10 Myths About Credit: Credit Report

Myth: You are only allowed one free credit report of yourself mailed to you a year in Canada from Equifax and Trans Union.

Reality: You are actually allowed as many free credit reports on yourself mailed to you as you would like. You of course have to fill out some personal information and provide government issued photo copies of yourself, but that’s about it. If you think they are going to advertise it prominently on their websites…good luck. A credit report however, does not have your credit score, a common by many. A credit report actually provides more useful information than a credit score because it list all your debts, how much you owe on them, whether these debts are closed, whether you were late of making minimum payments and how many times with the last 3 years you had inquires on your account. In reality though, you probably don’t need to check your credit report more than 2 times a year. Here is Equifax and Trans Union’s credit report request form.

Solution: Get one free credit report each from Equifax and Trans Union twice a year. In January and in July (or any 6 to 6 month cycle). Check to see all the information is correct and if not provide the supporting documentation for the changes in the “request for changes” form they provide with your credit report.

Myth #1: Joint Credit

Categories: Credit

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