How to get a copy of your personal credit report:
- Go to the Consumer Information Centre to get information about and initiate a request to obtain your credit report.
- Phone 514-493-2314 or 1-800-465-7166 to request a copy of your report and further information
- Mail a written request with copies of two pieces of identification to:
Equifax Canada Inc.
Consumer Relations Department
Box 190 Jean Talon Station
- Fax a written request with copies of two pieces of identification to: 514-355-8502
- Email a request to: [email protected]
Obtaining a copy of your credit file on a regular basis is an important step in managing your credit situation.
Consumer Credit File – Payment Ratings:
“R” means “Revolving or Option” (open – end account; ie credit cards)
“I” means “Installment” (fixed number of payments; ie leases or loans)
|R0 – I0||Too new to rate; approved but not used|
|R1 – I1||Pays (or paid) within 30 days of payment due date or not over one payment past due|
|R2 – I2||Pays (or paid) in more than 30 days from payment due date, but not more than 60 days, or not more than two payments past due|
|R3 – I3||Pays (or paid) in more than 60 days from payment date, but not more than 90 days, or not more than three payments past due|
|R4 – I4||Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due|
|R5 – I5||Account is at least 120 days overdue but is not yet rated 9|
|R6 – I6||This rating does not currently exist|
|R7 – I7||Making regular payments under a consolidation order or similar arrangement (i.e. Credit Counselling through Third Party)|
|R8 – I8||Repossession (voluntary or involuntary return of merchandise)|
|R9 – I9||Bad debt; placed for collection; moved without giving a new address|
How Credit Scores Are Calculated
- Payment history is 35%
Bankruptcies, late payments, past due accounts and wage attachments
- Amounts owed is 30%
Amount owed on accounts, proportion of balances to total credit limits
- Length of credit history is 15%
Time since accounts opened, time since account activity
- New credit is 10%
Number of recent credit inquiries, number of recently opened accounts
- Types of credit is 10%
Number of various types of accounts (credit cards, retail accounts, mortgage)
After you get your score…
- Order a copy of your credit report. Review it carefully and correct any significant errors.
- Pay your bills on time.
- If you have a questionable credit history, open a few new credit accounts, use them responsibly, and pay them off on time.
- Don’t open credit accounts you don’t intend to use. Having five or six of the same type of credit card (Visa, for example) does not work in your favour.
- Note that having a credit card or instalment loan can help boost your score, so long as you don’t have too high a balance and you pay it off in a timely manner.
- Keep your balance low in relation to your available credit. If your credit limit is $10,000, keeping your balance below $2,500 (or 25 per cent of your limit) will improve your score.
- Pay off your credit card debt instead of moving it around to lower rate cards. Moving balances to other credit cards (called a “balance transfer”) and closing out the old account can hurt your score.