You should request a copy of your credit report annually from Equifax and Trans Union, the two Canadian credit-reporting agencies, to verify that your personal information is up to date, your financial information is correct, and to ensure that you have not been the victim of identity fraud. You can do this free of charge by contacting both credit bureaus in Canada:
Equifax Canada
Tel: 1-800-465-7166
Trans Union Canada
Tel: 1-866-525-0262
If there is an unfortunate mistake on your credit report, lenders will often refuse credit even if it is clear an error has occurred, and they will not issue credit until the mistake is rectified.
To correct an error on your credit report, inform both credit bureaus and they will provide you with a form to complete and send back to them. When completing this form, be as specific as possible. Once the form is received by both credit bureaus and an investigation is completed, they will either correct the error or not, based on their findings. Should your dispute be valid, the information on your credit report will be changed according. If you do not agree with an item following the credit bureau’s investigation, Equifax and Trans Union websites inform you as to how you can add an explanatory statement to your report.
