How can I get a copy of my credit report?

Here is a question, I am often asked…..how can I get a copy of my credit report ?

If you are applying for a mortgage, a loan, a credit line, or are seeking to rent a property, your credit report will be accessed and reviewed by the person or the institution where you are applying.   If you have purchased a home, you may also be asked to provide some proof of your credit status by any of the local utility companies who you need to utilize the services of.

For a mortgage application, the bank loan officer, or the Mortgage Broker/Agent will require a copy of your credit report.   When the mortgage application is completed, the credit report will be requested on your behalf, as part of the application process.  Remember that you must always be ASKED to sign a credit permission or consent form BEFORE anyone is authorized to retrieve a copy of your credit report.  Do not allow anyone to pull your credit report over the phone.   If they have pulled a credit report, without your PRIOR written consent, you have grounds for a formal complaint.   The basic information required, to access a credit report is:  full legal name, current address, city, province, postal code, date of birth and social insurance number.   Most banks and brokerage houses are pulling credit reports directly from Equifax Canada.  The cost to access your consumer credit report is covered, by the bank or brokerage that is completing your mortgage application.   It is also important to mention that your bank or Broker/Agent is never permitted to give you a copy of your credit report, nor are they permitted to share particulars about your credit report with you, for example, what your actual credit score is.   If you need a copy of your own credit report, you must access it on your own.

You can access your credit report by going online to the Equifax website:    http://www.equifax.com  and request a copy of your credit report there.  You will need your credit card to order either one of the two available report formats.  The first, more detailed report, is available for $23.95 Cdn and this detailed report will provide you with your actual “credit score”.   The credit score is the number that most lenders use when deciding whether they will give you financing or not.   The second report is available at a lower price of $15.50, however, your actual credit score is not available on that less expensive credit report.

If you would rather not pay for your credit report, you can access a copy of your credit report, once per year, free of charge.  By filling out the Equifax form available at this link and returning it to Equifax, you will then receive a copy of your credit report in the mail.

http://www.equifax.com/EFX_Canada/consumer_information_centre/docs/request_report_form_e.pdf

Note that when you request your credit report, by this method, you will NOT be able to see your actual credit score.  If it is your credit score, that you would like to see, you will need to go on-line and purchase the Equifax report via the website at the $23.95 Cdn price.

Knowing your credit score is important as it helps to ensure you are always eligible for the best rates and financing options.   Find out your own credit score, monitor it, protect it and take the necessary steps to maintain the best credit score you possibly can.

This blog was submitted by Elizabeth Blair, a Licensed Mortgage Agent with Mortgage Edge located in Richmond Hill, Ontario, Canada.   Elizabeth services clients in Toronto and all over the Greater Toronto Area, including Mississauga.

You can contact Elizabeth directly by phone at (905) 510-5785, by email at Elizabeth@missmortgage.ca or visit her website at:    www.missmortgage.ca

Elizabeth is licensed with the Financial Services Commission of Ontario and is also a Member of IMBA (the Independent Mortgage Brokers Association of Ontario) www.imba.ca