Getting a credit report online is a quick way to get a detailed view of your recent credit history. While there are fees involved in obtaining a credit report online, the benefit is that you're able to see your credit report instantly, without the delays that often accompany ordering a free credit report by mail or telephone.
Where to Get Reports
If you're a Canadian, you can get your credit reports online from Equifax or TransUnion, the only two agencies registered to offer credit reports in Canada. The Financial Consumer Agency of Canada (FCAC) recommends that you check your credit report periodically with both credit reporting agencies, as each agency keeps its own records; your report may differ slightly between the two.
Content
Your online credit report contains information on what kind of credit you already have, how well you make payments on that credit, and any recent credit inquiries made about you. Debts can include credit cards, bank loans or mortgages. The report also gives details on any debts that you didn't pay and that were sent to a collection agency; any bad checks you've written or credit-related legal convictions are also detailed in a credit report (see Resources for sample credit reports).
Extras
Both Equifax and TransUnion offer extra online services related to credit reports. With Equifax, a basic credit report costs $15.50 as of 2010. For $23.95, you can get your credit report along with your credit score and analysis (a credit score is a number between 300 and 900 that lenders look at to get an idea of your risk as a borrower). Equifax also offers online credit monitoring for $14.95 a month. This service automatically alerts you to any changes in your credit report and provides regular summaries of changes in your credit report.
TransUnion offers a basic credit report for $14.95 (as of 2010) and a credit report with a credit score for $22.90. The agency also offers online credit monitoring and a personalized debt analysis for $14.95 per month.
Accessibility
Only you, or a party to whom you've given permission, are allowed to see your credit report. Of course, any time you apply for a credit product such as a loan or a mortgage, you'll be expected to extend this permission to the lender by signing a consent form. It's also common for landlords to ask for this permission on rental applications.
Benefits
The FCAC recommends that you check your credit report at least once a year: There can be incorrect information in your credit report that you can have corrected by contacting the credit reporting agency. Also, checking your report regularly can help you avoid the negative consequences of identity theft. If you see mystery loans or other types of credit showing up on your credit report, you should contact the credit reporting agency immediately.
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