Do you know how to correct an error on your credit report?

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(NC)— A credit report is a record of your past and present use of credit and loans. It can mean the difference between getting approved or refused when you apply for a credit card, a mortgage, or other loans. The Financial Consumer Agency of Canada (FCAC) urges Canadians to order their credit report at least once a year and to review it carefully.

In recent months, many Canadians individuals have spotted errors on their credit reports, which can give lenders the wrong impression or can be a sign of fraud. Consumers have a right to dispute any information they believe is wrong. If you have identified an error, you can approach Canada's two major credit reporting agencies, Equifax Canada and TransUnion Canada. FCAC also suggests that you:

• support your case by gathering receipts, statements or other documents related to your

credit accounts

• use Equifax Canada's and TransUnion Canada's forms for correcting errors and updating information

• contact the lender to speed up the process yourself—you can ask the lender to verify its files and provide the credit reporting agencies with updated information

• escalate your case to someone at a higher level if you are not satisfied with the results of the investigation

• add a consumer statement to your credit report. Consumers have a right to add a brief statement to their credit reports (approximately 100 to 200 words). It lets lenders and others who review your credit report know what your view is, and lenders may consider it when they make their decisions.

By visiting itpaystoknow.gc.ca, consumers can access useful tips to help them order and understand their credit report, correct any errors and maintain a credit report that accurately reflects their financial history and reality.

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