Equifax Credit Report

A credit report is a history of how consistently you pay your financial obligations. A credit report is created when you first borrow money or apply for credit. On a regular basis, the companies that lend money or issue credit cards to you (banks, finance companies, credit unions, retailers, etc.) send the credit reporting agencies specific and factual information about their financial relationship with you - when you opened up your account, if you make your payments on time, if you miss a payment, or if you have gone over your credit limit, etc.

Equifax Canada receives this information directly from the financial and retail institutions and retains it to help other lenders make decisions about granting you credit. Because your credit report contains all the information received from your lenders and provides a picture of your financial health, other lenders will request your report when they are determining whether or not to grant you a loan. Your credit report is a history that will help them determine what kind of lending risk you are - if you are likely to repay your obligation on time or not.

Below is a list of the major sections found in your credit report:

• Personal Identification - Includes key identification information, such as your name, address, date of birth and Social Insurance Number (SIN)
• Consumer Statement - Allows you, the consumer, to add a brief comment about any information in your report
• Credit Information - Provides details of your credit accounts and transactions and shows if payments are being made on time
• Banking Information - Includes information on your bank account and NSF cheque history
  Public Record Information - Contains information about secured loans, bankruptcies and/or judgments
• Third-Party Collections - Contains information about any involvement with a collection agency trying to collect on a debt
• Inquiries - Includes all organizations or individuals that have requested a copy of your credit report in the past three years
  
  *Note: Mortgage information - Details about your existing mortgage(s) may appear in your credit report. Mortgage information is not used to calculate your credit score since it is not reported by all lenders.
  

In 3 easy steps, you can view your credit report online.  Click here to order.