Newfoundland Credit Rating - Credit Bureaus - Free Credit Report

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Credit reporting agencies or credit bureaus, collect information about consumers' financial affairs and sell that information to their business members, such as credit grantors, employers and insurance companies. The credit bureaus charge annual fees as well as a fee for each credit report requested by members.

In Canada, there are two major credit bureaus: Equifax Canada and TransUnion Canada

Most creditors are registered with both bureaus, so the chances are good that whatever shows up on one credit report will also appear on the other. This means you need to check only one bureau's records.

Newfoundland Bankruptcy Site Tip

The consumer has a right to place a 100 word statement (50 recommended) on the credit bureau file, to be given to anyone who obtains a future report.

Request a FREE copy of your Credit Report or a paid copy over the Internet.
The FICO® score
The Credit Bureau's policy regarding bankruptcy information
Protection of the Rights of Consumers

Credit bureaus use the following nine point scale to rate your credit:

R0 Too new to rate; approved but not used.
R1 Pays (or paid) within 30 days of billing; pays account as agreed.
R2 Pays (or paid) in more than 30 days, but not more than 60 days, or one payment past due.
R3 Pays (or paid) in more than 60 days, but not more than 90 days, or two payments past due.
R4 Pays (or paid) in more than 90 days, but not more than 120 days, or three or more payments past due.
R5 Account is at least 120 days overdue, but is not yet rated 9.
R6 (Code 6 does not exist.)
R7 Making regular payments under a consolidation order or similar arrangement.
R8 Repossession (indicate if it is a voluntary return of merchandise by the consumer).
R9 Bad debt; placed for collection; skip.

The FICO® score

The FICO® score, developed by Fair, Isaac (the pioneer in credit scoring) is a number between 300 and 850 that lenders use to determine your credit rating. A FICO® score is a snapshot of your credit rating at a particular point in time. The higher your credit score the more likely you are to be approved for loans and receive favorable rates.

The Credit Bureau's policy regarding bankruptcy and proposal information is:

The record of a 1st time bankruptcy is removed 6 years after the discharge;
The record of a 2nd time bankruptcy is removed 14 years after the discharge;
The record of a proposal is removed 3 years after the proposal is successfully completed.

Protection of the Rights of Consumers:

The Act applies only to consumer transactions.
Reports may be given to a person seeking information only for the purpose of: extending credit or collecting a debt; a tenancy inquiry employment or insurance verification under authority granted by a government statute otherwise, as a direct business requirement.
Before a person may obtain a report, she or he must: have the consumer's consent in writing, or notify the consumer by mailing a notice postmarked at least three days before obtaining the report.
If a consumer is denied credit or has an increased cost as a result of information obtained in a credit report, the person must be notified promptly by the person denying credit.
The consumer has a right to place a 100 word statement (50 recommended) on the credit bureau file, to be given to anyone who obtains a future report.
A consumer has a right to see the file and has a right to receive a copy of any report.

A detailed explanation by the Financial Consumer Agency of Canada