The credit file is vital!
Credit is becoming more and more important in the lives of all Canadians, but unfortunately many people do not know the usefulness of credit files or the existence of both Equifax and Transunion agencies.
A consumer education on their credit report is needed, the situation is serious!
Having a bad credit score can have serious consequences throughout the life of the consumer. Especially knowing that almost 80% of the files are wrong!
A legal vacuum surrounding the setting up, the exchange of information between the creditor and the credit bureaus and the consumer exists and disqualifies any procedure initiated by the consumer.
The creditor sends a bad note to the credit bureaus, no control process to verify the veracity of the information, the consumer is neither informed of the bad note, nor his rights to challenge such information. The worst is to know that the burden of proof to demonstrate lies on the shoulders of the consumer before any common law court, an aberration.
Moreover, the financial institution or company that decides whether or not to deal with the consumer does not inform it any more about its way of judging the credibility of the consumer and is even prohibited from disclosing any document from the credit bureaus to the customer. .
In this way, the consumer who does not regularly check his credit report suffers all collateral damage because more and more companies or stakeholders in life decide according to the information on the credit file such as:
- financial institutions to issue a credit card, auto loan, mortgage, loan, …
- insurance companies
- housing owners
Responses can be negative to any request or products or services billed more to consumers with bad credit are below 680 FICO points. This means the score on the file that the consumer has requested from credit bureaus, not that of third parties; example that obtained by the banker who is called the BEACON and who always has on average a score lower than 40 points to the FICO.