In Canada, there are two major companies managing your credit report: Equifax and TransUunion. It is also possible to get your credit report for free for your own review. Let me be clear here before we get going. I have been very specific about my wording; I have said your credit report not to be confused with credit score. I just want to be very clear that requesting your credit report will only get you that – your report. You credit score will not be present as you may have expected. I was expecting my credit score so I was a little disappointed …
Now that your expectations are set, if you are still interested in your credit report, go on. The process is simple and you should receive a report within a couple of weeks.
Steps To Get You FREE Credit Report
When you request a free credit report, you will just your report WITHOUT any score. The score is absent from both providers. Here are the simple steps – the only hurdle is procrastination
1. Go To Their Websites
Your first step is to get access to the forms. Follow the links below to get access to the forms.
2. Print and Fill the Forms
Both have similar forms and require 2 pieces of government-issued identification. Make sure you make two copies and fill the forms. The forms are exactly just one page long so most of the work is to pick your 2 pieces of identification and make a copy.
3. Mail the information
This step could be the most demanding When was the last time you mailed a letter ? You’ll need to have two envelops and two stamps on top of remembering where the post office is.
4. Review Your Reports
After a few weeks I got both reports back at almost the same time. Both reports are very similar in content which is good. In layout, they are different and TransUnion wins when it comes to a good and easy to read report. If you have ever had a credit card with a store, chances are the card was handle by a separate company and that will be some information you need to remember otherwise you might be surprised by the credit companies on the list.
If there are any mistakes, or you are simply concerned, you should get in touch with them and do what you can to rectify the information. I had no issues with my reports so I cannot offer any advice on the process.
Still Want Your Credit Score?
For that, you’ll have to pay for your report. I did that many many years ago before I even had enough credit to really matter. I don’t think it’s worth paying for the score though. The score is really just a quick way for an institutions to estimate a client’s ability to service their loan level without understanding the client’s assets.
Your credit score doesn’t accurately reflect your ability to service your debt without a proper look at your income and assets. That’s why it’s important to always discuss with your bank and review your assets and liabilities. Too many request for loans in a row will hurt your score but it doesn’t change your financial situation. Your proof of income and assets are what really matters.
Readers: Have you reviewed your FREE credit report?