Area of Law: Credit, Debt and Bankruptcy
Answer # 0290
Credit reporting agencies
Region: Ontario Answer # 0290TransUnion and Equifax are the two major credit reporting services in Canada. They collect an individual’s credit and debt information from banks, lenders, credit card companies, leasing firms, courts, and others. These agencies, also called credit bureaus, do not report on your annual personal income, family income or how much you have in the bank — only your debt, available credit, and the public record (bankruptcies, court judgments, etc.). In Ontario, credit reporting agencies and consumer credit reports are governed by the Consumer Reporting Act.
Credit Help
When you are in a situation of financial difficulty, there are many options to consider. For easy-to-understand debt solutions, including bankruptcy, contact an experienced and compassionate agency . Get the help you need to rebuild your financial future. It’s easier than you think.
Credit reporting agencies record the information they have collected about your credit history in a credit report. They also provide credit scores and credit ratings that are based on this information, and are used by lenders to determine if you are not only a good risk to lend money to, but how much, and for what rate.
It is important to note the difference between a credit score and a credit rating. Your credit score will tell a lender overall how financially responsible you are at any given time, while each separate credit account you have will have a credit rating that gives a rating of how and when you make payments.
Get help
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There are many options to consider when you are in a situation of financial difficulty. For easy-to-understand debt solutions on your terms, contact our preferred experts 4Pillars and rebuild your financial future. With 60 locations across Canada, they will help you design a debt repayment plan and guide you with compassionate advice. No judgment. For help, visit 4Pillars or call toll-free 1-844-888-0442 .
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