Key Takeaways:
Your credit report is a snapshot of your financial history used by lenders to assist making credit decisions
It includes identifying information, credit history, alternative accounts, public records and inquiries
It never includes your income, medical history, ethnicity or criminal record
Positive information can stay up to 20 years; most adverse information is removed after six
You have the right to access your credit file — your consumer disclosure is free
Your full financial history in one place
Your credit report is a snapshot of your financial history. It’s one of the primary tools credit grantors, such as banks and credit card companies, use to decide whether to grant you credit.
What’s in my credit report?
Your credit report may include the following information:
Identifying information: your name, current and previous addresses, Social Insurance Number, telephone number, date of birth and current and previous employers
Credit history: history of payments to credit grantors, such as retail stores, banks and finance companies
Alternative account history: an ongoing record of payment activity on non-traditional accounts, such as rent payments, buy –now, pay later services and utility bills
Public records: items that may affect creditworthiness, such as bankruptcies and judgments
Inquiries: a list of credit grantors and other parties authorized by you and/or by law that have received your credit information
Other information that could include closed for cause banking information and/or collections
Your credit report does not include your income, purchases paid in full with cash or cheques, or information about business or personal accounts unless you’re personally liable for the debt. It also does not include any information about your medical history, ethnicity, political affiliations or criminal record.
What is a consumer reporting agency and what does it do?
Consumer reporting agencies, like TransUnion, serve consumers and businesses by providing credit information and risk management tools that help businesses make credit-granting decisions. Lenders and other institutions provide credit bureaus with factual information about how their customers pay their bills and other debts. Credit reporting agencies compile payment histories, along with public record information, into a file for each consumer.
How does information get on my report and is it updated regularly?
Lenders provide updates on your account activity to at least one of two credit bureaus in Canada — TransUnion and Equifax. Since lenders do not necessarily report to both bureaus, the information on your credit reports may vary. Lenders also report activity at different times during the month, which may result in slight differences between your reports.
How long does information stay on my credit report?
Positive credit information, including paid accounts with no negative history, may remain on your credit report for up to 20 years. This lets lenders see the types of credit you’ve managed successfully in the past, even when you have limited or no current credit history. Adverse credit history, collections and defaulted accounts not settled through a debt repayment program are removed automatically six years from the date the account first went delinquent. Public records, such as judgments and bankruptcies, may report for 6 to 10 years depending on the province; with multiple bankruptcies, each reports for 14 years from discharge.
Who can access my credit report?
Provincial and federal laws outline which organizations may access your personal credit information. As part of a credit application, organizations ask for your consent to access information about you. They may also request a credit report when collecting on a debt or if you’ve applied for employment, tenancy or insurance. Finally, you have the right to access your credit file — your consumer disclosure is free of charge.
