What are the three credit reporting agencies?
Equifax, Transunion and Northern Credit Bureau (NCB)
- Consumer File Alert: info. on inquiry doesn't match file or is invalid.
- Safescan Warning: Fraud alert message warns you of potential application fraud.
- INQS: Alert appears if 3 or more inquiries within past 90 days
- #INQS: since file established
- ES: Employment Subject
- EF: Employment Former
- E2: Employment Second Former
- EC: Employment Spouse (except in QC)
What is a bankruptcy?
A legally declared inability of an individual/organization to pay their creditors. Kept on Equifax file for 6 years, Transunion 7 years.
What is a 3rd Party Collection?
A debt that a creditor is unable to collect, kept 6 years on file.
What is a secured loan?
A loan in which a Borrower pledged an asset such as a car that may be sold if the Borrower is unable to repay the loan. A chattel mortgage, registered loan or lien.
A final court ruling resolving the key questions in a lawsuit.
Consumer Statement Section:
Statement the consumer or subject added to the file to explain discrepancies or other comments.
Types of Accounts on Equifax Report:
- O - open account (30 or 90 days)
- C - Line of credit
- R - revolving or option (open-end account)
- M - mortgage
- I - Instalment (fixed number of payments)
Manner of Payment:
- 0 - too new to rate, approved but not used
- 1 - Pays within 30 days or payment due date
- 2 - Pays between 30-60 days
- 3 - Pays between 60-90 days
- 4 - Pays between 90-120 days
- 5 - Pays 120+ days
- 7 - Payments under a consolidation order
- 9 - Bad debt, placed for collection