What is in my credit report?

Your credit report is divided into sections. Each section covers a different aspect of your personal credit history.

Here is what you can expect to find in the report

1. Personal Information

Your report will contain information that enables the person receiving the report to confirm that you are who you claim to be. This includes your name, address, date of birth and Social Insurance Number (SIN). Previous addresses are also supplied to further confirm your identity.

2. Consumer Statement

This section of the report includes any information you send to the credit bureau in response to information contained in your report. You would do this if you wish to explain something that is found in the report that isn’t favourable to you.

3. Credit Information

Whenever a Canadian has a mortgage, personal loan or credit card, the lender or creditor will report to the credit bureaus every month. They typically report when you opened the account, what the balance is on your account and whether or not you are paying as agreed upon. Late payments and missed payments are noted. If you overspend your credit limit, this is also reported.

Previous mortgages may or may not be shown on your credit report. It depends upon the lender. Many mortgage lenders don’t report monthly, and some don’t report at all unless there is a problem.

Even though utility companies aren’t considered creditors, there are cell phone companies who report when you are late in making payments. This information shows up on your credit report even though utility companies don’t routinely report your information to the different bureaus.

4. Banking Information

If you have ever overdrawn your bank account, the credit report will include this information.

5. Public Record Information

Information that is public record has been registered with the many courthouses across Canada. Credit bureaus collect this information routinely. While public records include bankruptcies, judgments, liens, probate records, settlements of guardianship, wills and marriage certificates, only secured loans, bankruptcies, liens and/or judgments normally appear in the credit report.

6. Third-Party Collections

If a debt collection agency becomes involved in seeking to collect a debt, your credit report will reflect this. For example, if your dentist turns over an outstanding bill to a collection agency, this will appear on your credit report, even though dentists don’t report to credit bureaus.

7. Inquiries

Every time a potential lender asks to see your credit report, it is recorded. Records of these requests are kept for three years.

Any information that is older than six years, including bankruptcy, should not appear on your credit report. If you find an error in your credit report, you can write to the credit bureau and request correction of the error.

Learn how the information in your credit report is used by mortgage lenders.