Credit Reports 101 Canada

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Canadian Credit Bureau Reports

A credit bureau report in Canada is a detailed record of an individual’s credit history and creditworthiness, compiled by one of the two major credit bureaus in Canada: Equifax and TransUnion.

It contains information about an individual’s credit accounts, including credit cards, loans, mortgages, and lines of credit. The report also includes information about detailed info on each open and closed account, latest credit inquiries, whether the credit is revolving, instalment or mortgage, payment history, credit limits, outstanding balances, and any missed or late payments.

Information Contained in Credit Bureau

In addition to credit information, the report may also contain personal information such as name, address, date of birth, and social insurance number. This information is used to verify the individual’s identity and ensure that the credit report is accurate.

To keep your credit bureau information safe, you can subscribe to monitoring and alerts services offered by the credit bureaus themselves, as well as third-party providers. These services can help you detect any suspicious activity on your credit report, such as unauthorized credit inquiries or new accounts opened in your name.

Common features of credit monitoring and alerts services include:

Email or text notifications

You will receive an email or text message alert whenever there is a significant change to your credit report, such as a new account opened in your name or a missed payment.

Credit score tracking

You can track changes to your credit score over time, and get insights into how your credit behaviour affects your score.

Dark web monitoring

Some providers monitor the dark web for any signs of your personal information being bought or sold.

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Identity theft insurance

Some services offer identity theft insurance, which can help cover any losses or expenses incurred as a result of identity theft.

Conclusions and Further Thoughts

Overall, credit monitoring and alerts services can be an effective way to keep your credit bureau information safe and secure. However, it is important to remember that no service can guarantee complete protection against identity theft or fraud. It is also essential to regularly review your credit report and report any errors or inaccuracies to the credit bureau.



PS – One of my hobbies is blogging about mortgages, debt and government policy.  During the day I’m a MORTGAGE BROKER in Kelowna, BC!

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