The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
Canadians can now get personalized credit reports and scores online at GE Mortgage Insurance Canada's web site (www.gemortgage.ca), following an agreement with Equifax Canada Inc. The link to Equifax Canada's credit information services allows consumers to quickly check their credit report to ensure the information is accurate, and learn about how lenders evaluate credit risk. "It's more critical than ever for Canadians to understand and manage their credit profiles," says Peter Vukanovich, president and CEO, GE Mortgage Insurance Canada. "The number of financial institutions using automated systems when making lending decisions is growing, which places a greater emphasis on credit reports and credit scores. Consumers should review their credit history regularly to ensure the information is accurate." "Understanding credit and how to obtain it at the best possible terms is a crucial step in helping Canadians realize their home ownership dreams," added Vukanovich. "People need to be on the lookout for inaccurate information and ambiguities in a credit report, which can make the difference between a good or bad credit rating." Personalized credit reports contain information on your credit cards, lines of credit and other loans, the companies accessing your credit information, payment history, and delinquent payments. In addition to delivering credit reports and credit scores, consumers can learn more about the credit scoring system and access credit management tips. The site includes an explanation of your credit score, how it ranks relative to other consumers, steps required to correct inaccuracies, and suggested tips that may help improve the credit score. "Checking credit reports empowers consumers to manage their credit health and protect themselves against fraud and identity theft," said Rick Cleary, president of Equifax Canada Inc. "Many consumers are unaware of how credit information is used by lenders. Being aware of your credit status is important, especially if you are looking to finance a home."