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Personal Investment Project

Winter 2004

 

Contents

Credit Reports

 Description

Credit reports for all members are found in the Appendix.

 Credit Bureaus in the Kitchener Waterloo Area

Equifax Canada Inc. / TransUnion of Canada
PO Box 338
Hamilton, Ontario
L8L 7W2
Tel:  1800-663-9980
 
Landlords Source Centre
No address specified
Tel:  1 800 427 5973
Website indicated:  www.landlordsinfo.com
 
Dun and Bradstreet Canada
5770 Hurontario, Mississauga
Tel: 1 800 463 6362
 
iQuiri Inc.
724 11th Ave S.W.
Suite #200
Calgary, Alberta T2R 0E4
Canada
Tel: 1 (877) 722-4840

Procedure to Obtain Credit Report

To obtain the credit reports the internet and mail was used.  Two companies were identified as credit report providers, stated below. 

  1. http://www.iquiri.com/
  2. Equifax credit bureau.

Iquiri website procedure:

Step 1:  We all opted to choose the free credit report with an initial deposit of $89.99 which would be returned to us upon calling the credit bureau and cancelling our to their service.

Step 2:  We entered in our personal information as indicated on this website.  This information included personal address, telephone number, social insurance number, credit card number and expiry, a 2nd credit card number and expiry or a bank card, auto loan, or gas or store card. 

Step 3:  We received a login and password via our email address and we were allowed to access the website and our credit report.  We printed out our credit reports. 

Equifax credit report procedure:

Step 1:  Go to Equifax website (www.equifax.com) and print the form required in order to obtain a free credit report.  The location of this form is here

Step 2:  Fill out the form along with photocopied documents as requested and mail it to Equifax.  The form asks for address, telephone number, social insurance number, and two pieces of identification. 

 Problems encountered:

 We all sent our forms in and each of us got rejected multiple times.  The reasons given were poor signature, did not display identification correctly, identification was unclear, and did not show both sides of identification.  We have again sent out to get our reports after correcting all these wrongs but have not gotten a response back from this company as yet.  We believe the company does not want to do business with us.   

Only credit reports from one company were obtained (Iquiri).  They are included in the appendix attached.

Member 1ís Credit File:

Some inaccuracies found.  It states that I currently work at a previous employer; I worked there in the past but am not currently employed at this company.

 Member 2ís Credit File:

Some inaccuracies found. Additional credit cards were shown that did not exist. Personal Information incorrect (telephone # was incorrect)

 Member 3ís Credit File:

No inaccuracies found.

 

Provincial Legislation:

 According to the provincial legislation you have the right to dispute any inaccurate or missing information on your file.  If you report any inaccurate information on your credit report the CRA must investigate the item(s), usually within a time frame of 30 days.  During the investigation of your dispute, the CRA will contact the source who provided the information to verify any inaccuracies.  If the investigation does not resolve the dispute, a brief statement may be added to your file.

 

Nature of Credit Report and how it related to the 5 Cís of credit:

The credit report indicates our total credit limit summed over all our creditors.  It also indicates our employment records (i.e. places we have worked), our credit cards, our store cards (i.e. a sears credit card) and any other companies that we have dealt with regarding credit.  It indicates the date we last checked our credit report.

It also indicates how many times we have failed to pay in 30 day, 60 day, and 90+ day periods for all our credit dealings.  It indicates any current balances we have and the minimum payment required.  It also indicates the date that files were opened and the number of months history is reported. 

The five Cís of credit are character, capacity, capital, collateral and conditions.

Character is looked at in our credit report as it shows our credit history.  It indicates how many times we have failed to pay in the 30 day, 60 day, and 90+ day periods. 

It relates to the capacity and capital as it indicates our current occupation and places we have worked.  It can determine our expenses by looking at our current outstanding loans and our credit history.  It can then determine if our expenses exceed our income, hence find our net worth.   

It relates to collateral as it indicates our minimum payment that is required by our creditors.  This gives the lenders a fallback position as they have an excuse to seize or sell our collateral (i.e. freeze your credit card).

Finally conditions can only be looked at as the company determines where you live (your address on the report) and then determines the economic conditions in that area. 

     

Personal Information Protection and Electronic Documents Act affect on credit agencies and other companies

 This Act is a comprehensive piece of federal legislation requiring all private sector organizations to establish policies and implement procedures to ensure the protection of the rights and obligations of individuals and organizations with respect to the collection, use, disclosure, and retention of personal information as defined by law. All businesses must ensure that they are compliant with this new Act by January 1, 2004 or be subject to Government Privacy Audits and potential fines (up to a maximum of $100,000) for failing to comply with the Act. The act should not have much of an effect on any of the ethical credit rating agencies and other companies.  As for the unethical companies this act will help protect the rights and obligations of individuals with respect to their
personal information

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