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How to Check Your Credit Report for Errors and How to Fix That

Credit bureaus regularly retain information regarding your payment and credit habits through a very detailed credit report. This document is known to contain a number of personally identifiable information, such as your name, date of birth, credit history, a list of parties whom you have allowed to read your report, as well as records on public domain with regards to your credit. This document is maintained so that you can have an objective and standardized credit rating established.

What a Credit Rating is?

A credit rating is established to determine how reliable you are with regards to paying back your debts, and it is established by you, not the government. If you do not repay your loan or pay your bills back on time, you are subject to being reported to a credit bureau. This kind of company is set up to exchange information on how a debtor pays back their bills, which helps them determine your credit worthiness.

Your credit is potentially one of the most valuable of your assets. If, as a student, you mismanage it, you can hinder your well being financially once you have graduated. The earlier you establish yourself a credit rating of good quality, the better and healthier your future should be financially.

How to Determine Your Credit Rating?

In order to safeguard against unknown errors, you are granted the right to see the information that has been stored within your credit file, which includes your rating. If you want to receive a copy of your credit report for free through the mail, you should contact any of the credit bureaus in Canada. If you want to view it online immediately, you will be charged a small fee. You may wish to check your credit rating in the event you feel it is inaccurate, which might have been the cause of credit being denied to you.

The credit bureaus can be reached in the following ways:
Equifax Canada – 1 (800) 465 – 7166 (800) 465 – 7166

TransUnion Canada – 1 (800) 525 – 0262 (800) 525 – 0262

How to Fix Credit Rating Errors?

You might have errors on your credit report, such as debts that aren’t yours or that you have already paid back in full. You will need to cross check all of your credit reports from the different agencies that have handled it, since they may not necessarily share their information with one another. If there is any reason that you feel your information is correct, you can take some steps to remedy this.

You have the legal right to protest or explain your findings. You should directly contact the applicable credit bureau to request information on their dispute resolution process. If there is anything within the investigation that you disagree with, the Equifax and TransUnion Web sites both offer information with regards to including explanatory statements onto your credit report.