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Keep Control of Your Credit Rating
Did you know that everyone should ask to see their
credit report at least once a year?
According to a survey done in 2011, over 90 per cent
of Canadian respondents said they did not know
that a copy of their credit report could be sent to
them in the mail, free of charge. Moreover, 62 per
cent said that they did not know the procedure
when it comes to getting a credit report corrected.
If you’d like to know more, here’s an overview:
Start by ordering a free copy of your credit report.
You can do so by mail, fax, or telephone, or in
person from the two Canadian credit-reporting
agencies: Equifax Canada and TransUnion Canada.
Your credit history summarizes the information
concerning the types of credit that you use or that
you have used in the past, including credit cards,
loans and financing plans. Examine your credit
report carefully to determine whether there are
any errors or signs of identity theft.
Check for errors in your personal information
and in the information concerning your credit
card and loan accounts, as well as for mention of
accounts that you have never opened. Errors may
give lenders the wrong impression and result in a
denial of your credit application. Even errors that
do not seem to be serious, such as a misspelled
name or incorrect address, can create problems if,
for example, you want to rent an apartment or are
applying for a job. If you find a mistake, contact
Equifax Canada and TransUnion Canada.
To find out the steps to follow to correct an error in
your credit report, go t
The Financial Consumer Agency of Canada
provides resources to help you understand your
credit report and your credit score.
More information is available online at
Learn your rights when offered a financial product
Most people have, at some point, received a telephone call from their finan-
cial institution offering additional services such as a new line of credit, or
optional insurance coverage on a credit card.
What most people don’t know is that any federally regulated financial
institution must obtain your consent before offering you a new (or optional)
financial product. The Financial Consumer Agency of Canada (FCAC) at
rovides consumers with this type of information. Find
out, for example, about your rights before and after you agree to sign up for,
or cancel, a new or optional product or service. If you feel that your financial
institution is not respecting your rights in such instances, contact FCAC.
Did you know that most financial frauds are committed by individuals who
are not licensed to sell financial products? You can protect yourself against
these scams by ensuring that your financial advisor is licensed, registered
and in good standing with regulatory organizations across the country.
Licensed financial advisors must complete continuing education programs
to help them keep on top of new financial products, rules and regulations,
and industry trends. If they do not comply, they are subject to stiff penalties,
including fines and loss of license.
To ensure that the firm and financial advisor you are dealing with have met
the appropriate requirements and are licensed to provide certain services,
visit the following websites:
The national registration search, at
s all
registrants (individuals and firms) in Canada, except for those registered
solely with the Ontario Securities Commission (OSC).
A list of those registered in Ontario is available at
The Investment Industry Regulatory Association of Canada member list:
The Mutual Fund Dealers Association of Canada member list:
La Chambre de la sécurité financière (Québec only):
To find out whether a financial advisor has been disciplined by securities
administrators, check the Canadian Securities Administrators’ Disciplined
Persons list: