement allows a consumer to place up to 140 words on their credit report and try and explain the problem. So, for instance, maybe the debt or the late payment was caused by a layoff or the result of a divorce. So, it might try, or might help to try and explain why you fell behind in the consumer statement. However, consumer statement might be completely overlooked by some lenders, but if you feel you have something worth saying, then that's the place to do it. Just try and keep it short and concise. So, we're finally at the credit information part. You'll see some tricky wording in there in that fine print. It's important to understand what that means. So, "all credit information is only held in the database for not more than six years for the date of last activity". So those last two words are the tricky bit. "Last activity". The last activity on your tradeline or an account on your credit report is either the date of the last payment that you made, or the date that you last verified the debt was yours. So, well let's say if you made your payment on an account that went into collections in January of 2013, that delinquent account will stay on your credit report with the negative credit rating until January 19', unless. There's always an unless or a button when we talk about credit. Unless, between then and now, you have verified that account was yours. So, what that means is that you either acknowledge that you've received the collection agencies letter, or on one of their recorded phone calls, you gave the collection agent your name and your date of birth. If that's the case, the account will be re-aged, which means that the six-year clock will start again. So, stressful stuff, I know, but in the simple credit report we see here that the credit report or this consumer has three credit cards. They also have an installment loan, so it's probably a line of credit. We also see things like contact number for the lender under the credit information there, what kind of an account it is. We also see, you know, what the credit limits are, what the balances are, if there's any past due amounts. That sort of thing. So, there's a lot of information, sort of, on each account and that's what the lenders are looking at. There's also payment history information on there and that's really important. Such as you know, "How many months has the account been active?", "Are there any late payments?". So, in this case, the Royal Bank visa there has been reported for 29 months. We also see that there's been no late payments. You see there, no late payment 30 days. No late payments 60 days but, you know, (13:02) we also see that this is an installment ? on down here is pretty much maxed out. This account is 97% utilized and as we'll see next, utilization or how much of your balance that you're carrying is a really big part of the credit score calculations. If you take a look at that wheel there, you see a full 30% of your credit score depends on the amount that you owe. So, anytime you're carrying a balance of 30% or more over your limit, you actually start to hurt your credit score. So, certainly when cards get maxed out and balances continue to increase, month after month, credit scores will actually start to decrease. As we mentioned in our other video, we did prior to this, another big factor of the credit score is payment history, 35%, and that's followed by how long you've had or used credit. The length of credit history. So, essentially, you could say that your credit score is a three-digit representation of your credit report. Scores typically fall between 300 and 850 but you can reach 900, but like we mentioned in our last video, if you're new to Canada or if you're only 18 years old, you have no credit cards or no loans in your name, you could be a zero. When zero isn't actually a bad thing. It just means there's no experience there. The bottom line is that all the information on your credit report is what determines your credit score. Nothing else. Not your income, not your assets, not the kind of car you drive. It all comes down to that wheel there. So, you need to make sure that the information on both your Equifax and your Transunion credit reports are the same. Now, both credit report bureaus say that they calculate their scores based on some top-secret proprietary algorithms and to some extent, that's true. So, you're probably gonna have, you're probably going to have a few different credit scores out there, depending on who's looking and where you get it, but they should still be close. I'd say that anything higher than maybe a 20-point difference is worth looking into. There might be a mistake on one credit report that's not showing up on the other, so be sure to check both credit reports and make sure that they both have the same information. So, we've got a little bit more in detail kind of what information is on the credit report. So, what kind of information is on a credit report. Well, like most things in credit, it depends, and yeah, there's a lot of info that can be on there and some of it can be a little confusing to understand. Most of that information will be written in some kind of a code, like you see there, but don't worry. You don't need to study every code that's there but you should recognize that some are good or a neutral, and others will have a negative effect on your credit report or your credit score. Those are all considered narratives, which we mentioned earlier, but there may also be comments or even credit ratings on your accounts. Now, ratings are very important to understand and if you're trying to fix or repair your credit, we'll cover them more in detail and it's a good idea to have an understanding of what the different credit ratings are, but you should also understand that there are those narratives and those comments, and they're considered by lenders as either derogatory or non-derogatory. So, narratives or those codes that you see there used on an account that signifies maybe a garnishment or that the account was included in a bankruptcy. Those would be the derogatory types of information lenders would look for. When you get to the other information, you know, you might be making payments through a consumer proposal or something. That would be the derogatory information that you need to watch out for. So, now we'll let Jeff take a look at credit ratings and sort of explain what the different numbering systems mean. If you start seeing letters and numbers on your credit report, you can start understanding, you know, "What is this credit rating mean?", "What does the lender think about this rating?". So, Jeff, can we just take a quick look at credit ratings.

Jeff: Absolutely. So, we'll dive into this in a little bit more detail, but like Ben mentioned, those little numbers can have big effect on your credit score. So, first in credit ratings are a number often used with a corresponding letter to the type of credit. So, " R" for revolving credit, " I" for installment credit, " O" for open credit lines, and " M" for mortgages. On the number side, " 1 " is the best rating and signifies that you pay on time or as agreed. The higher the ratings go, the more impact they have on your credit report. So, 2-5 shows that you are late or past due. So, 2 equals 30 days behind, 3 equals 60 days behind, and so on until 5 which is 150 days behind. If your debt hasn't been sold to a collection agency by 150 days, it will be sent there shortly. So, do whatever you can to keep it from going into collections. There's currently no rating for 6. There are only 9 credit conditions, but the bureau's say that it's being reserved for future use. Now we're getting into the more severe ratings, 7, 8, and 9. 7 essentially means that you needed help, whether through a consolidation or some other specialized program. 8 typically involves property, such as a car being repossessed, which brings us to 9 and that's the worst rating possible. Accounts rated as a 9 show up on a credit report as a bad debt. It was uncollectible and was sold off to a collection agency or it was included in a bankruptcy or is currently being paid through a consumer proposal. A 9 is the worst rating you can have and as such, it's going to impact your score the most.

Ben: Right, so, letters being the type of credit, numbers being the ratings, and the higher the number you see, the more of an impact or negative impact it's going to have on your credit report. So, if you did see some of those ratings, it's important to also understand, you know, "How long are those going to be on my credit report?". So, once you understand what's on your credit report, what the ratings mean, and you can be assured that all the information on there is correct. That's the question that I give in my workshops. How long is this collection account going to be on my credit report? How long is this late payment going to be there? Well, by now, we should all be familiar enough with the credit reporting system to know that my answer is going to be, "It depends". I know it's not what you wanted to hear but it depends on the credit bureaus. They each report things differently. However, most information will be therefore 3 to 6 years. That's a pretty good general rule of thumb. So, late payments, bad debts, things that went to collections, for example, are going to stay on your credit report for 6 years. However, Transunion starts that six-year clock from your first delinquency, and that means the day you fell behind. The day you were late. Whereas, Equifax looks more towards the date of last activity, which we mentioned earlier. When you made your last payment or when you verified the debt was yours. So, there might be a few months in between there where the information will be purged from one report before the other and could take a month or two for it to be, you know, removed from the other report. Inquiries on the other hand or credit checks. Hard credit checks or hard inquiries. Not soft ones, are retained for three years at Equifax and six years at Transunion and that's really not a big problem, as long as you aren't constantly applying for credit because too many hard credit checks too close together can actually start to bring your credit score down. It kind of looks like you're suddenly looking for, you need more credit. Specialized programs like restructured payment plans or consolidation programs where interest rates are reduced, those are only reported to Equifax for two years as well as Transunion. They just remove the accounts after two years. They don't actually report it as a consolidation program. So, a little bit different there. Consumer proposals on the other hand are reported as both a 9 and a 7, so that could be a little confusing but what that means is that while you're making payments to the consumer proposal, those accounts are rated differently. Once your consumer proposal is finished, however, the 9 ratings are lowered to a 7, which is a little bit better than, you know, a big bad full-on bankruptcy. Bankruptcies, depending on the province and the type of bankruptcy that it is, they're gonna stick around on your credit report for 6 or 7 years after you're discharged, and the discharge might take up to 21 months in some cases and if you're unfortunate enough to go bankrupt the second time, you're going to have those 9 ratings this time for a full 14 years. So, keep in mind, you know, all the information will eventually be purged. Newer information is obviously weighted a little bit heavier than some of the older information. So, I think now is a really good time just for Jeff to, kind of, run us through a recap on credit. There was a lot of information to go through, so we'll just, kind of, look at it quickly, briefly here.

Jeff: You know, Ben, there's a ton of information in this. The last video that we did and this one, but I can't tell you how important it is these days. So, even if you have to revisit these videos to go through them a second and a third time, there's a tremendous amount of valuable information that ultimately is going to get you better informed and ideally, if you build your credit to a point where you're going to get best rates and terms across the board, it's actually going to save you money. So, let's go to that recap now. If you're looking for more of a breakdown of credit scores or how to build your credit responsibly, be sure to check out the video that we did last time on establishing credit in Canada but for now I think we should do quick recap of what a credit report is and what's on it. So, a credit reports your credit history. It helps creditors identify your likelihood of repaying if you borrow from them. It's as simple as that. Credit ratings are an indication of your payment history and your payment record. Credit scores are a numerical representation of your credit report, factoring in all the elements that make up your score.

Ben: Right, so, sometimes people use these almost interchangeably. Credit reports, credit ratings. Credit scores. They're different things and now hopefully you understand little bit more about what they mean in terms of your lending risk. So, if you wanted to talk more with us or you wanted to ask some questions, please feel free to reach out to us offline. We'd be happy to answer any questions that might find their way to the email address that you see there, and if you're a bit of a self-learner, be sure to check out the financial resource page of our website and you never know. The answer to your question could just be a click away and of course our counselors would be happy to answer your questions as well. So, please feel free to reach out to them at the number you see there. I'd also like to take this opportunity to thank Jeff for being here and lending his expertise to this often-confusing topic and thanks again. I'm sure he'll be happy to join us next time as well.

Jeff: Thanks Ben. Great presentation. I'm hopeful that if any of the listeners haven't pulled their credit in a while or even at all, will do so now. Thanks again.

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What is a credit report Where can you get a free credit report in Canada? Read on for some basic FAQs answered on credit reports.

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looking at this website it analyze how credit scores are like school grades an individual get but it is for an individual finances. it show how trustworthy an individual is to lenders and affect things like getting approved for credit cards or mortgages. it mentions how the key factors include paying bills on time, how much you owe, having different types of credit, recent credit inquiries, and how long you've had credit accounts. It's important to pay bills on time and keep an eye on your credit. By understanding and working on these factors, you can improve your credit score and get better financial opportunities.

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This website talk about how your credit report is like a detailed credit history, and it also state your credit score is a number that represents how you manage credit. it mentions how Equifax and TransUnion are the main credit bureaus in Canada that collect this information. it also mention that an individual credit score is influenced by things like how long you've had credit, your payment history, and the types of credit you use. Lenders use this info to decide if they'll lend you money or offer credit.

i picked this website because it gives a detailed list of who can access an individual credit report in canada and how they use it. It also states how important it is to check your credit report regularly for signs of identity theft, which can harm an individual credit score. it mentions how by using credit responsibly and monitoring your report, One can protect theirself from fraud and improve financial situation.

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Your credit report

Your credit report is a summary of your credit history.

Your credit report is created when you borrow money or apply for credit for the first time. Lenders send information about your accounts to the credit bureaus, also known as credit reporting agencies.

Your credit score

Your credit score is a three-digit number that comes from the information in your credit report. It shows how well you manage credit and how risky it would be for a lender to lend you money.

Your credit score is calculated using a formula based on your credit report.

Note that you:

get points if you use your credit responsibly

lose points if you have trouble managing your credit

Your credit score will change over time as your credit report is updated.

How a credit score is calculated

It's impossible to know exactly how much your credit score will change based on the actions you take. Credit bureaus and lenders don't share the actual formulas they use to calculate credit scores.

Factors that may affect your credit score include:

how long you've had credit

how long each credit has been in your report

if you carry a balance on your credit cards

if you regularly miss payments

the amount of your outstanding debts

being close to, at or above your credit limit

the number of recent credit applications

the type of credit you're using

if your debts have been sent to a collection agency

any record of insolvency or bankruptcy

Lenders set their own guidelines on the minimum credit score you need for them to lend you money.

If you have a good credit score, you may be able to negotiate lower interest rates. However, when you order your credit score, it may be different from the score produced for a lender. This is because a lender may give more weight to certain information when calculating your credit score.

Who creates your credit report and credit score

There are two main credit bureaus in Canada:

These are private companies that collect, store and share information about how you use credit.

Equifax and TransUnion only collect information from creditors about your financial experiences in Canada.

Some financial institutions may be willing to recognize a credit history outside Canada if you ask them. This may involve extra steps. For example, you may request a copy of your credit report in the other country and meet with your local branch officer.

Who can see and use your credit report

Credit bureaus follow rules that define who can see your credit report and how they can use it.

Those allowed to see your credit report include:

banks, credit unions and other financial institutions

credit card companies

car leasing companies

retailers

mobile phone companies

insurance companies

governments

employers

landlords

These businesses or individuals use your credit report to help them make decisions about you.

These decisions could be to:

lend you money

collect a debt

consider you for rental housing

consider you for a job

provide you with insurance

offer you a promotion

offer you a credit increase

A lender or other organization may ask to "check your credit" or "pull your report". When they do so, they are asking to access your credit report at the credit bureau. This results in an inquiry in your credit report.

Lenders may be concerned if there are too many credit checks, or inquiries in your credit report.

It can seem like you're:

urgently seeking credit

trying to live beyond your means

Consent and credit checks

In general, you need to give permission, or your consent, for a business or individual to use your credit report.

In the following provinces a business or individual only needs to tell you that they are checking your credit report:

Nova Scotia

Prince Edward Island

Saskatchewan

Other provinces require written consent to check your credit report. When you sign an application for credit, you allow the lender to access your credit report. Your consent generally lets the lender use your credit report when you first apply for credit. They can also access your credit at any time afterward while your account is open.

In many cases, your consent also lets the lender share information about you with the credit bureaus. This is only the case if the lender approves your application.

Some provincial laws allow government representatives to see parts of your credit report without your consent. This includes judges and police.
Contact your provincial or territorial consumer affairs office for information on laws related to credit reporting.
What's included in your credit report

Your credit report contains personal, financial and credit history information. In general, it takes 30 to 90 days for information to be updated in your credit report.

Personal information in your credit report

Your credit report may contain your:

name

date of birth

current and previous addresses

current and previous telephone numbers

social insurance number

driver's licence number

passport number

current and previous employers

current and previous job titles

Financial information in your credit report

Your credit report may contain:

non-sufficient funds payments, or bad cheques

chequing and savings accounts closed "for cause" due to money owing or fraud committed

credit you use including credit cards, retail or store cards, lines of credit and loans

bankruptcy or a court decision against you that relates to credit

debts sent to collection agencies

inquiries from lenders and others who have requested your credit report in the past three years

registered items, such as a car lien, that allows the lender to seize it if you don't pay

remarks including consumer statements, fraud alerts and identity verification alerts

Your credit report contains factual information about your credit cards and loans, such as:

when you opened your account

how much you owe

if you make your payments on time

if you miss payments

if your debt has been transferred to a collection agency

if you go over your credit limit

personal information that is available in public records, such as a bankruptcy

Your credit report can also include chequing and savings accounts that are closed "for cause". These include accounts closed due to money owing or fraud committed by the account holder.

Other accounts included in a credit report

Your mobile phone and internet provider may report your accounts to your credit bureau. They can appear in your credit report, even though they aren't credit accounts.

Your mortgage information and your mortgage payment history may also appear in your credit report. The credit bureaus decides if they use this information when they determine your credit score

A home equity line of credit ( HELOC) that is added to your mortgage may be treated as part of your mortgage in your credit report. If your HELOC is a separate account from your mortgage, it is reported separately.

Why your credit history matters

It can affect your finances

Financial institutions look at your credit report and credit score to decide if they will lend you money. They also use them to determine how much interest they will charge you to borrow money.

If you have no credit history or a poor credit history, it could be harder for you to get a credit card, loan or mortgage. It could even affect your ability to rent a house or apartment or get hired for a job.

If you have good credit history, you may be able to get a lower interest rate on loans. This can save you a lot of money over time.

It can show signs of identity theft

You can also use your credit report to check for signs of identity theft. This is something you should do at least once a year for both credit bureaus. Look to make sure someone has not tried to open credit cards or other loans in your name.

Related links

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credit report; credit score; what is a credit report; what is a credit score; credit bureaus; credit check; credit checks; credit history; credit score check; credit reporting agencies; credit report check; credit agenies

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Who creates your credit report, who can see it and what it includes.

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1. looking at this topic I am completely surprised and i learned a lot of things. from understanding the things that are entailed in my credit report and the people who have access to it. understanding the hard pull and soft pull and how it all affects a credit report

2. as an international student having just one credit line I'm always worried abut paying the minimum payment but i realized that is not just help with my credit report looking at the other 4 things that makes up the credit report will help improve my credit scores. so I can say this topic is really important to me

3. after reviewing all information's making it clear to my relative on how they should always check their credit report, making sure there is no fraudulent transaction and not closing some line of credit as they have been existing for long will help them