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Difference between revisions of "Credit Reports and Credit Ratings"
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Credit Reports and Credit Ratings (view source)
Revision as of 05:22, 20 September 2018
, 05:22, 20 September 2018no edit summary
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== Summary of the law== | == Summary of the law== | ||
Consumer_Law_and_Debt_-_Credit_Reports_and_Credit_Ratings.jpg | |||
Each institution that a consumer obtains credit from has its own details of the consumer’s history with that institution. A person’s credit record is basically the accumulation of their entire credit history. Historically, that information was kept at a local credit reporting agency, called a credit bureau. Credit bureaus and other reporting agencies provided credit report information to creditors for a fee. More recently, credit reporting services have been consolidated into national reporting services, including [https://www.consumer.equifax.ca/home/en_ca Equifax] and [https://www.transunion.ca TransUnion]. These are not government agencies. | [[File:Consumer_Law_and_Debt_-_Credit_Reports_and_Credit_Ratings.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]]Each institution that a consumer obtains credit from has its own details of the consumer’s history with that institution. A person’s credit record is basically the accumulation of their entire credit history. Historically, that information was kept at a local credit reporting agency, called a credit bureau. Credit bureaus and other reporting agencies provided credit report information to creditors for a fee. More recently, credit reporting services have been consolidated into national reporting services, including [https://www.consumer.equifax.ca/home/en_ca Equifax] and [https://www.transunion.ca TransUnion]. These are not government agencies. | ||
Credit reporting is regulated by the [http://canlii.ca/t/84mr ''Business Practices and Consumer Protection Act''] and the [http://canlii.ca/t/84mg ''Personal Information Protection Act'']. The two Acts have a number of provisions that are important for the protection of consumers. | Credit reporting is regulated by the [http://canlii.ca/t/84mr ''Business Practices and Consumer Protection Act''] and the [http://canlii.ca/t/84mg ''Personal Information Protection Act'']. The two Acts have a number of provisions that are important for the protection of consumers. | ||
