What Are Credit Bureaus?
Welcome to our Hoyes Michalos Debt Free Digest where we round up personal finance topics from around the web to help you live, and remain, debt free.
Credit bureaus provide you with your credit report. But who do credit bureaus work for and what else should you know about them? That’s the focus this month.
How Credit Bureaus Work in Canada
In Canada, there are two official credit bureaus – Equifax and TransUnion. You’ve probably pulled your credit report from one or both of these agencies.
Learn more about how these credit bureaus work, which creditors report to them, and how to ensure you are always getting your most up-to-date credit information.
Good Reads From Around the Web
Beware of Non Credit Bureaus
Maybe you have heard of alternative credit reporting companies like Borrowell, Credit Karma, and ClearScore. While they also give you free copies of your credit report, they are not official agencies.
In fact, they pull information from one of the two bureaus. Credit Karma and ClearScore get your credit information from TransUnion, while Borrowell gets it from Equifax.
Companies like Borrowell, Credit Karma, and ClearScore are actually in the business of selling you debt. They entice customers with access to a free credit score but it comes with a catch. You have to provide a lot of personal information to them, like your income and financial goals. Then they use this information to tailor debt services to you, which can risk debt problems.
Another issue with their credit reports is that they are not always accurate and up-to-date. You may find a lot of errors on their versions of your report and you will need to contact either Equifax or TransUnion for corrections.
We recommend avoiding these alternative companies that act as middle-men and getting your credit reports directly from the two official bureaus in Canada.
How Long Does Information Stay on Credit Report?
In this post, Ian Martin explains how long information like a bankruptcy or consumer proposal will remain on your credit report.
He shares practical tips for improving your credit even before this information falls off.
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