How to Correct Errors on Your Credit Report

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 and Trans Union.  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 does 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 and Trans Union.

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.

Powell Associates Ltd. is a Licensed Insolvency Trustee (LIT) focused on providing debt settlement, proposal and bankruptcy solutions for individuals and businesses.  We offer free consultations to review your personal financial situation and practical debt resolution options.  Contact us to discuss your situation over the phone or book an appointment to meet us face-to-face in Saint John, Moncton, FrederictonCharlottetown or Dartmouth - it's your choice.