Canadian credit report? and SCORE

Deusfaux

I have heard Americans talking about some online thing you can order a free credit report from, or the 3 big agenices that do it or ... well I dont really know what thats all about.


Is there anything Canadians can do to check out their own credit?

I have heard that normally, looking into it, inquiring about it, or even applying for cards can negatively affect it.

I just want to see where I'm at, and what they're considering when I apply for loans or whatnot.

Not that I've had any problems, but hey if its information about me, I'd like to see it

Cycophant

For starters, all that junk about "checking your credit score will negatively affect it" is balls. Now, if the credit report company notices a lot of companies checking your report to offer you lots of credit, that might negatively reflect on your report. But simply mailing a request to view your own credit report has no ill-effects.

Technically, the Credit Reports available to us are free as well, but only via mail. If for some reason you want the results right now, they'll usually charge you $20 or so to view it online.

There's 3 companies that'll handle a credit report, but really only two that are worthwhile: Equifax and TransUnion. Equifax is bigger here in Canada, but TransUnion is bigger down in the States.

The problem with there being two companies is this: there is no magical, single credit score for one person out there. Each of these companies have their own, seperate credit score for you. One might not even have anything about you, depending on who you've associated a lot of your financial transactions with. Both gleam your score from bank records, credit card information, courthouses and other sources but there are subtle differences between the companies.

Your best bet would be to order a report from each company. You'll get a decent cross-section of what people who are looking up your credit score will see, and it will also allow you to appeal any incorrect information. Just follow the links I gave above, mail in your request, and look it over. I believe the websites both have guides on how to understand the report as well.

SatanIsMyMotor

Cycophant wrote:

For starters, all that junk about "checking your credit score will negatively affect it" is balls. Now, if the credit report company notices a lot of companies checking your report to offer you lots of credit, that might negatively reflect on your report. But simply mailing a request to view your own credit report has no ill-effects.

Technically, the Credit Reports available to us are free as well, but only via mail. If for some reason you want the results right now, they'll usually charge you $20 or so to view it online.

There's 3 companies that'll handle a credit report, but really only two that are worthwhile: Equifax and TransUnion. Equifax is bigger here in Canada, but TransUnion is bigger down in the States.

The problem with there being two companies is this: there is no magical, single credit score for one person out there. Each of these companies have their own, seperate credit score for you. One might not even have anything about you, depending on who you've associated a lot of your financial transactions with. Both gleam your score from bank records, credit card information, courthouses and other sources but there are subtle differences between the companies.

Your best bet would be to order a report from each company. You'll get a decent cross-section of what people who are looking up your credit score will see, and it will also allow you to appeal any incorrect information. Just follow the links I gave above, mail in your request, and look it over. I believe the websites both have guides on how to understand the report as well.

Checking your credit report does negatively affect your credit score. You get one freebie but anymore after that is not good.

MichaelLC

SatanIsMyMotor wrote:

Cycophant wrote:

For starters, all that junk about "checking your credit score will negatively affect it" is balls. Now, if the credit report company notices a lot of companies checking your report to offer you lots of credit, that might negatively reflect on your report. But simply mailing a request to view your own credit report has no ill-effects.

Technically, the Credit Reports available to us are free as well, but only via mail. If for some reason you want the results right now, they'll usually charge you $20 or so to view it online.

There's 3 companies that'll handle a credit report, but really only two that are worthwhile: Equifax and TransUnion. Equifax is bigger here in Canada, but TransUnion is bigger down in the States.

The problem with there being two companies is this: there is no magical, single credit score for one person out there. Each of these companies have their own, seperate credit score for you. One might not even have anything about you, depending on who you've associated a lot of your financial transactions with. Both gleam your score from bank records, credit card information, courthouses and other sources but there are subtle differences between the companies.

Your best bet would be to order a report from each company. You'll get a decent cross-section of what people who are looking up your credit score will see, and it will also allow you to appeal any incorrect information. Just follow the links I gave above, mail in your request, and look it over. I believe the websites both have guides on how to understand the report as well.

Checking your credit report does negatively affect your credit score. You get one freebie but anymore after that is not good.

Sorry, not true.

PDF link from UCU-Maine If I searched my last post on this, Equifax says the same thing.

Common beleif about credit scores/reports, but thankfully not true.

To the OP - Equifax link for you bacon-lovers

Transunion too

Deusfaux

So I got both my credit reports back from Transunion and Equifax and nothing special there


But I was curious how one finds out their credit SCORE as it doesnt appear in these reports? or is that only something you can get by paying?

or am i totally off the mark and that's something determined by individual institutions?

Cycophant

According to this website, there's a scoring/grading system in popular use now referred to as FICO or Beacon score. Apparently here in Canada they're not usually included in the free credit reports you received. If you want them, you can either request it in writing from the credit bureaus, or pay a small fee to see it online.

That website had a score legend too, so it seems pretty useful. Check it out, and if you don't mind waiting longer, just request the score in writing.

Marty81

Just for reference, Americans can't get their scores for free at all. I'd imagine it's the same up there, since you're dealing with the same companies. We're only entitled to see the reports (sans scores) once per year for free.

Deusfaux

Hmmm the "law" there was suggesting credit bureaus are required to give up ALL the information they have on you... that wouldnt include your credit score?

Cycophant

Deusfaux wrote: »

Hmmm the "law" there was suggesting credit bureaus are required to give up ALL the information they have on you... that wouldnt include your credit score?

In theory, they're still following the law. You still have access to your score, but you have to specifically request it. It just doesn't come automatically with your credit report. They can justify the "small fee" for viewing it online as a payment for the convenience they're offering.

Deusfaux

yeah the guy above me though was saying you couldnt get it for free at all.

insinuating that I couldnt request my credit score by mail and get it for free

Marty81

You can't get your score for free. You can get all of the official information that makes up your credit file (which is what they're required to give you by law), and that's what they use to calculate your score, but you can't get the score itself without paying for it.

Cycophant

After looking for a bit more info, it looks like Marty is right.

It would seem the only way you can view your credit score is by paying that fee to view it online.

This actually looks like a much better website than the one I gave you above, and it's since it's through the Government of Canada, it's probably much more accurate.