Even though we all know that having a good credit report is important, what do we really know about this tool that impacts so many aspects of our lives? Let’s be honest: not much. Let’s change that.
Most informations in our credits reports are administrative and fiscal in nature, although it’s not uncommon to also find some legal elements in there. Rules that regulate credit reports disclosure are obviously very severe considering the highly sensitive nature of their content. It includes personal details allowing to identify you, your banking and credit informations, details about bankruptcies (present and past), and also legal actions that might impede your solvency at present or later. You’ll also find in there the identity of the people and organizations that have already checked your credit report.
Only personal information agents (or credit bureaus) can create a credit report, and they have to do so within the framework imposed by the Loi sur la protection des renseignements personnels dans le secteur privé. These agents are registered with the Commission of access to the information and you’ll find an exhaustive list of them on the website of this organization.
Too many people imagine that only financial institutions and credit companies are capable of transmitting informations to be added to your credit report. That’s a serious mistake. In fact, all entities (like rental companies), service providers (Internet and phone, for example), retailers offering financing options and landlords can contribute to the update of your credit report. The sharpest among you would have figured out that these companies and/or individuals can’t do so without your approval. However, it’s very likely that you already gave it to them without your knowledge by signing a contract or by clicking on ‘‘I agree’’ too quickly…
Well, you, obviously. You just have to make a formal, written request to a personal information agent. You’re going to receive a response within 30 days and in most cases, you’ll be able to look at your report without paying any fee. However, it’s possible that a credit bureau asks you to pay a reasonable amount, but it has to let you know beforehand. The aforementioned stakeholders can also look at your credit report if they (1) obtain your consent (which is really not a problem, if you’ve been paying attention) and if (2) their request is consistent with the purchase/rental they intend to grant you. If you gave your consent a bit too fast, you shouldn’t worry so much: credit bureaus won’t disclose to third parties informations that are not vitally important to the solvency analysis they seek to conduct.
There is no definitive rule in this regard (at least in Quebec that simply follows other provinces’ example), but general principles instead. Technically, an information that figures one your credit report should disappear as soon as the underlying cause of this initial inscription is resolved (when you’ve repaid a loan in full, for example). However, the failure to comply with every clause of your contract may result in an extension of the inscription’s duration. Informations don’t remain more than 6 or 7 years on a credit report, in average. Beware of bankruptcy cases, though: they often cause an inscription to remain for as long as 14 years after the date you’ve been discharged.
While looking at your credit report, you may notice a wrong, incomplete, ambiguous or expired information. You have the right to make a change request directly to the information’s issuing entity. Make this demand in writing and include as many details as possible to support your claim. The organization has to answer within 30 days and, if you’re right, to take appropriate measures (a change or the withdrawal of the information).
Come and visit us and you will see getting you pre-approved is a thing from the past , you can also have a look at our used inventory online or come see us at Autostudio72 14460, rue Joseph-Marc-Vermette Mirabel, near Laval and St-Eustache.
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