Your credit file is created when you first acquire
credit or obtain a loan and serves as a record of your
credit history. Credit grantors (for example, financial
institutions) then regularly report to the credit bureau
information relating to those accounts. This information
includes the credit limit granted to you, amount of debt
incurred, payment history. Do take note that often, a
credit grantor will do business with only one credit
granting institution. Hence, one credit bureau may have
information that another credit bureau may not have.
Your credit file normally includes the following
information:
- Personal Identification - Your name,
address, previous address, birth date and Social
Insurance Number
- Credit Inquiries - Lists all individuals
or organizations that have requested a copy of your
credit file (done a credit check) within the past three years.
- Public Record Information - Information
about secured loans, bankruptcies and/or judgments
against you.
- Third-Party Collection Agency - Contains
information about any involvement with a collection
agency trying to settle a debt on behalf of another
entity.
- Credit Information - It provides details
of your credit accounts as well as payment
information. This information is supplied from
credit grantors and includes information such as
credit granted, debt incurred and payment history.
- Consumer Statement - Contains a statement
made by you which would explain underlying reasons
as to your credit information.
Your credit file will not contain the following
information:
- Medical histories
- Major purchases paid in full with cash or
cheques
- Business accounts, unless you are personally
liable for the debt
- Race, nationality, sex, creed, colour, ancestry,
ethnicity or political affiliations
| Type of Information |
Length of Time Stored* |
| Credit Inquiries |
3 Years from date of inquiry |
| Credit History |
6 Years from date of last
activity |
| Banking Information |
6 Years from date of
registration |
| Voluntary Deposit / Orderly
Payments |
3 Years from the date paid |
| Registered Consumer Proposal |
3 Years from the date paid |
| Bankruptcy |
6 Years from the date of
discharge (or 14 years from each discharge for
consumers with several bankruptcies) |
| Judgements |
6 Years from the date filed |
| Collection Accounts |
6 Years from date of last
activity |
| Secured Loans |
6 Years from the date filed |
* Time varies from Province to Province.
Laws governing your credit report vary from province
to province but are more or less substantially the same.
For more information, consult the following statues:
- British Columbia - Credit Reporting Act
- Alberta - Fair Trading Act
- Saskatchewan - Credit Reporting Agencies Act
- Manitoba - Personal Investigations Act
- Ontario - Consumer Reporting Act
- Quebec - An Act Respecting the Protection of
Personal Information in the Private Sector
- Nova Scotia - Consumer Reporting Act
- Prince Edward Island - Consumer Reporting Act
- Newfoundland - Consumer Reporting Agencies Act
