So you may have heard of your credit bureau report, but have you heard of a consumer disclosure report? Well, if you haven’t, you are in the right place. Your credit bureau report is what creditors will pull to check your creditworthiness when applying for a credit card or a loan. Credit reports are short and sweet, straight to the point, a condensed version for lenders. A consumer disclosure report is a full credit report which contains all the details of your credit history from payment history, balances, personal information, and even all credit inquiries. In Canada, we have two credit reporting agencies, Equifax and TransUnion. Every year each Canadian is allowed to get one consumer disclosure report for free from each bureau.
We highly recommend that you request those reports yearly to check that your information is correct, as this can affect your credit score. It is common to see an error or two in your report as we are, after all, only humans. If you have negative information on your credit report and it has been on the report for longer than seven years, you have the right to request that information be removed to improve your score. For example, late or missed payments, collections, consumer proposals, and bankruptcies should be removed from the report after seven years.
You must check your reports as mistakes can cause you significant issues in the credit world. For example, a high school teacher in Ontario had gone into Canadian Tire and tried to apply for a credit card; she was immediately declined to her surprise. Confused as to why she was rejected, she had asked the Canadian Tire team member; he simply stated, “it says that you’re dead.” Her husband had passed away, and when someone passes away, the consumer reporting agencies post a death notice on the credit report to stop identity theft from happening. They had accidentally published the report on her account rather than her late husband’s. In Angela Monaghan’s case, it took her roughly two years from when she realized the error to have it entirely corrected by TransUnion.
Angela’s story is a prime example of why you should stay on top of your report. You don’t want to be finding out you have an error during the application process.
Another big reason you should request a consumer disclosure report yearly is to ensure that you are not a victim of identity theft. Identity theft can happen to anyone.
It isn’t hard to obtain your free credit report; there are a few ways to do so.
- You can go online and fill out the quick and easy forms to access your consumer disclosure.
- You can request the report through the mail; you just print and fill out the provided form and attach photocopies of the front and backside of two pieces of identification.
- You are more than welcome to look up one of the provincial offices and request your free disclosure in person; again, they will require non-expired proof of identification.
- Lastly, you can also ask for your consumer disclosure report by calling and passing the authentication screening.
If that all sounds like a hassle, the doors at Dominion Lending Centres NasaKasa are open, and we are here to make that process easier for you. You can reach us at 905-997-7001 or email us at firstname.lastname@example.org.