What is a Credit Report?

A credit report is a profile of your financial life that's compiled by a credit reporting agency or credit bureau.

A credit bureau receives and maintains records on anyone who's ever applied for credit. Each month, the credit bureau receives updates from creditors about the bill paying habits of their customers.

Your credit report may contain your:

• Age
• Social Insurance Number
• Marital status
• Current and former addresses
• Employment history
• Information from public/court records, such as judgments or bankruptcy
• Credit accounts, including the date each was opened, the amount and balance, the status of the account, your pattern of payment, and the date of the last activity on the account.

The number of inquiries about your credit history, as well as the date the inquiry was made and the name of the company making the inquiry

Creditors, employers, insurers, and other businesses use the information found in credit reports to help determine whether to extend credit, hire someone for a job or offer insurance.

Defaulting on a loan may be reported and stay on your credit record for up to seven years; declaring bankruptcy may be reported and stay on your record for up to 10 years.

It's a good idea to know exactly what's contained in your credit report. You can purchase your credit report online or contact one of these major credit bureaus:

Equifax Credit Information Services

Consumer Relations Department

Box 190, Jean Talon Station

Montreal, Quebec

H1S2Z2

Call:  1-800-465-7166

Web Site:  www.equifax.ca

TransUnion Corporation

Consumer Relations Center

English

Call:  1-800-663-9980

Write:  Consumer Relations Centre