Equifax Canada

Equifax Canada is owned by Equifax in Atlanta Georgia and is based in Toronto, Canada. It is one of three credit reporting agencies in Canada. (Trans Union and Experian are the other two credit reporting agencies). Equifax Canada was established in 1919 and is a recognized leader in the information services and credit reporting business.

Equifax Canada reports individual and business credit scores using the FICO scoring system. FICO, or Fair Isaac Corporation, provides the software scoring system that Equifax uses both in the United States and in Canada.

A credit report uses a scoring system that is comprised of several factors. These factors include:

• An individual or businesses payment history- 35 percent
• Total amount owed from all accounts listed– 30 percent
• Length of credit history – 15 percent
• Total number of new accounts – 10 percent
• The different types of accounts reported – 10 percent

Based on this scoring system, a credit score is generated. There is a wide range of scores, from 340 to 850. The higher your credit score is, the better your chances are of having a credit application approved.

A credit report also reports specific information about individuals or businesses. The information contained in an Equifax Canada credit report also includes:

• Key personal identification information such as name, date of birth, address and social security information.
• Public record information such as any reported bankruptcies, loans or court judgments against an individual or business.
• Third party collection agencies trying to collect on a debt.
• Inquiries for your credit report and the organizations that requested it.
• Trade information that specifies how payments are being made to each of the accounts being reported.
• Consumer statement that is made by an individual or business. A consumer statement is a brief statement that can be made on the credit report regarding the reasons for an R9 rating or reason for a bankruptcy. If you have an R9 rating for an account due to illness, injury or disability, it can be described in a consumer statement.

An Equifax Canada credit file report can be obtained on their website for a fee or free via Canada post. Their address is as follows:

National Consumer Relations

PO Box 190, Station Jean-Talon

Montreal, Quebec H1S-2Z2

If you receive a copy of your credit report and disagree with any of the information contained in it, you may dispute the offending items. To dispute an item on your credit report you must fill out a dispute form that can be obtained from the Equifax Canada website or obtained through a request in the mail.

Once Equifax Canada receives a completed and signed dispute form they will begin the dispute resolution process. An investigation of disputed items may include contacting the submitter of the credit information to verify information. If a discrepancy is found, the report will be corrected. Any creditors that have requested a copy of a credit file 60 days prior to the correction will receive a corrected copy of the credit report. A corrected copy will also be sent to the individual who filed the dispute form.

If the dispute isn't resolved to the individual or businesses satisfaction, a consumer statement may then be added to the credit file.

Third party agencies cannot make corrections to your credit report. Only inaccuracies can be changed by Equifax Canada. Beware of agencies claiming that they can fix your credit report in exchange for money.

Most negative information reported on your credit file is purged from the Equifax Canada system six years from the date of last activity or file date.

• Registered consumer proposals are purged three years from the date that they were paid.

• Judgments are purged six years from the date they were filed and bankruptcies are purged six years from the discharge date.

An exception to the six-year purge date is any P.E.I. public records, which are purged from the system within seven to ten years.

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