Credit report errors continue to cost Canadians
Improvements made in U.S. aren't coming here anytime soon
Why are mortgages so expensive in Canada?
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Ratehub.ca
In a U.S. legal settlement reached earlier this year, the credit bureaus Equifax and TransUnion agreed to streamline their credit report errors process, making it the responsibility of these bureaus to investigate and correct errors on consumers’ credit reports. Just don’t expect the Canadian arms of these two agencies to extend that courtesy here. When MoneySense reached out to them, both firms indicated similar changes won’t occur in Canada anytime soon—meaning, under our archaic consumer protection laws, you can expect it to continue to take six months to a year for credit disputes to be resolved. According to Public Interest Advocacy Centre survey data, 20% of Canadians’ credit reports contain errors or inaccurate information.
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