Who Can See Your Credit Report?

Our credit reports are a window into our financial lives. They contain our personal information (including name, address, and SIN), payment history (for our credit cards, mortgage, auto loans and more), and any public records in our name (such as consumer proposals or bankruptcies). It can be worrisome not knowing who exactly can get a copy of these records.

Canadian laws don't let just anyone view your credit report

Provincial and federal laws clearly specify who can review your credit reports and for what reason. A company or individual can get a copy of your credit report so long as you have provided consent or after they have told you they will review your report. A company or individual must have an authorized business purpose or have your permission to obtain your credit report as outlined in government laws. Some of these purposes include credit extensions and debt collections.

The provincial and territorial laws vary, but they are similar in their intent to protect the consumer's credit information. The federal government has the Personal Information Protection and Electronic Documents Act (PIPEDA) to govern access to stored data and personal information.

Who typically pulls your report

Usually, companies and individuals will review your credit report once you have established a connection with them. This often means you have filled out an application form (for a loan, line of credit, a new apartment, or employment opportunity) that contains a consent statement. Always read the fine print to ensure the consent statement clearly explains how a company will access and use your information.

For example, a credit card company will most likely pull your credit report to decide whether to accept your application. Once it’s approved you and set you up with an account, the creditor is likely to report information related to your account to the credit reporting agencies. The creditor may even occasionally pull your credit report for "account management purposes."

Here is a list of entities that may have a permissible purpose to review your credit:

• Lenders and creditors
• Government agencies
• Insurance companies
• Credit monitoring services
• Employers and potential employers
• Landlords

You can see who has checked your credit and when

Every time a company or individual requests your report, the credit bureau records it on your report as an inquiry. This inquiry remains on your report for three years. Therefore, if you request a copy of your credit report, you will see a list of everyone that has requested your credit report and when.

You have the right to see your own report

You have the right to obtain a copy of your own credit report, otherwise known as a 'Consumer Disclosure'. A Consumer Disclosure contains all the information that's in your credit report, as well as a credit inquiry list (including non-credit and account management inquiries).

The 'Business Disclosure' is what companies and individuals requesting your credit report will see. This is a slightly abbreviated version of the Consumer Disclosure. A Business Disclosure does not include account management or non-credit inquiries, or your requests to view your own credit information.

Obtaining a free copy of your Consumer Disclosure is your right. It is a good idea to request both your TransUnion and your Equifax credit report, as they may contain slightly different information. Get your TransUnion report by contacting them by mail or in person. Order your Equifax report by calling 1-800-465-7166 or by filling out and mailing this form.

It's highly recommended that people request their Consumer Disclosures on a regular basis. With identity theft on the rise, there could be accounts open in your name that you're unaware of. These may gravely impact your credit rating.

Staying on top of your credit report is another chore most of us don’t want to bother with, but it's important. Like a medical check-up, an annual credit check-up will help you keep on top of your financial well-being.

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This guest post was written by Karen Stephenson. Karen is a freelance writer, journalist and editor. Her work has been published in numerous magazines and newspapers as well as online publications. She currently writes for several web sites.

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