How to get a free credit report once a year

How is information in my credit report used?

Credit information is gathered by credit reporting agencies, sometimes called credit bureaus. There are two major credit reporting agencies in Canada: Equifax Canada Inc., and TransUnion of Canada. Governed by provincial and federal laws, credit reporting agencies store and maintain credit information about individual Canadian consumers for use by members of the credit reporting agency. Members include banks, finance companies, auto leasing companies, credit card companies and retailers.

Credit grantors update individual credit reports regularly by providing information to credit reporting agencies about their customers' credit and payment activities. This ensures that credit reports remain up-to-date and as complete as possible. Other sources of the information contained in your credit report can include public records from courthouses across the country and collection agencies.

You can request a free copy of your credit report from Equifax by going to the following site, printing off the form, and send them a copy of two pieces of id, front and back.

You should also request your free copy of your credit report from the other major credit reporting company for Canada which is TransUnion. You can find the form you will need at this location. You need to get the report from each one because not all of your credit information will be stored at Equifax, and the same for Transunion.

You can request a free report from each agency once a year, however, they will not disclose your credit score. That information will have to be purchased.

It is very important to have a close look at what is reported on your two credit reports as errors frequently happen. You also need to check for any accounts you have never opened, as this may be a sign of identity theft. Also make sure that accounts that should have been closed, have been closed. If they haven't you can send a letter to the credit reporting company stating the correct information, and send documentation to them as well if you have it.

The information on the acutal report can be abit confusing to understand. I would be more then happy to share more information with you if you need some help. Please email me at mlabiuk@gmail.com.