You may need to request a free credit report Canada when you want to apply for various lending options or need to borrow cash. Traditional banks and alternative creditors want to check your creditworthiness before they issue the funds for your needs.
The information mentioned in the annual credit report Canada is used to learning more about the borrower’s financial background and the way they handle debt.
Before you apply for no credit check payday loans, you should request your credit report Canada free of charge from one of the two main credit reporting agencies in our country. It will showcase the history of your loans and borrowings, the way you paid the debts off, and the credit cards you’ve obtained. You have two options so you can get either an Equifax credit report or a TransUnion credit report.
When you want to make a big-picture purchase, to buy an auto or a house, you will need to have a good credit history. Every creditor or service provider will also conduct a check to decide if they should give you the money for your needs. If an Equifax free credit report shows some issues with debt repayment, you may qualify for higher fees and extra charges.
Hence, it’s essential to get a free Canada credit report each year to check if there are no issues or mistakes. It will allow you to build a great credit history and avoid problems. Here are the ways to receive a free credit report in Canada.
How to Get a Credit Report Free of Charge?
There are several ways to receive consumer credit report update forms. You may request it from two nationwide credit reporting bureaus before you apply for guaranteed approval loans for poor credit holders. It will offer you a quick overview of your current financial situation as well as actions that have led to it in terms of borrowing. So, Equifax Canada free credit report or TransUnion free credit report Canada can be received:
#1 By Phone
The option is free for Canadian citizens and residents. For Equifax Canada credit report, telephone 1-800-465-7166. For TransUnion Canada free credit report, telephone 1-800-663-9980 (citizens of all provinces except Quebec) and 1-877-713-3393 (citizens of Quebec only).
There is an IVR or an Interactive Voice Response which is meant to collect the necessary data to process your request. You will need to answer a few questions to confirm your identity and provide a Social Insurance Number. The report will be delivered to your valid address within up to 10 days.
#2 By Mail or Fax
Your TransUnion or free Equifax credit report Canada may also be sent to you via mail or fax. To do this, you will need to fill in a special application form on the agency website. Also, it is necessary to send a photocopy of your Canadian ID with your present home address to receive the report.
Another type of document that is acceptable to submit is your driver’s license, permanent resident card, passport, birth certificate, Social Insurance card, or Certificate of Indian Status.
If you have local office locations to request Equifax free credit report Canada, you can go and request a report there. It may take more time as there are other people so you may need to wait in the queue. If it’s more convenient to come in person, you should bring two forms of identification, one photo, as well as proof of your present address.
For instance, you may bring your passport, driver’s license, Permanent Resident Card, Canadian Citizenship Card, or Certificate of Indian Status. The proof of your present address should be less than 90 days old.
Why Do You Need Canadian Credit Report?
Some consumers don’t know why they may need this document and why it is important to check it annually even if you don’t apply for lending solutions at the moment. A credit report Equifax can be helpful for borrowers and creditors as it includes all the necessary data to calculate your credit score.
Why do you need this rating? This figure is utilized by lenders to determine credit worthiness of a potential borrower. This way lenders define which interest rate they can offer depending on your financial background and the way you managed previous debt.
When you keep track of your report each year and know it’s up-to-date, you have more chances of getting approved for loans with better rates. TransUnion or Equifax credit report Canada free of charge gives you a chance to check if it doesn’t contain errors.
Sometimes consumers find mistakes or old data present in their reports. When you eliminate errors your credit rating will boost as well. It’s essential to get your Equifax online credit report to negotiate the terms of any lending solution you are going to apply for.
To sum up, you have the right to request your credit report for free annually. A copy of this document gives thorough information about your financial background and doesn’t affect your credit rating.
You can request this paper from two nationwide credit reporting agencies as each of them may have various information about your credit usage. This history of your financial obligations is created once you take out your first loan or credit card. The information on this report remains within six years so make sure you borrow responsibly.