Friday, July 9, 2010

Do you know what's on your credit report?

Many people don't and it's a bad time to find out there's something wrong when you're in the middle of an offer on your dream home. You could find out that your score is too low or that there is an inaccuracy on your report that can't be fixed in time for you to buy the property. An inaccuracy on a credit report could take weeks, maybe months to rectify.
I've seen it happen and it just plain sucks.
I often advise my clients to obtain their credit report once a year, just so they know what's on it and can fix any mistakes. Equifax allows you to request a free credit report. You'll need to fill out a form, provide some information and in a week or so you'll receive a report in the mail, free of charge.
Here's the link:
http://www.equifax.com/ecm/canada/EFXCreditReportRequestForm.pdf
If you're a little impatient and don't want to wait you can pay to request your report online immediately. I’ve always found the free version to be sufficient.
If you do happen to find a mistake on your report, here’s the link with instructions on how to rectify the issue. https://www.econsumer.equifax.ca/ca/view/common/dispute_process.jsp

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