Credit Reports

Credit Reports In the Province of Ontario, are governed by the Ministry of Consumer Services. They are accountable for safeguarding and making sure that Canadians in Ontario are dealt with fairly and are well informed with regards to their Credit Report. Keeping Ontario residents educated about the credit reporting industry is just one of the various obligations of the Ministry.

 You can get a free credit report by contacting the reporting agencies listed below. Credit reports are also available online but they are not free.

TransUnion at 1(800) 663-9980 or visit their website at www.transunion.ca

 Equifax at 1-800-465-7166 or visit their website at: www.equifax.ca

 

How Credit Reporting operate in Ontario:

credit reports

 

Canadians residing in Ontario are safeguarded by the Consumer Reporting Act. Basically this is a law that protects people who have access to credit reports in Canada. The

Act was put in place to help combat personal identity theft and safeguard Canadians who have had their identities compromised. Credit reporting organisations by law are obligated to put keep credit information up to date and reliable. Credit reports in Canada can be acquired at no charge to the individual.A credit report is like your financial ID. and should be checked regularly, to see if the information is correct and accurate.

How Canadians in Ontario are protected by the credit reporting industry:

The act outlines the sorts of information a credit reporting agency can use, what they can report, and how the information can be used. Some of the rules in Ontario regarding the credit reporting industry are below:

Credit lenders such as banks, are required to take additional steps to make sure that your identity is safeguarded and assist in reducing fraud by verifying all information and facts.

Consumers have a right to know what credit information is being gathered and where it is being reported.

All information on credit reports have to be accurate and credit reporting agencies must rectify inaccurate information upon request.

They must make reasonable efforts to verify any misinformation about your credit file.

 

How long does credit information stay on your credit history?

This depends on many factors though, with most records there is a time limitation as to when credit information is removed from your report. In Ontario credit reports are not allowed to report on bankruptcy discharge details more than 7 years old unless there have been more than 1 bankruptcy. Credit reports cannot report on payment of taxes or fines after 7 years. Credit reports cannot report on criminal convictions or criminal charges against you after 7 years. Credit reporting agencies must inform companies of modified information. Credit reporting agencies must follow-up on all request by you to update incorrect information and facts.

 

Resolving credit reporting issues in Ontario:

Request for a Free Credit Report and review it for inaccuracies and then contact the credit reporting agency to correct the problems.

If you cannot remedy an issue with the credit reporting agency, then contact the Registrar of Consumer Reporting Agencies in Ontario at 1-800-889-9768.

The Registrar will need a written complaint and permission before your personal credit report can be accessed. They will review your complaint and compare it to records with the credit agency.

The law in Ontario specifies that information on credit reports has to be accurate and forbids organizations from working with the information unless it is the most current information available. Keep in mind that you are still accountable for maintaining a optimal credit history and your activities influence how your credit reports score impacts on you when applying for a mortgage or other loans and credit.