Check the Accuracy of Your Credit Report

Credit bureaus store and maintain information about your credit and payment habits in a detailed credit report. This report can contain information such as personal identification, your credit history, public records with an effect on your credit and a list of parties you have authorized to access this information. The purpose of this report is to establish a standardized and objective credit rating for you.

What is a credit rating?

A credit rating is a measure of how dependable you are in repaying your debts. Your credit rating is not established by the government or by financial institutions - it is established by you. If you neglect to pay your bills on time, or fail to repay a loan, you may be reported to a credit bureau. These privately run companies supply and exchange information on how borrowers/debtors pay their bills. This information is used to evaluate your credit worthiness. Credit can be one of your most valuable personal assets. If you mismanage credit as a student, it can impact your financial well-being after you graduate. By establishing a good credit rating now, you are helping to ensure a healthier financial future.

How do I find out what my credit rating is?

You have the right to see the information in your credit bureau file, which includes your credit rating. Contact one of Canada's credit bureaus to receive a copy of your credit report by mail, free of charge. For a fee, you can also view your credit report online. If you have been denied credit on the basis of a rating which you feel is inaccurate, you can request that the information be corrected.

For more information, contact one of the credit bureaus directly at:

TransUnion Canada: 1-866-525-0262
www.tuc.ca

Equifax Canada: 1-800-465-7166
www.equifax.ca

How do I establish a good credit rating?

The easiest way to establish a good credit rating is to pay your bills on time. Another way is to apply for a credit card. If you use it responsibly and make your minimum payments, you can develop a history of good credit. And a credit card is easy to obtain and easy to use. A CIBC Personal Banker can also help you start establishing a good credit rating.

The information in this article is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.