Canadian Credit Reporting Act

by Jessica Brower ; Updated July 27, 2017
Accurante credit reporting is essential in a fair credit system.

The Credit Reporting Act defines what information credit reporting agencies are allowed to collect, to whom that information can be provided and for what purposes the reports can be used. By limiting the information a credit agency can include on a credit report, the act works to guarantee the privacy of Canadian citizens.

Credit Reporting Agencies

Credit reporting agencies are private, licensed businesses that retain and provide credit information, which can be released on request to employers, banks and other businesses. Activities are overseen by the attorney general’s office, who also holds the right to revoke a company’s license if they fail to comply with regulations set by the Credit Reporting Act.

Credit Reports

Reports issued by credit reporting agencies may not contain information about bankruptcies, imprisonments or judgments more than six years past their discharge, payment or release date. Any current court actions or judgments are not to be included unless the current status, amount in question and the name of the lender are included.

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Obtaining Copies

All credit holders are entitled to a copy of their credit history, which can be obtained at no cost by contacting one of two major reporting agencies.

Equifax Canada equifax.ca

Trans Union of Canada tuc.ca

Disputes and Investigations

If a consumer disagrees with the accuracy of a report, the agency must, by law, investigate. If any information is found to be incorrect, the agency must correct the inaccuracy, as well as contact every person who has received a copy of the report within the last 12 months, unless the consumer specifies otherwise. If no mistakes are found, a statement of dispute can be filed with the report, which will be provided anytime a person requests a copy of credit history.

References

About the Author

Jessica Brower is pursuing a B.A. in English and literature with The Evergreen State College. Writing since 1999, she has been published in various community publications. Brower's essays were published in "Beyond Parallax," the literary journal of Centralia College, which she also co-edited.

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tax deductions for graduate studentsrealtor.omcis hazard insurance same as homeowners insurancehow much inheritance is tax exemptdcf formula terminal valuemortgage loan modification agreementservices offered by credit unionscost of replacing soffits and fasciascan i file exempt on my w4calculate synonymhow to calculate average annual return in exceldistinguish between debt and equity capitalhow to calculate bpssgli beneficiaryalabama residency requirements for in state tuitionsocial security wages on w2credit card snifferfreehold and leasehold differencegovernment funding for assisted living facilitiesof taxes taken from paycheckexpired inspection stickerowner equity equationwww myflorida com accessflorida food stampsbiltmore house cost to buildfurniture grants for low income familiesschedule k 1 form 1041 instructionsnational coalition of estheticiansdow jones component stocksdid not receive 1099-intconcessional meaninghow long does repossession stay on your credit reportold fashioned credit card machinemoney pak comactivate boa debit cardorganizations that help pay for funeralsmultiple sclerosis scholarshiphow to get a refund on a moneygram money orderwalmartstockcollege grants for ex felonsfid freedom 2020bariatric surgery nchow can i charge someones credit cardproperty investment clubsga state tax bracketsaba therapy charlotte ncweb authorized pmt cardmember servis 576 a good credit scoremilitary retirement income calculatorhow to get a repo off your creditcaldwell unemployment officestudent loan tax offsetfood stamps rockford ilhardship affidavit sample lettersexample of fair value hedgeemancipated studentreceivables turnover ratetaxable inheritance minimumbadgercare income guidelineswithdrawal slip in bankcan charge offs be removed from credit reportlump sum lottery paymentcalculate return on common stockholders equityirs tax free giftdoes medical cover gastric bypassfixed asset turnover industry averagecvx stock splitregister vanilla visa card onlineearly 401k withdrawal penaltyelectric bills for apartmentsselling house in negative equityfha well and septic distance requirementsrn verification nyinherited iraspart time student tax deductionsproration meaningbenefits of graduating high school earlyadp aline debit card

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tax deductions for graduate studentsrealtor.omcis hazard insurance same as homeowners insurancehow much inheritance is tax exemptdcf formula terminal valuemortgage loan modification agreementservices offered by credit unionscost of replacing soffits and fasciascan i file exempt on my w4calculate synonymhow to calculate average annual return in exceldistinguish between debt and equity capitalhow to calculate bpssgli beneficiaryalabama residency requirements for in state tuitionsocial security wages on w2credit card snifferfreehold and leasehold differencegovernment funding for assisted living facilitiesof taxes taken from paycheckexpired inspection stickerowner equity equationwww myflorida com accessflorida food stampsbiltmore house cost to buildfurniture grants for low income familiesschedule k 1 form 1041 instructionsnational coalition of estheticiansdow jones component stocksdid not receive 1099-intconcessional meaninghow long does repossession stay on your credit reportold fashioned credit card machinemoney pak comactivate boa debit cardorganizations that help pay for funeralsmultiple sclerosis scholarshiphow to get a refund on a moneygram money orderwalmartstockcollege grants for ex felonsfid freedom 2020bariatric surgery nchow can i charge someones credit cardproperty investment clubsga state tax bracketsaba therapy charlotte ncweb authorized pmt cardmember servis 576 a good credit scoremilitary retirement income calculatorhow to get a repo off your creditcaldwell unemployment officestudent loan tax offsetfood stamps rockford ilhardship affidavit sample lettersexample of fair value hedgeemancipated studentreceivables turnover ratetaxable inheritance minimumbadgercare income guidelineswithdrawal slip in bankcan charge offs be removed from credit reportlump sum lottery paymentcalculate return on common stockholders equityirs tax free giftdoes medical cover gastric bypassfixed asset turnover industry averagecvx stock splitregister vanilla visa card onlineearly 401k withdrawal penaltyelectric bills for apartmentsselling house in negative equityfha well and septic distance requirementsrn verification nyinherited iraspart time student tax deductionsproration meaningbenefits of graduating high school earlyadp aline debit card
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