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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.
: Fraud alert message warns you of potential application fraud.
: Alert appears if 3 or more inquiries within past 90 days
: since file established
: Employment Subject
: Employment Former
: Employment Second Former
: 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