Healthy Credit
Building and maintaining a healthy credit report can be a significant step in your personal and financial well-being. Even after you've established a healthy credit report, you should check it periodically to make sure the information it contains is accurate.
- Why is having and maintaining a good credit report important?
- What's the best way to establish and maintain a good credit report?
- What's the difference between a credit score and a credit report?
- How do I get a copy of my credit report?
- What sort of information is in my credit report?
- What do I do if my credit report shows inaccurate information?
Why is having and maintaining a good credit report important?
Your credit report is your record of creditworthiness. Lenders use credit reports to evaluate your ability to make monthly payments on a timely basis. Whether or not you receive credit, how much credit you do receive, and the interest rate you will pay are among the issues determined by the information in your credit report.
What's the best way to establish and maintain a good credit report?
It all boils down to paying your bills consistently and on time. Always pay at least the minimum amount due, and always pay on time.
What's the difference between a credit score and a credit report?
A credit score is an objective numerical value that summarizes the detailed information in your credit report. Different aspects of your credit report carry different numerical weights, and a mathematical formula or computation determines your score. The credit industry applies thousands of score models, with different aspects of your report weighted differently, depending on the type of credit being considered.
Want to keep track of your score? Credit Alert® is an optional identity protection and credit monitoring service that includes access to your credit report and credit score.
Learn more about Credit Alert>
How do I get a copy of my credit report?
Equifax Canada and TransUnion Canada maintain information about your credit history, and you have a right to see the information that is in your credit file. You can contact these credit bureaus to receive a copy of your credit report free of charge by mail, or online for a fee. If you have been denied credit on the basis of credit report information you believe to be inaccurate, you can request that the information be corrected.
Want regular access to your credit report? Credit Alert is an optional identity protection and credit monitoring service that includes access to your credit report and credit score.
Learn more about Credit Alert>
More information:
Equifax Canada®
TransUnion® Canada
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What sort of information is in my credit report?
Your credit report will contain identifying information such as your name, current and previous addresses, Social Insurance Number, telephone number, date of birth, and current and previous employers. It will also include your history of paying bills, any information from public records that might affect your creditworthiness (for example, judgments or bankruptcies), information about inquiries made by credit grantors and any other parties you have authorized to receive your credit report, plus any additional relevant information such as banking information or collections information.
What do I do if my credit report shows inaccurate information?
If you receive a copy of your credit report and see that it includes incorrect information, contact the credit reporting company immediately. They will review your report, investigate your claim, and make the correction if one is called for.