How to Read a Canadian Credit Check

A credit score is used by various Canadian financial institutions to decide whether to lend you money, and at what interest rate. Various factors, such as your level of current debt and credit card usage, are used to calculate this credit score. Occasionally, information on your Canadian credit report may be inaccurate and negatively affect your credit score. Learn how to read a Canadian credit check to verify your financial data and protect your credit rating.

Instructions

1

Flip through your Canadian credit check. Canadian credit reports are several pages long. Verify that no pages are missing, and note the four main sections of the Canadian credit report: identifying information, public records, financial inquiries and credit history. If you do not have a Canadian credit report on hand, you may order a credit check from Equifax Consumer Services Canada (see Resources) for $15.50 CDN.

2

Read the identifying information section. This is your personal data, such as your name and mailing address, provincial driver's license number and spouse's name (where applicable). Depending on your personal data file, it may also list your Canadian Social Insurance Number (SIN), used by all Canadian employers. Jot down any discrepancies for future reference.

3

Review your personal credit history on the report. Some Canadian credit checks call this "trade lines." This section of the Canadian credit report will identify each instance in which you were lent money from a Canadian bank or financial institution. Check that the list of financial institutions and account numbers match your records. Look for important errors such as credit cards being listed that you have since closed. This section of the Canadian credit check will also include information such as when the credit account was opened and what type of loan it is.

4

Read the third section of the Canadian credit report, which lists all public financial records filed under your name. This includes instances of back taxes owed to the Canadian provincial or federal governments and bankruptcies. Individuals with good credit scores will find that this section of their credit check is blank. A blank section is preferable.

5

Review the last section of your credit check, which lists all instances in which a financial institution or company ran a credit report on you. A company will request to see your credit report anytime you apply for a new loan or credit card, or open a new account at a bank.

6

Go back over your notes after reading your Canadian credit check and see if there were any errors or discrepancies. If so, file a correction report using the included form that came with your credit report. Alternatively, call Equifax Canada at (800) 465-7166 or write to Equifax at Box 190, Jean Talon Station, Montreal, Quebec, H1S2Z2.