Credit Report Error Canada
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your credit report? Here's how to correct them Errors on your credit report? Here's how to correct themBy Carmen Chai Your credit report is significant -- it can make or break your application for a equifax canada dispute phone number loan, a home or even a job. Having an error on it can be a huge transunion canada fax number impediment. Check your report for common mistakes, and know how to correct it if you find one. "You need to be proactive about checking equifax dispute form canada your credit report on a regular basis just in case there are any problems that do come up," says Jeff Schwartz, executive director of Consolidated Credit Counseling Services of Canada. "It's better to find out earlier than later when you https://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02181.html need to apply for credit. You don't want to be the last one to know." Once an error is on your radar, the onus is on you to correct it, too, says Richard Moxley, spokesperson for eCredit Fix, which helps consumers learn about improving their credit score. "It can be a tedious process, it takes a lot of patience and initiative," Moxley warns. You should pull your credit report from Equifax Canada and TransUnion Canada at least once a year, http://canada.creditcards.com/credit-card-news/correct-errors-on-credit-report-1264.php although Schwartz suggests quarterly checkups if you use credit often. Common errors Once you have both your credit reports, look for these potential inaccuracies that tend to be the most common: 1. Your personal information: Make sure your full name, home address, date of birth and phone number are all correct. Errors in your personal information could be a matter of having a common name, but other times, it could be a red flag for fraud. "What will happen a lot is people will have multiple versions of their credit report out there," Moxley says. This is especially the case if you're new to Canada or newly married. If you're seeing addresses or phone numbers that never belonged to you, it could be a sign that your account is getting mixed up with that of another person with your name. Or it could be a warning sign of potential identity theft. Check your social insurance number carefully, too. If it's off by even a single digit and you don't catch it, you could find yourself with a big headache. 2. Your accounts and payment history: Make sure every credit card, line of credit and loan that you have opened is on your credit report and ensure that your accounts accurately portray your payment history. If you're paying on time, your report should reflect that. If the creditor is in the wrong and isn't posting updated payments, it wi
ScotiaNewfoundland & LabradorNorthKidsDocumentariesComedyBooksParentsIndigenousDigital ArchivesPodcastsGamesContestsSite MapCBC MemberCBC UserYou currently have:0 Likes0 CommentsSubscriptionsGo to the Subscriptions Centre to manage your:CBC NewslettersDaily DigestsBreaking AlertsLog OutLog out of your CBC account.My ProfileMy SubscriptionsLog Out CBC News Canada CBC News Navigation Home World Canada Politics Business Health Entertainment Technology & Science Video Canada Photo Galleries Indigenous Editor's Blog CBC SecureDrop BC http://www.cbc.ca/news/canada/credit-reporting-errors-costing-canadians-1.1185972 Kamloops Calgary Edmonton Saskatchewan Saskatoon Manitoba Thunder Bay Sudbury Windsor Kitchener-Waterloo Hamilton https://www.thestar.com/business/personal_finance/2013/02/12/how_to_clean_up_errors_on_your_credit_record_roseman.html Toronto Ottawa Montreal NB PEI NS NL North Credit reporting errors costing Canadians Consumers face higher interest rates, credit card denials after mistakes made ByAlex Shprintsen and Annie Burns-Pieper , CBC News Posted: Nov 19, 2012 5:22 AM ET Last Updated: Nov 19, 2012 9:40 AM ET Credit scores wrong credit report 4:21 Related Stories How to check your credit report Collection agency harassed debt-free Canadians Protection from debt collectors questioned in Manitoba Debt collector hounded over its own debts Breaking down Canada's consumer debt 8 ways to tame household debt External Links Public Interest Advocacy Centre report: Credit Reporting: How Are Consumers Faring? (Note: CBC does not endorse and is not responsible for the credit report error content of external links.) Credit rating mistakes are costing unsuspecting consumers thousands of dollars in higher interest rates and preventing some from getting much needed loans, a CBC News investigation has found. In the past few years, more than 500 complaints have been filed with provincial consumer affairs agencies across Canada about credit reporting agencies, many alleging errors by companies led to their poor credit scores. "I feel like a guy who is made to pay for the sins of something I didn't do," said Mervin Smith. "It's like being wrongfully accused of something." How to check your credit report Smith is one of many Canadians who told CBC News about how unknown errors on their credit rating reports caused them financial strife. In some cases, even after creditors and collection agencies admitted to a mistake, it took several months to restore a credit rating. The Brampton, Ont., truck driver, spent months trying to get his credit rating fixed after an error appeared on his credit report. When applying for a mortgage in late 2011, Smith learned that an unpaid Rogers bill for a "Marvin Smi
intercede on your behalfBy Ellen RosemanOn Your SideTues., Feb. 12, 2013Scott Smith, 24, is an MBA student. He’s proud of paying his bills on time and having an excellent credit record.So, he was surprised to find his credit score had plunged when he checked in with the two Canadian credit bureaus. There was a new “derogatory” item from a collection agency acting on behalf of Cogeco, a telecom supplier.Seems there was an unpaid debt arising from the cable TV box he had rented as an undergraduate and tried to return in 2010. He didn’t know the package hadn’t arrived by mail.“I’ve now paid the balance in full, but the damage to my otherwise sparkling credit record appears to be done. This blight cannot be removed from my credit history for six years. Cogeco seems unwilling to delete it,” he said.There is recourse if you’re at an impasse with a credit granter over a debt. You can ask Canada’s two credit bureaus, Equifax and TransUnion, to intercede on your behalf.Article Continued BelowWhen I forwarded Smith’s email to the credit bureaus, TransUnion deleted the Cogeco account within two days and Equifax within two weeks.He was smart to check his credit record before applying for a loan. With a low score, he could have been turned down by a major bank and forced to go to a lender with a higher interest rate. The U.S. Federal Trade Commission released a report Monday that found systemic errors in compiling and maintaining credit ratings. The survey of 1,001 participants was ordered by the U.S. Congress.One in five consumers had an error on least one of their three credit reports, the FTC said — referring to Equifax, TransUnion and Experian (a company that pulled out of Canada a few years ago). “It’s a pretty high error r