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Have you ever checked your credit report?

Categories: Canada, Community

More than 21 million Canadians have credit reports that include information about every loan they've taken out in the last six years and how much they owe, and most of them have no idea what's in it.  The reports are free for the asking, but few Canadians check them unless they're making a major purchase that requires a new loan. 

Credit scores run from 300 to 900. The higher the number, the greater the likelihood a request for credit will be approved.Credit scores run from 300 to 900. The higher the number, the greater the likelihood a request for credit will be approved. (iStock)The reports list the companies that have accessed your credit file and could reveal mistakes or attempts to steal your identity that would affect your credit score. You credit score is a number between 300 and 900 that creditors use to make credit decisions. 

A high number means you are less risky to lend to.  In the past few years, more than 500 complaints have been filed with provincial consumer affairs agencies across Canada about credit reporting agencies, many alleging errors by companies led to their poor credit scores.

The two national credit bureaus - Equifax Canada and TransUnion Canada - will send you a credit report for free by mail, but both charge for instant online access to your credit score, a service that also includes your credit report. 

Have you ever checked your credit report? Did you do so before making a major purchase like a home or a car? Do you check your credit report regularly? Let us know in the comments below. 


(This survey is not scientific. Results are based on readers' responses.)

Tags: Canada, Community, money, POV

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