Check Your Consumer Report

Consumer reporting agencies in Canada hold credit information on millions of Canadians. From applying for a mortgage to leasing a car, lenders check out consumer reports to help them decide whether to do business with us.

A consumer report describes our credit history including outstanding debts, payment history, credit limits, bankruptcies and who has accessed our report recently. The report also lists debts that have been sent to collection agencies.

We all have the right to see and review our consumer report. Why is this important?

Most of the time our consumer report is accurate. However, there are times when information is wrong. If your report lists debts that you don’t have or credit that you haven’t applied for, this may mean that someone else is getting credit in your name.

If you discover a problem with your consumer report, it is important to take action immediately. The first thing to do is to take steps to fix the information. This may mean talking to the consumer reporting agency and the lenders. By law, inaccurate or unproven information must be removed from your consumer report.

If you feel your identification may have been compromised, or that they may be the victim of fraud, you can place an alert on your consumer report. Such an alert can either simply caution any business considering extending credit to take extra precautions to verify identification, or it can advise any credit provider to contact you at a specific phone number to verify that you are indeed applying for that type of credit.

There are many consumer reporting agencies in Canada, but the two largest are Equifax and Trans Union. To review your consumer report, contact one or both.

Equifax Canada 1-800-465-7166
Trans Union of Canada 1-800-663-9980

By knowing what your consumer report says, you will be able to recognize fraud. By reporting the problem, you’ll do you part to stop fraud.