As most people have heard, it is very important to monitor your credit rating and know what is in your report. This is vitally important when you plan on purchasing a home and require a mortgage.
A poor credit score may prevent you from aquiring a mortgage or, even if you are able to get a mortgage, cause you to pay a higher interest rate which may end up costing you thousands of dollars.
It is important to review your credit report because you want to know if someone is using your identity to apply for credit and you also want to ensure that your credit report is accurate and that errors are not negatively affecting your rating.
In Canada there are two reporting companies, Equifax and Trans Union. Both WILL provide your credit report for free, but good luck finding your way through the maze to find their phone numbers and required forms....so I will provide them here.
Equifax: 1-800-465-7166
PDF mail-in request form: http://canadian-creditreport.com/equifax_credit_report_request.pdf
Trans Union: 1-800-663-9980
PDF mail-in request form: http://canadian-creditreport.com/transunion_credit_report_request.pdf
Keep in mind, only the report is free - you will have to pay to receive your credit score (FICO score) which is between 399 (lowest) to 862 (highest) which most lenders use as part of the requirements before extending credit. That purchase can be made on-line.
If you choose to order your report by phone, have your social insurance number ready.
Once you have your report, carefully review it to make sure all the items are correct. If you find any discrepancies be sure to contact the reporting company as soon as possible. It is important to regularly review your report, at least once a year.
I hope this helps answer any questions you might have - if not, feel free to contact me any time to help you obtain a mortgage pre-approval or answer any other real estate questions you might have.
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