Checking your credit score isn’t just about your credit history; it’s also one of the first indicators that you may have fallen victim to fraud.
“Some of the implications would be identity theft or fraud. That’s something the longer it goes on the more severe the consequences,” said the Credit Counselling Society’s Tina Filion.
“I think what’s worrisome is how elaborate fraud has become,” she added.
Potentially, errors on your credit report can make it difficult to get a loan, rent a place, or impact future employment.
The non-profit Credit Counselling Society tells Consumer Matters the frequency of people finding mistakes on a credit report can be as high as 30 per cent and can negatively impact your credit score.
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“It can be something as little as your name is misspelled, maybe your birthday is off, or it can be something bigger, like someone has taken out something in your name. It’s really important to check those details as soon as you are aware of them,” said Filion.
If you do notice a mistake on your credit report, Filion recommends you first contact the credit bureaus, like Equifax or TransUnion, to dispute the error. You can also notify the lender. If everything fails, the Credit Counselling Society suggests reaching out to Consumer Protection BC for help.
The provincial regulator has more information about disputing a credit score on its website.
Canadians are entitled to a free credit report once a year through TransUnion and Equifax. The Credit Counselling Society urges people to check their credit reports twice a year. “Check your TransUnion the first time and then the second time you can do Equifax,” said Filion.
Filion also says checking your own credit score is considered a soft inquiry and does not impact your credit score. “The times where it will impact your credit score is if you do a hard inquiry, that’s usually when you are seeking credit, like making a credit application,” Filion added.
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