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You can see your credit report for free, it’s the law

Knowing what’s inside your credit report is more than just a good idea, it’s an essential element of any prudent financial plan.

Identify theft continues to be a problem across the country. Thieves are racking up massive debts, using the good names and credit of their victims and leaving behind a financial mess that’s difficult to clean up. Keeping on top of your credit report will help you find out if someone is using your credit, hopefully before the creditors come knocking on your door, attempting to collect the debts that have accumulated in your name.

It seems there may be another good reason to be mindful of your credit report. CNN reported today that a number of employers in the U.S. are beginning to request credit reports from prospective employees. I’m not completely sure why they feel this is justified. I suspect that they would argue that a person’s credit worthiness speaks to that individual’s sense of responsibility, and perhaps their character. After all, the granting of credit is always based on the promise to repay. I don’t know if we’ll ever see this practice used here, but I see nothing in the Saskatchewan Human Rights Code which would prevent it.

Our province has a Credit Reporting Act which governs the types of information that credit reporting agencies can keep on you, and how long it can be kept for. The federal Personal Information Protection and Electronic Documents Act states that you have a right to know what information credit reporting agencies have about you in their files.

There are two major credit reporting agencies which operate in Canada. They are Equifax and Trans Union. Both of them will have information in their files concerning your credit history. If you need to have the report today, both services offer an over the web credit report for around $15.00. They also offer a free credit report which is sent to you in the mail. The links below will take you right to the page of each agencies website where the options are presented. Why not get started on this today?

Equifax credit report

Trans Union credit report

Publication titled, “Understanding Your Credit Report and Credit Score” published by the Financial Consumer Agency of Canada.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

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Norm Fisher
Royal LePage Saskatoon Real Estate