Credit Bureaus

Credit reporting agencies, or credit bureaus, collect information about consumers' financial affairs and sell that information to their business members, such as credit grantors, employers and insurance companies. The credit bureaus charge annual fees as well as a fee for each credit report requested by members.

Credit bureaus obtain their information from three major sources:

1. Consumers supply information, primarily from filling out application forms for credit.
2. Public records provide information on such matters as bankruptcies, Court judgements, foreclosures and agreements registered with Provincial authorities.
3. The major credit grantors and collection agencies send their credit files electronically to the credit bureau every month, resulting in files that include the account number, outstanding balance, and a nine point scale indicating whether a payment was made on time or late.

The Vancouver Credit Bureau's policy regarding bankruptcy information is:

• Purging Files – The data included in the bankruptcy will be purged six years from date of last activity.
• Bankruptcy Discharge – There is no change to data already appearing on the file following the posting of a bankruptcy or a discharge.
• Listing Balances of Debts – The data that the credit grantor provides is on tape. The Credit Bureau records the balance shown by the credit grantor.
• Reporting Standards – Credit Bureaus share information within a system known as the National Equifax Network. The network observes strict standards governing reporting of adverse information and purging of credit reporting records. The credit bureau must investigate and use its best efforts to confirm disputed negative information.

Appeals

Appeal of an action taken by a credit bureau may be referred to:

The Registrar of Credit Reporting Agencies
1019 Wharf Street
Victoria, B.C. V8V 1X4

A decision of the Registrar may be appealed to:

The Commercial Appeals Commission
Suite 1203 - 865 Hornby Street
Vancouver, B.C. V6Z 2G3
commercialappealscommission.bc.ca

Your Rights

A consumer has a right to full disclosure of the content and the source of any information on her or his file. The Registrar of Credit Reporting Agencies recognizes that all complainants consider their issues to be very serious. For that reason the Credit Reporting Branch insists that credit reporting agencies and creditors provide prompt and complete reports to the consumer about diverse credit information.

The Credit Reporting Act protects several rights of consumers:

1. The Act applies only to consumer transactions.
2. Reports may be given to a person seeking information only for the purpose of: extending credit or collecting a debt; a tenancy inquiry employment or insurance verification under authority granted by a government statute otherwise, as a direct business requirement.
3. Before a person may obtain a report, she or he must: have the consumer's consent in writing, or notify the consumer by mailing a notice postmarked at least three days before obtaining the report.
4. If a consumer is denied credit or has an increased cost as a result of information obtained in a credit report, the person must be notified promptly by the person denying credit.

Note: A person has a right to place a 100 word statement (50 recommended) on the credit bureau file, to be given to anyone who obtains a future report. A person has a right to see the file and has a right to receive a copy of any report.

Credit History Request Form

If a person wishes to receive information on his or her credit history, the request must be made by fax or mail. The following form may be used to request information:

• Adobe Acrobat PDF File – 22 KB
• Microsoft Word Document – 35 KB

Note: The Vancouver Credit Bureau was recently purchased by Equifax Canada. The Vancouver Credit Bureau office was closed and all operations were moved to Quebec.

Send your request to:

EQUIFAX CANADA
P.O. Box 190
Station Jean Talon
Montreal, Quebec H1S 2Z2
Tel: 1-800-465-7166
Fax: 1-800-465-4430
www.equifax.ca

or contact another credit bureau on our Research & Tools page.

If you have any questions, please do not hesitate to contact any of our offices.