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What Kind Of Information Will Your Credit Report Contain?

Saturday, June 19th

What Kind of Information Will Your Credit Report Contain?

A credit report is the compilation of a consumer's financial history. It includes information about every account ever opened, every loan ever secured and every financial institution with which an individual ever has done business. It also is a barometer for lenders to determine if they wish to do business with a particular consumer. Credit reports contain a credit score ranging from 300 to 850. Persons with scores over 700 are considered in good financial standing.

There are many reasons to check your credit report at least once a year, but fraud prevention and accuracy of information contained within the report are among the top reasons to take a peek.

Speaking of accuracy of information, there are certain kinds of information that are included in every credit report. While it is true that all three agencies collect their information in slightly different manners, all three generally follow the same rules as to what kind of information is found in the reports.

So what can you expect to see if you order a credit report on yourself?

All credit reports contain identifying information about the individual: full legal name, any aliases used, social security number, date of birth and employment information. Most reports also contain a complete listing of all places of residence for the consumer. Residential information is compiled from utility bills and credit card companies, or any other creditor with which an individual has done business.

A complete listing of all credit accounts also is included in an individual's report. Lenders will provide information on each account a consumer has opened with them. The report will classify which kind of account it is: bank account, credit card account, mortgage, vehicle loan, or utility service. If a consumer has closed an account with a creditor, the dates the account was both opened and closed should be included in the listing for that account. It is important to check this information closely to ensure that all accounts opened are in good standing and that the accounts were actually secured by the individual on the report.

Credit inquiries also are listed on a consumer's credit report. Credit inquiries are requests by any lender who has asked to view your credit report. Inquiries are classified as voluntary or involuntary. Voluntary inquiries are ones the consumer has initiated, such as for a car loan or mortgage. Involuntary inquiries are those conducted by companies, such as credit card companies, without your knowledge. It is not uncommon for certain creditors to check your financial standing to determine if they wish to make you a special offer on opening an account with them. Credit card companies frequently make involuntary inquiries on consumer credit reports in an attempt to drum up new customers.

The final bit of information included on credit reports is anything pertaining to a consumer's public history: bankruptcies, overdue payments, foreclosure and wage attachments are among the common items found on credit reports.

Any information found on the report which is in error should immediately be disputed with the credit reporting agency. Each of the three agencies has a process for disputing information, which is clearly explained on the reports they issue to consumers, as well as on their individual websites. TopConsumerReviews.com has reviewed and ranked the best credit repair services available today.

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Canadian Credit Monitoring Company FAQ

Credit monitoring can mean two things: getting your credit score and report, or tracking inquiries made on your credit report with the intention of spotting fraud or identity theft. When you see services offering "credit monitoring" , most free platforms in Canada only offer you access to your credit score/report, while paid providers include tracking of your credit report and insurance against identity theft.
In Canada, there are two bureaus responsible for reporting consumer credit: Equifax and TransUnion. Each bureau uses different methods of calculating your credit score; some lenders and creditors prefer one over the other.
It might, depending on which service you select. Some free credit monitoring platforms in Canada give you access to your credit score and history, but you're responsible for looking for errors and fixing any problems you find. Paid services almost always monitor your account for any suspicious activity, help you freeze your accounts, and often include restoration specialists to guide you through the process of recovering your identity. You may even have identity theft insurance included in your paid package.
Some credit monitoring services in Canada are absolutely free. Most paid credit monitoring services cost between $11 and $30 per month, depending on the level of service you select and how many people you're covering (an individual vs. a couple or household).
Not necessarily. Your bank probably gives you access to your credit score when you sign into your account, but not a copy of your credit report. Plus, your bank doesn't have access to your credit cards, loans, or other creditors' information; they won't be able to spot fraudulent activity on any accounts outside of their institution.
If you use your monitoring service well, yes. Even with a no-fee credit monitoring platform, you can keep an eye on your credit score and act quickly if you notice anything out of the ordinary. Also, almost every credit monitoring service includes ample financial education, to help you understand money even better and to make good decisions for a healthy credit report.
Contact the company that is reporting the inaccurate information. It could be a simple administrative mistake. However, if you suspect that it's fraud, you should contact Equifax and TransUnion to inform them and ask that a fraud alert be placed on your credit reports. You should also report the fraud to the Canadian Anti-fraud Centre, and contact any lenders or other organizations that might be affected by the breach.
It's worth considering. Identity thieves often target children's information, because they can often use it for many years before being caught. Some credit monitoring programs in Canada offer discounted pricing for family plans.
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