Article from Canadian Finance Blog, Written by: Alan Schram

For the most part, I think Canadians have the advantage over Americans. Our housing economy didn’t crash (completely), our banks don’t appear to be failing, and medical care is downright affordable. Everyone knows that they should be checking their credit report. A credit report is very, very important when it comes to maintaining your financial health.

Checking your credit report will allow you to quickly and efficiently challenge incorrect reports, find potential identity theft, and ensure that financial institutions give you the best deal possible when doing business. Not checking your credit report is like never going to the dentist. You may not feel like you have a problem, but if you wake up one day with a tooth ache you’ll wish you did some basic maintenance rather than a massive root canal.

How to get a free credit report in Canada

The two reporting agencies are Equifax and TransUnion Canada. You can get a free credit report from Equifax by filling out the form found here.  You must print this report, fill it out, photocopy the necessary identification, and mail/fax it all off to Quebec. Once it is received, they will mail it back to you in a couple of weeks. TransUnion Canada is similar. A mailable form is found here.

TransUnion Canada does offer another way of getting your free credit report – and that is by phone. I just did this, and I would highly suggest it to anyone that wants to get their credit report but is too lazy to print out a form and fill it out. It took me 5 minutes and 56 seconds to follow the phone prompts, and I believe I passed because one of the many robotic automated voices told me that I should receive a credit report within 3 to 5 business days.  As long as you know your SIN #, Credit Card #, and some basic financial information about yourself (last place you applied for credit, current credit cards/loans/bank accounts, how old you are) then you should be able to quickly and easily obtain a credit report.

I would suggest getting one report every 6 months. That spreads it out enough so that you should be able to catch anything major before you apply for a mortgage or a credit increase.

When was the last time you checked your credit report?

If you have any questions about your credit please give us a call, we are here to help!

Cory Kline (705-794-1283 or Cory@ndlc.ca)

Mortgage planning since 1998.                                                                                                                                                                                                                              Mortgage Agent at Neighbourhood DLC, FSCO Lic#M09001239, Head Office:1140 Stellar Drive, Newmarket, ON, L3Y7B7, FSCO LIC#11764,Independently Owned and Operated

“Call for a Free second opinion on your mortgage”