Ontario Credit Bureaus - Free Credit Report.

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NEWS FLASH -  Protection for Ontario residents effective January 1, 2008

 

 

Credit reporting agencies or credit bureaus, collect information about consumers' financial affairs and sell that information to their business members, such as credit grantors, employers and insurance companies.  The credit bureaus charge annual fees as well as a fee for each credit report requested by members.

In Canada, there are three major credit bureaus: Equifax Canada, NCB Inc. and TransUnion Canada

Most national and international creditors, such as banks and department stores, are registered with all bureaus, so the chances are good that whatever shows up on one credit report will also appear on the others. This  makes it simple for you to check your history. You really need to check only one bureau's records.

Consumer Tip The consumer has a right to place a 100 word statement (50 recommended) on the credit bureau file, to be given to anyone who obtains a future report.

 

 1. Consumers supply information, primarily from filling out application forms for credit.

 2. Public records provide information on such matters as bankruptcies, Court judgments, foreclosures and agreements registered with Provincial authorities.

 3. The major credit grantors and collection agencies send their credit files electronically to the credit bureau every month, resulting in files that include the account number, outstanding balance, and a nine point scale indicating whether a payment was made on time or late.

4. The Office of the Superintendent of Bankruptcy notifies credit bureaus when a bankruptcy or proposal is filed and again when the bankruptcy is discharged and the proposal is completed.

 

•   R0    Too new to rate; approved but not used;

•   R1     Pays (or paid) within 30 days of billing; pays account as agreed;

•   R2     Pays (or paid) in more than 30 days, but not more than 60 days, or one payment past due;

•   R3     Pays (or paid) in more than 60 days, but not more than 90 days, or two payments past due;

•   R4     Pays (or paid) in more than 90 days, but not more than 120 days, or three or more payments   past due;

•   R5     Account is at least 120 days overdue, but is not yet rated 9;

•   R6    (Code 6 does not exist.);

•   R7     Making regular payments under a consolidation order or similar arrangement;

•   R8     Repossession (indicate if it is a voluntary return of merchandise by the consumer);

•   R9     Bad debt; placed for collection; skip.

 

 

CREDIT INQUIRIES TO THE FILE: An Inquiry made by a Creditor will automatically purge three (3) years from the date of the inquiry. The system will keep a minimum of five (5) inquiries.

CREDIT HISTORY AND BANKING INFORMATION: A credit transaction will automatically purge from the system six (6) years from the date of last activity.
All banking information (checking or saving account) will automatically purge from the system six (6) years from the date of registration.

VOLUNTARY DEPOSIT - ORDERLY PAYMENT OF DEBTS, CREDIT COUNSELING: When voluntary deposit – OPD – credit counseling is paid, it will automatically purge from the system three (3) years from the date paid.

REGISTERED CONSUMER PROPOSAL: When a registered consumer proposal is paid, it will automatically purge three (3) years from the date paid.

BANKRUPTCY: A bankruptcy automatically purges six (6) years from the date of discharge in the case of a single bankruptcy. If the consumer declares several bankruptcies, the system will keep each bankruptcy for fourteen (14) years from the date of each discharge. All accounts included in a bankruptcy remain on file indicating “included in bankruptcy” and will purge six (6) years from the date of last activity.

JUDGMENTS, SEIZURE OF MOVABLE/IMMOVABLE, GARNISHMENT OF WAGES: The above will automatically purge from the system six (6) years from the date filed.

COLLECTION ACCOUNTS: A collection account under public records will automatically purge from the system six (6) years from the date of last activity.

SECURED LOANS: A secured loan will automatically purge from the system six (6) years from the date filed.

(Exception: P.E.I. Public Records: seven (7) to ten (10) years.)

 

Reporting Standards and Consumer Protection

The credit bureau must investigate and use its best efforts to confirm disputed negative information.  A consumer has a right to full disclosure of the content and the source of any information on his or her file. The Registrar of Credit Reporting Agencies recognizes that all complainants consider their issues to be very serious. For that reason the Credit Reporting Branch insists that credit reporting agencies and creditors provide prompt and complete reports to the consumer about adverse credit information.

 

Protection for Ontario residents effective January 1, 2008 (See Bill 152).

Effective January 1, 2008 a consumer will be able to require a consumer reporting agency to include an alert in the consumer’s file warning persons to verify the identity of any person purporting to be the consumer.  The consumer reporting agency will be required to give the alert to every person to whom information from the file is disclosed.  If a person receives an alert in connection with certain transactions, the person who received the alert will be required to take reasonable steps to verify that the person involved in the transaction is the consumer.

If a consurmer wants this protection he or she is required to advise the credit bureau.

Equifax has advised that if a consumer requests the alert notification they will post the following in the Consumer Statement segment:

**** WARNING ****ALERT TO VERIFY CONSUMER'S IDENTITY - PLEASE CONTACT CONSUMER AT (000) - 000-0000 BEFORE EXTENDING CREDIT