How to look out for errors in credit bureaus

in the 8th installment following up my post on “teaching kids about credit” we will look at

How to look out for errors in credit bureaus

Errors in credit bureaus are actually more common than expected. It is my opinion that a person should look at their own credit bureau every so often and make sure their are no errors in the reporting from lenders, or collectors. Their are a couple ways to retrieve a credit bureau. Thee first way it too request a free copy from Equifax and Transunion. A consumer allowed 1 free credit report every year from these credit reporting agencies. A consumer would need to call either bureau and request their free copy to be mailed to them. The other method is to sign up to a credit monitoring service from one, or both, of these agencies.

For Equifax you can go here: http://consumer.equifax.ca/home/en_ca

For Transunion you can go here : http://www.transunion.ca/ca/home_en.page

Both of these sites will require you to pay for the monitoring service, but a couple dollars a month in monitoring fees can save you thousands if a mistake shows on the bureau and doesn’t get detected. I, myself, am a member of both, and rely heavily on these monitoring services. These services allow the consumer to look at their credit anytime they wish. These services will actually email any changes on the report. I personally find these services a huge value for peace of mind. If a company inquires on your bureau, or any fraud activity is spotted then they service will email you the change so you can login and check for yourself.

These services are especially important when it comes to applying for a car loan Calgary, or applying for a truck loan alberta. Prior to applying for an auto loan you can check your own credit and know exactly what to expect prior to getting a car loan in Canada .

In closing it is very important to check for errors in the credit bureau, and even more important to get them corrected right away. Errors in a credit bureau can cost thousands of dollars in interest, especially for car loans in Canada.

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Just my 2 Cents

-M

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