CANADA CREDIT REPORTS
Canadian Credit Rights Part 2
Canadian credit reports detail the facts Canadian credit bureaus share with lenders
(continued from Credit Rights Part 1)
Canadian credit reports are the way lenders in Canada keep track of your credit history. Canadian credit bureaus track this information and share your Canadian credit reports with any bank, credit card company, employer, and landlord who has your written permission for access. Typically, credit bureaus are allowed to keep the following facts on file: your name, employment history, residence, age, social insurance number, your spouses 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 Canadas credit bureaus.
Canadian credit reports are given to lenders by Canadian credit
Canadian credit reports show your credit payment history. When you apply for credit, a business will use your report to assess your application. They want to know if youve repaid your debts on time in the past, in addition to the amount of your current credit responsibilities.
Credit information, courthouse records and collection accounts remain on file for six to seven years (depending on the province) from the date of the last activity reported on the credit file. For example, if the last payment on a bad debt was on January 1, 1990 the information could be removed on Jan. 1 1996 or 1997 (depending on the province). If another payment was made December 1, 1995, the new date for the file to expire is Dec. 1,
Its important to note that just because you pay an account in full doesnt mean it will be removed from your credit report, although the account will show as paid. This account is still part of your payment history.
You and your spouse should know exactly what details are kept in your
Canadian credit reports by requesting copies from Canadian credit bureaus at least
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