Frequently Asked Questions

What is My Credit File?
  • What is a credit file?
  • What does a credit file look like?
  • Does everyone have a credit file?
  • What is on my credit file?
  • Who starts my credit file and how?
  • Should I have a copy of my credit file?
  • How do I get a copy of my credit file?
  • Once I have a copy of my credit file, is it easy to understand?
  • Why was I declined credit?
  • Who Are Credit Friendly Brokers?
Need Help Understanding Your Credit File?
  • How long does it take for information on my file to be updated?
  • What is my credit rating/credit score?
  • How long is the information held in my credit file?
  • What do I do if the information on my credit file is incorrect or needs to be updated?
Overdue Accounts (called defaults)
  • What is an Overdue Account (default)?
  • What is a clearout?
  • What does "current" mean?
  • What happens to the record of an overdue account on my credit file once the account has been brought up to date or paid?
  • Can I have the record of an overdue account on my credit file removed?
Credit Fraud
  • What is credit fraud?
  • What should I do if someone has used my identity to obtain credit?
  • Can I protect myself against credit fraud?
About Credit Providers
  • Do all credit providers that I make applications to check my file?
  • Is a credit check related to the amount I want to borrow?
  • Is the credit provider the only person to add information to my file?
  • Who can access my credit file?
  • Can credit providers access my file without my permission?
  • Why is a credit agency permitted to hold credit files on people?