How to Correct Errors on Your Credit Report

23 December 2014

How to Correct Errors on Your Credit Report

Maintaining a good credit score is vital as it directly impacts your ability to borrow and various things such as the cost of insurance and your eligibility for certain types of employment.  For these and many other reasons it is important to identify and correct any errors on your credit report as soon as possible.

That is why we recommend that you obtain a free copy your credit report each year.  This will allow you to make sure the information contained in your credit file is accurate.

There are two credit reporting agencies in Canada:
Equifax (http://www.consumer.equifax.ca/home/en_ca) and Trans Union (http://www.transunion.ca/).  Upon request, these companies will allow you to obtain a free copy of your credit report each year.   Follow the links above to their websites to find out how to obtain your free credit report.   You can also obtain your credit score however there is a fee for this service.

Once you have your credit reports go over the information to make sure it is accurate.  If you find any accounts, good or bad, that do not belong to you, or if your personal information is incorrect, you can take the following steps to have the information corrected.

Download the appropriate dispute notice:
Equifax – http://www.consumer.equifax.ca/dispute-ca/dispute_process/en_ca
Trans Union – http://www.transunion.ca/ca/personal/creditdisputes_en.page

Complete the form and mail or fax it to the appropriate credit reporting agency.  Make sure you keep a copy for your records.

IMPORTANT:  If you feel you have been the victim of identity theft or fraud contact the RCMP Identity Theft and Identity Fraud Victim Assistance Guide http://www.rcmp-grc.gc.ca/scams-fraudes/victims-guide-victimes-eng.htm

For a free consultation over the phone or in person in Saint John, Moncton, Fredericton or Charlottetown, please contact us.  Powell Associates Ltd. is a licensed insolvency trustee  focused on providing debt settlement, proposal and bankruptcy solutionsfor individuals and businesses.