One thing we always ask individuals to do, whether they think their credit rating is good or bad, is to get a copy to check it out. Yet, for whatever reason, many Canadians look upon credit reports as being documents shrouded in mystery. But as Campbell notes, there shouldn't be any mysteries about personal credit ratings. By law, personal credit information can be released to third parties only if the person is applying for credit, employment or insurance, or if there's a legitimate business need for this information. But anyone can access their own information at any time.
Officials can only speculate.
Most credit grantors supply the bureaus with information that is accurate and legible. And that's when mistakes are likely to be made. Still, Michel Globensky, Equifax Canada's assistant vice-president of administration and security, says hundreds of thousands of Canadians obtain copies of their credit reports each year and Equifax is diligent when it comes to eradicating errors. Information is our lifeblood. Even so, before negotiating a mortgage or applying for a loan or credit card, Campbell of CCS advises people to review their own credit ratings first.