What to Do If You Find Mistakes on Your Credit History Report
Once you receive a copy of your credit history report, it will contain explanations to help you understand it and instructions about updating or disputing mistakes and outdated information. The Government of Canada has also published a guide called Understanding Your Credit Report and Credit Score to help Canadians understand how the credit reporting system in Canada works. It contains all sorts of helpful information, including how long information stays on your credit report.
Understanding Your Credit Score
When it comes to your credit score, it changes often and there are set factors that influence a score. These are found on your credit report which is another key reason to ensure that it is always accurate. Understanding the basics of credit scoring helps you understand what you can do to improve your score. It’s an important number when you’re applying for credit, but don’t obsess over your credit score. There’s much more to maintaining your financial well-being than a 3-digit number.
7 Things That Are Not on Your Credit Report
Should a Potential Tenant Request Their Own Credit Report?
If you are a tenant and plan to apply for a new rental, get a copy of your own credit report before you consent to any credit checks. If there is something on your report that needs to be corrected or explained, it’s best to deal with that before your future landlord finds out via the credit history report they obtain about you. It’s usually not worth bringing a copy of your own credit report along to a property viewing, but landlords who don’t know how to check someone else’s credit might ask for it.
Stand Out to a Potential Landlord and Land Your New Place
How to Get a Credit Report About Someone Else
To generate some extra cash, you might decide to rent out a basement suite in your house, space you don’t need in the garage, or even a spare room in your home. As part of the screening process for prospective tenants, you may ask them to consent to a credit check. Once they have signed and agree that you may obtain a credit history check, the trick becomes figuring out how to get a credit report for someone else.
Accessing someone else’s credit report or credit score is not as easy as requesting your own credit report for free. You need to be a member of Equifax or TransUnion to access their services, which is cost prohibitive for most individuals who only need to pull credit checks periodically. In Canada, there is the Tenant Verification Service (TVS) which might be an option. TVS requires a landlord to pay a one-time, non-refundable set up fee and then they have a pay-as-you-go system for obtaining the reports you need when screening new renters. If you work with a property management company to place new tenants, they are likely a member of one of the credit bureau companies and will obtain a report through either Equifax or TransUnion. It can be worth hiring a company to place new tenants, even if you manage the day to day of your rental yourself.
How to Deal With Your Debts If Your Credit Score and Report Are Lagging
There’s a lot to the ins and outs of credit reporting and scoring in Canada. However, if you stay on top of managing your money and using credit wisely, your credit score and report will remain positive. If you find out that you’ve got debts you forgot about or owe more than you’re able to pay, reach out to us to discuss your situation with one of our credit counsellors. Appointments are free and confidential; your creditors will not find out you contacted us for guidance. The counsellor will not judge you and can answer your questions. You’ve got nothing to lose but your debt, and everything to gain!