credit rights

Federal Credit Rights

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Credit Rights fundamental to operation of Canadian credit bureaus

Credit rights etched in Canada’s federal laws dictate the information Canadian credit bureaus can keep on you, and with whom they share that information. These credit rights are critical if you want to correct erroneous information on file with a Canadian credit bureau. Your credit history is most commonly accessed when you apply for a loan because the lender wants to know how credit-worthy you have been in the past. But your credit rights require lenders receive written permission before giving others access to your credit report.

Typically, credit bureaus are allowed to keep the following facts on file: your name, employment history, residence, age, social insurance number, your spouse’s name, age of accounts, and payment history (past late or non-payments). They can also add public records such as bankruptcy, collections, judgements and criminal convictions. In turn, Canadian credit rights mean you are entitled to a full accounting of all information on file with any of Canada’s credit bureaus.

Credit rights dictate the way consumers interact with Canadian credit bureaus

In Canada, you are entitled to one free copy of your credit report from any credit bureau that reports information on you. You are also entitled to a free copy if you have been denied credit. If you request your credit report, the bureau will mail a copy to you in approximately 4 - 6 weeks.

If you obtain a copy of your report and find an error you can dispute it by filling in a consumer dispute form. The credit reporting agency will take the information and check it with the credit grantor (i.e. anyone who grants you credit), collection agency, or public record source. If the investigation finds an error was made, the agency will adjust your report and send a revised copy to any company who has recently requested it.

If you and the credit grantor disagree on any information, you need to resolve the issue with the credit grantor directly. But, you can notify the credit reporting agency that you disagree with the information and a statement to this effect will be included in your credit report. If you feel an item on your credit report needs further explanation you can send a statement of no more than 100 words to explain why an account was paid late (i.e. loss of job, illness). This information will also be included in your report. You should take full advantage of these credit rights with Canadian credit bureaus if the need arises.


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Federal Credit Rights
 
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If you obtain a copy of your report and find an error you can dispute it by filling in a consumer dispute form.

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