Announcing The Winner of Our Financial Literacy Scholarship (Spring 2022)
We are awarding $750 to a student every semester. All you have to do is show us how financial literacy has made a difference in your life.
A credit report is a thorough, detailed report including all the information in a person’s financial history. Canada’s two credit reporting agencies, Equifax and TransUnion gather all information relating to your credit accounts, then use that information to create a credit report in your name. This includes your residential address history, employment record, and credit history. Lenders use this report, with other details, to determine your creditworthiness.
Your report is divided into six main sections. When you open a new account, miss a payment or move; your creditors update these sections with new information. Most creditors report new information approximately every 30 days to update the account balances and payments you make.
These sections are:
The Fair Credit Reporting Act states that consumers are protected if there is inaccurate information on their credit report. So, if you find any incorrect information when examining your own report, you can contact the lender directly. You can also dispute the inaccuracy with either Equifax or TransUnion.
Click here to learn how you can dispute an item on your credit report.
These are reports in which payments were made late, were not made in full, or were not paid altogether. Negative records can stay on your report for up to 7 years.
These include accounts in which payments were on time and in full, with no NSF (non-sufficient funds) cheques or “black marks”. These records have a high credit rating due to their favourable payment history and lack of bad debts. Positive records stay on your credit report longer.
It’s important to note that not all creditors report to both credit reporting agencies, so it’s possible your credit reports from TransUnion and Equifax are substantially different. You can (and should) check both your credit reports every 6-12 months to ensure the information is accurate and up to date. The good news is, you can now get your credit report and your credit score from any number of companies. Typically, you’ll need to pay a small fee for your credit report but you’ll likely be able to get your credit score for free.
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Whether you have good credit or poor credit, building financial awareness is the best way to save. Find tips, guides and tools to make better financial decisions.
We are awarding $750 to a student every semester. All you have to do is show us how financial literacy has made a difference in your life.
Almost $500 in commission-free trades. Code “50TRADESFREE”. Conditions apply.
Borrow $500-$50,000 from Fairstone by May 31 and don’t pay until July.
Build credit while spending money with the Refresh Financial VISA card.
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Check out our interview with addy; a platform that allows Canadians to invest in different properties across Canada with as little as $1.
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