Credit Repair Canada
Just as so many other countries do, Canada has implemented strict guidelines about credit reporting and repair procedures that are uniform across the nation. To assist the individual resident with credit repair Canada offers a free publication to help with the matter.
The publication, Understanding Your Credit Report and Credit Score, can be obtained from the Canadian government either online or in print. There is no charge for either version.
The publication describes how the local credit reporting agencies operate. Equifax and TransUnion are the two largest providers of Canadian consumer credit reports, just as they, along with Experian, are in the United States. In spite of obvious similarities, these companies operate under different regulations in the US and Canada.
Residents of the US are limited to just one free credit report each year and they must pay extra for their credit scores or any additional credit reports requested during the year. To help its residents stay on top of credit issues that include credit repair Canada allows multiple free credit reports to its residents. Canadian consumers must request each credit report in writing and will get a hard copy delivered via the mail service. Multiple requests, even during one year, do not influence the Canadian consumer’s credit score in any way; in the US, multiple requests can have an adverse effect on the consumer’s score.
The free Canadian credit report publication includes credit report and credit score samples plus explanations for all the codes and notations used in these documents. General information covers the steps required in building a good credit history as well as information on how to improve one’s score when it is less than desirable. When looking for information on credit repair Canada residents often turn to this handy publication for guidance.
An added benefit of the Canadian government’s consumer credit publication is the information it provides on the subject of identity theft. The publication describes procedures for safe handling of personal data as well as ways the consumer can identify theft when and if it should occur.
Canada uses the Fair Isaac Corporation (FICO) formulas to calculate credit scores. Equifax uses FICO scores that range from 300 to 900, with the higher score indicating a higher level of credit worthiness.