It is recommended that you check your credit report at least once a year for accuracy and to identify any fraudulent activity. There are two major credit reporting agencies in Ontario – Equifax Canada and Trans Union Canada. Checking one agency and then following up with the other after six months will enable you to detect any fraudulent activity more quickly.  

You can obtain a consumer disclosure or report from each agency free online at www.equifax.ca or www.transunion.ca. Creditors voluntarily report to the credit bureaus, so your report may not disclose all of your debt. Review your reports to ensure:

  • Your personal information is accurate, and there are no unknown addresses or phone numbers attached to your account
  • Any debt that is reported is owed by you  
  • Payments are accurately reported
  • There are no accounts listed that you were not aware of
  • A bankruptcy or consumer proposal is properly reported
  • There are no negative reportings on your account past the maximum reporting period

Errors on your credit report could impact your ability to obtain future credit and also be a sign of fraudulent activity. If there is an error on your report, contact the credit bureau to request the error be corrected by providing supporting documentation. If you think you are a victim of identity theft, notify the credit bureaus, put an alert on your bureau to caution future lenders to contact you before granting credit, and notify the Canadian Anti-Fraud Centre.

Being diligent in regularly checking your credit report and correcting issues on a timely basis will ensure future credit applications are not impacted by inaccuracies.  

Kathy LenartBy Kathy Lenart – Insolvency Partner, Licensed Insolvency Trustee
CPA, CA, CIRP
Canadian Association of Insolvency and Restructuring Professionals (CAIRP)