Credit Bureaus

Did you know that by applying for credit you could hurt your own credit score?

Effective since last week, it is now possible to get your credit report online. Equifax Canada has just introduced online access to your credit bureau report. However, it is not free - online access will cost you $19.95. If you also want to know your credit score that will cost you an extra $5.00. It is interesting to note, that if you apply by fax or in person in most provinces it is free - download the request form. However, the bureaus will not give you your credit score.  

Credit bureau reports and bank accounts

Always, always, always…. maintain a bank account in a financial institution that you do not owe any money to - A debt free bank account. That way, if you ever end up experiencing financial difficulty you will still be able to operate your account without fear of it being closed down or emptied by the credit grantor – your bank.

Credit bureaus

Did you know that there are 2 credit bureaus in Canada? That’s right 2!

They are TransUnion Canada and Equifax Canada.

It can’t happen soon enough for Canadian debtors.

For a number of years our Federal, Provincial and Territorial Ministers, responsible for Consumer Affairs, have been working towards creating a consistent approach for debt collection standards in Canada. Now, it appears that all their hard work will soon payoff for Canadians.