When I asked if you had ordered your credit report or if you knew what was on your credit report the answer was an astounding, no. Most of you had no idea how to go about ordering your free credit report in Canada. Some of you didn’t even care about seeing your credit report and that’s fair some people truly don’t care but for others it may be very important. I asked my Facebook community about their credit report and was surprised to learn that most had no idea where to turn. I asked this to gauge an understanding of whether they knew everything they needed to know about their finances.
Why Should You Order Your Free Credit Report?
An annual credit report is a record of your credit activities in Canada. If someone does a check and your credit score it not up to snuff you may not get that purchase you want. If you are an online shopper you may want to check to make sure all your purchases were in fact secure. Please note that the credit report is free but in order to obtain your actual score you will have to pay a fee. It saves you all the hassles down the road if you take care of them today.
When I moved to Canada from the UK as a permanent resident I had ‘ZERO’ Canadian credit history and it plain out sucked. I was a far cry from even touching a good credit score of 700. It didn’t matter how much money I had no score means no credit- full stop. I’m not sure how it happened though but Sears was so kind as to give me a $500 MasterCard which I guarded with my life. I then used that credit card for everything and paid it off at the end of each month. My goal was to start building a credit history so we could start our lives together.
Without a Canadian Credit History I was unable to:
- Get a Mortgage or rent
- Get a bank credit card
- Lease/Buy a car/truck
- Bank Loan
- Line of Credit
In some cases when reasonably required you may be asked in a job interview for a credit check ex: one where you may be privy to credit card/financial information of customers. Read here why TD Canada Trust does a credit check on all prospective employees. The list goes on and on so I was pretty much stuffed and had to set some long-term goals. Although my wife had lived in Canada all her life I still needed to establish myself. Over the years my credit had increased dramatically and I was a happy as a pig in manure. Then my wife wanted us to order our credit reports to review them. I had no idea what she was going on about but I obliged.
She wanted us to go over our reports to make sure no one was using our name for credit that was not authorized, called Identity theft. Here’s four things Identity thieves don’t want you to know. It’s part of our vision and planning for our future. Making sure all avenues are checked off so no surprises hit us in the process of life. Some of the most common questions I get asked now are how do I get a free credit report and what is the difference between a credit score vs credit report. The great news is there are a few ways to order your free credit report.
Equifax says credit scores fall between 600-750 and anything above 700 is good.
Where to order your Free yearly Credit Report:
The top credit report agencies are Equifax, Trans Union and Experian in Canada.
Here are some FAQ’s from Equifax.
- Trans Union of Canada- For all provinces except Quebec Fill out the form for your free report
- For Residents of Quebec only Fill out the form for your free report
- Equifax Canada Fill out the form for your free credit report
If you don’t have any time to wait the 5-10 days to receive it free by mail you can opt to pay for your credit report for instant access through TransUnion.
The cost for this service is: (Note: these prices are subject to change from the time this post was written)
- Trans Union Credit Profile $ 14.95
- Credit Score $7.95
- You can order your Equifax Credit Report online for immediate access for only $19.95
You can learn all about Canadian Credit Bureaus here. Don’t wait until you want to make a big purchase or get the perfect job after graduation and get surprised. Protect yourself, protect your identity, protect your credit. Order your credit report once a year, I’m glad we do. There’s no excuse Canada-It’s FREE!!! All you have to do is fill out the form.
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Photo Credit: Credit History