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Difference between revisions of "Taking Charge of Your Credit Report"
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A credit report shows your history of paying bills and borrowing money. Banks and others considering doing business with you look at your credit report to decide whether you’re trustworthy. | A credit report shows your history of paying bills and borrowing money. Banks and others considering doing business with you look at your credit report to decide whether you’re trustworthy. | ||
Tip | ==Understand your legal rights== | ||
For more information on credit scores, see People’s Law School’s tips on improving your credit score. | |||
==You have the right to see your credit report for free=== | |||
A '''credit report''' contains details of a person's history of paying bills and borrowing money, and other information about them. Credit reports are prepared by '''credit reporting agencies''', also called credit bureaus. The two main ones in Canada are [https://www.consumer.equifax.ca/ Equifax] and [https://www.transunion.ca/ TransUnion]. These agencies collect information from banks and businesses, and from public documents like court and marriage records. | |||
Under the [https://www.canlii.org/en/bc/laws/stat/sbc-2003-c-63/latest/sbc-2003-c-63.html#sec23_smooth law in BC], you have the right to see your credit report. The credit reporting agencies must mail you a free copy if you ask. You can call Equifax toll-free at 1-800-465-7166 or TransUnion at 1-800-663-9980. | |||
===Your credit score is not part of your credit report=== | |||
Credit reporting agencies use a formula to turn the credit information they have about you into a '''credit score'''. Your score, also called your credit rating, can range from 300 to 900. A high score is good. | |||
You won't see your credit score on your credit report. But for a fee, you can get your credit score from [https://www.consumer.equifax.ca/ Equifax] or [https://www.transunion.ca/ TransUnion]. | |||
{| class="wikitable" | |||
|align="left"|'''Tip''' | |||
For more information on credit scores, see People’s Law School’s tips on [https://www.peopleslawschool.ca/everyday-legal-problems/money/credit-reports/improving-your-credit-score improving your credit score]. | |||
|} | |||
Your consent is needed (with some exceptions) for someone to see your credit report | ===Your consent is needed (with some exceptions) for someone to see your credit report=== | ||
Under the law in BC, a credit reporting agency can't share your credit report without your permission. (There are three exceptions to this rule, which we will explain.) | Under the [https://www.canlii.org/en/bc/laws/stat/sbc-2004-c-2/latest/sbc-2004-c-2.html#sec106_smooth law in BC], a credit reporting agency can't share your credit report without your permission. (There are three exceptions to this rule, which we will explain.) | ||
When someone asks to see your credit report | |||
Banks and other lenders, potential employers and landlords might want to see your credit report to see if you are trustworthy. This is called a credit check. It helps them decide whether to lend you money, hire you, or rent to you. | ====When someone asks to see your credit report==== | ||
You don't have to consent to a credit check. If you refuse, the bank or other party requesting the credit check can also refuse to do business with you. | Banks and other lenders, potential employers and landlords might want to see your credit report to see if you are trustworthy. This is called a '''credit check'''. It helps them decide whether to lend you money, hire you, or rent to you. | ||
You don't '''have''' to consent to a credit check. If you refuse, the bank or other party requesting the credit check can also refuse to do business with you. | |||
Your consent to a credit check is sometimes folded into an application for credit, employment, or tenancy. By signing the application, you agree to the check. But by law, the consent must be prominently displayed and easy to understand. | Your consent to a credit check is sometimes folded into an application for credit, employment, or tenancy. By signing the application, you agree to the check. But by law, the consent must be prominently displayed and easy to understand. | ||
Situations where your consent is not required | |||
Under the law in BC, there are certain situations where credit reporting agencies don't need your consent to share a copy of your credit report. You have no choice when the credit report is requested by: | ====Situations where your consent is not required==== | ||
the federal, provincial, or municipal government | Under the law in BC, there are certain situations where credit reporting agencies '''don't''' need your consent to share a copy of your credit report. You have no choice when the credit report is requested by: | ||
the police, for the purposes of an investigation | *the federal, provincial, or municipal government | ||
anyone with a court order authorizing access to your credit report | *the police, for the purposes of an investigation | ||
Information that cannot be in your credit report | *anyone with a court order authorizing access to your credit report | ||
Under the law in BC, some information can't be part of your credit report: | |||
information about any member of your family other than your spouse | ===Information that cannot be in your credit report=== | ||
your race, religious beliefs, skin colour, sexual orientation, ethnic background or political views | Under the [https://www.canlii.org/en/bc/laws/stat/sbc-2004-c-2/latest/sbc-2004-c-2.html#sec109_smooth law in BC], some information '''can't''' be part of your credit report: | ||
criminal convictions that have been discharged or pardoned | *information about any member of your family other than your spouse | ||
criminal charges that were withdrawn or dismissed | *your race, religious beliefs, skin colour, sexual orientation, ethnic background or political views | ||
There's also information that can't be part of your credit report if it is more than six years old: | *criminal convictions that have been discharged or pardoned | ||
a court judgment against you (unless you haven't paid what you owe) | *criminal charges that were withdrawn or dismissed | ||
a criminal conviction | |||
a bankruptcy (unless you've been bankrupt more than once) | There's also information that '''can't''' be part of your credit report '''if it is more than six years old''': | ||
any other negative information about you | *a court judgment against you (unless you haven't paid what you owe) | ||
You have the right to dispute anything on your credit report | *a criminal conviction | ||
Under BC law, you have the right to ask a credit reporting agency to fix any mistake you find in your credit report. You can send a letter about the error, and the credit reporting agency must take reasonable steps to check the information and respond to you within 30 working days. | *a bankruptcy (unless you've been bankrupt more than once) | ||
*any other negative information about you | |||
===You have the right to dispute anything on your credit report=== | |||
Under [https://www.canlii.org/en/bc/laws/stat/sbc-2003-c-63/latest/sbc-2003-c-63.html#sec24_smooth BC law], you have the right to ask a credit reporting agency to fix any mistake you find in your credit report. You can send a letter about the error, and the credit reporting agency must take reasonable steps to check the information and respond to you within 30 working days. | |||
If the credit reporting agency agrees to make the correction, it must do so promptly. It must also send the new correct information to anyone who received your credit report in the last year. | If the credit reporting agency agrees to make the correction, it must do so promptly. It must also send the new correct information to anyone who received your credit report in the last year. | ||
If the agency doesn’t make the correction you asked for, it must make a note in your file that you asked for the information to be corrected. | If the agency doesn’t make the correction you asked for, it must make a note in your file that you asked for the information to be corrected. | ||
Also, if there’s anything in your file you think should be explained, you have the right to add an explanation of up to 100 words. The credit reporting agency attaches it to your report and anyone who orders a copy sees it. | Also, if there’s anything in your file you think should be explained, you have the right to add an explanation of up to 100 words. The credit reporting agency attaches it to your report and anyone who orders a copy sees it. | ||
Get help | |||
Accessing your credit report | ==Get help== | ||
The Office of the Information & Privacy Commissioner oversees BC's laws relating to privacy and access to information. If a credit reporting agency refuses your request for a copy of your credit report, you can ask the Privacy Commissioner to review the decision. If someone gets their hands on your credit report improperly, the Commissioner has the power to investigate. | |||
Toll-free: 1-800-663-7867 | ===Accessing your credit report=== | ||
Web: oipc.bc.ca | The '''Office of the Information & Privacy Commissioner''' oversees BC's laws relating to privacy and access to information. If a credit reporting agency refuses your request for a copy of your credit report, you can ask the Privacy Commissioner to review the decision. If someone gets their hands on your credit report improperly, the Commissioner has the power to investigate. | ||
Fixing a mistake on your credit report | :Toll-free: 1-800-663-7867 | ||
Consumer Protection BC can help with certain problems with credit reports. For example, where information on your credit report is over six years old, or where you were denied the opportunity to provide an explanation on your credit report. | :Web: [http://www.oipc.bc.ca/ oipc.bc.ca] | ||
Toll-free: 1-888-564-9963 | |||
Web: consumerprotectionbc.ca | ===Fixing a mistake on your credit report=== | ||
The Office of the Information & Privacy Commissioner oversees BC's laws relating to privacy and access to information. If a credit reporting agency refuses your request to fix a mistake, you can ask the Privacy Commissioner to review the decision. | '''Consumer Protection BC''' can help with certain problems with credit reports. For example, where information on your credit report is over six years old, or where you were denied the opportunity to provide an explanation on your credit report. | ||
Toll-free: 1-800-663-7867 | :Toll-free: 1-888-564-9963 | ||
Web: oipc.bc.ca | :Web: [http://www.consumerprotectionbc.ca/ consumerprotectionbc.ca] | ||
Improving your credit score | |||
The Credit Counselling Society of BC is a non-profit society that helps people better manage their money and debt. | The ''Office of the Information & Privacy Commissioner''' oversees BC's laws relating to privacy and access to information. If a credit reporting agency refuses your request to fix a mistake, you can ask the Privacy Commissioner to review the decision. | ||
Toll-free: 1-888-527-8999 | :Toll-free: 1-800-663-7867 | ||
Web: nomoredebts.org | :Web: [http://www.oipc.bc.ca/ oipc.bc.ca] | ||
===Improving your credit score=== | |||
The '''Credit Counselling Society of BC''' is a non-profit society that helps people better manage their money and debt. | |||
:Toll-free: 1-888-527-8999 | |||
:Web: [http://www.nomoredebts.org/ nomoredebts.org] | |||
