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You’ve pulled your credit report, which shows your history of repaying debt, and it doesn’t seem right. Or you’ve been turned down for a loan and you’re not sure why. Could there be a mistake on your credit report that is dragging down your credit score? A low score may affect your ability to qualify for a loan, get a job or rent an apartment, so it’s important to catch and fix errors on your credit report. How do you do that?
Finding the Error
Go through the reports from credit reporting bureaus TransUnion and Equifax with a fine-toothed comb to see if there are mistakes, especially in these four areas where errors are common:
Disputing the Error
Step 1: Gather evidence
The key to successfully disputing an error, whether through creditors or the credit bureau directly, is evidence. Gather copies of receipts, bank statements, credit card bills and other financial information that support your case. Errors relating to a change in name or address simply require verification with a marriage certificate or a piece of mail addressed to you, for example.
Step 2: Contact the creditor
When you see a mistake, your first instinct may be to contact the credit bureau. Campbell says that sometimes you can go directly to the creditor, the one you owe money to, such as a credit card company. Doing so can often resolve credit issues without an investigation by the credit bureau, so Campbell recommends taking this step first, if applicable. It may take less time for the creditor to update the credit bureaus about the error versus the credit bureau launching a full-scale investigation, which can take about three weeks.
Step 3: Contact the credit bureaus
“Contact the credit bureau, ask for the forms needed to correct the error and attach proof,” advises Campbell. “The more information you give, the better!”
Both TransUnion and Equifax indicate on their websites how to dispute credit report errors by phone, mail or online forms and what details to provide, such as the company name of the creditor related to the error and the reason for the dispute.
If you suspect fraud on a certain account, contacting the police and asking the credit bureau to put what is called a “fraud alert” on it can help show that the investigation you are asking for is legitimate.
Step 4: Add a consumer statement to your report
The ideal scenario is your dispute results in the credit bureau correcting your credit report after the creditor agrees there was an error. But what if your report is unchanged and you’re not happy with the investigation?
It’s free to add a statement, up to 100 or 200 words, to your credit report, explaining the error you've disputed and that you have documented proof to support your case.
Check your credit report regularly
Campbell advises to keep a close eye on your complete financial history. Once a year, you can obtain a free copy of your credit report by mail from TransUnion and Equifax, and online copies are also available, for a fee. By ordering a copy from TransUnion in January and one from Equifax in June, for example, you can check your credit report every six months. The sooner you see something that seems wrong, the sooner you can make it right!
For more information, download 10 Ways to Improve Your Credit and Make Smart Money Decisions at https://www.easyfinancial.com/media/uploads/2017/03/28/freeguide.pdf.
We know the fine print can be painful, but we believe it's important you have all the facts!
easyfinancial offers a variety of financial services including personal loans, and mortgages. easyfinancial is a division of goeasy Ltd., the leading full service provider of goods and alternative financial services that improve the lives of everyday Canadians. goeasy Ltd. is listed on the TSE under the symbol 'GSY'.
* easyfinancial offers secured personal loans in all provinces, excluding British Columbia, Manitoba, Nunavut, Northwest Territories, and Yukon.
CREDIT SCORE IMPACT
While having a loan and honouring its obligations can help build credit, too many loans may be seen by potential creditors as an increased risk, and failure to meet repayment obligations will result in a negative report to the credit bureaus, which would reduce your credit score. Please borrow responsibly.
Loans from easyfinancial do not automatically renew. Customers have the option to request an increase to their loan after paying down a percentage of their current loan amount and maintaining good payment history. Such a request would be subject to the company's standard underwriting rules.
easyfinancial offers personal loans from $500 to $25,000 with terms from 9 to 120 months. The APR is between 19.99%-46.96%. Secured personal loans may be subject to provincial fees upon funding. NSF (non-sufficient funds) payments will be assessed a $50 fee in addition to fees charged by the customer's financial institution.
easyfinancial contacts customers in arrears as soon as possible through various means including, but not limited to telephone, email, postal mail and SMS. easyfinancial may work with third parties to assist in collections activities.
LOAN PROTECTION PLAN
†Loan Protection Plan is underwritten by American Bankers Insurance Company of Florida (ABIC) and American Bankers Life Assurance Company of Florida (ABLAC) under Group Master Policy Number EF012017, EFL012017, EF082017 and EFL082017.
** Receive approval in as little as 48 hours with complete documentation.
‡ Conditions apply. Ask branch for details. Optional service.
ABIC and ABLAC carry on business in Canada under the trade name of Assurant (R).
Assurant (R) is a registered trademark of Assurant, Inc.
The complete terms, eligibility, benefits, limitations and exclusions are contained in the Certificate of Insurance.
Purposes for which goeasy Handles Personal Information
goeasy collects and uses personal information for purposes limited to those which are related to its businesses, which include providing household furnishings, appliances, and home electronic products to its customers under lease agreements, staging services, mortgage brokerage services and financial services. We collect personal information primarily from you, for instance through applications and supporting documentation you provide. We may also collect personal information about you through your ongoing interactions with us, from references, employers and other financial institutions you have identified in your application as well as credit bureaus and other third party sources. For example, we may collect personal information from credit bureaus for the purpose of locating you to collect outstanding debts. In connection with loan agreements, we may also collect personal information from credit bureaus in order to verify your current and ongoing creditworthiness and other information you may provide to us.
We may collect and use personal information for purposes such as, but not limited to, the following:
Personal Information goeasy Collects
goeasy limits the amount and type of personal information collected to that which is necessary for our identified purposes, and we collect personal information by fair and lawful means.
Personal information that we collect includes:
Transfers and Disclosures of Personal Information
goeasy may disclose personal information in a number of circumstances, including:
In addition to the above, personal information may be shared between our affiliates or subsidiaries (including those located in the United States) for internal audit, management, billing or administrative purposes including defending and bringing legal actions.
In the course of fulfilling the purposes described above, goeasy may transfer your personal information to service providers, including affiliates or other third party organizations or individuals retained by goeasy to perform functions on its behalf, such as marketing, data processing, customer service, office, security, collections, insurance, financial and taxation services. When personal information is transferred to service providers, we use contractual or other means to ensure that a comparable level of protection is provided. Some of our service providers may be located outside Canada and will be subject to applicable legal requirements in that country including lawful requirements to disclose personal information to government authorities in certain circumstances.
If you are a resident of the Province of Quebec, you understand that we may transfer your personal information to a third party based outside of the Province of Quebec, or store it outside of the Province of Quebec, the handling (including the disclosure to third parties) of that personal information will be subject to the laws and regulations applicable in that jurisdiction and you consent thereto.
goeasy may also use and disclose personal information in connection with the proposed or actual financing, securitization, insuring, sale, assignment or other disposal of all or part of our business or assets (including your loan or lease and any agreement to which it relates), for the purposes of evaluating and/or performing the proposed transaction. Assignees or successors of our business or assets may use and disclose your personal information for similar purposes as those described in this Policy.
goeasy may disclose your personal information as necessary to meet legal, regulatory, insurance, audit, and security requirements, and as otherwise with your consent or as permitted or required by law.
goeasy uses reasonable safeguards and other security standards to protect all personal information in its custody and control against loss or theft, as well as unauthorized access, disclosure, copying, use or modification, regardless of the format in which the information is held. Safeguards will vary depending on the sensitivity, format, location, and storage of the personal information. Only authorized employees, agents, partners and third parties who require access to personal information to fulfill their job requirements will have access to personal information.
Access and Accuracy
goeasy may establish and maintain a file containing an individual's personal information for the purposes described above, which will be accessible at our offices. Individuals have the right to request access to or correction of their personal information that is held by goeasy. Requests must be made in writing, addressed to goeasy's Privacy Officer as per the contact information set out at the end of this Policy. We will respond to written requests within a reasonable time. Copies of records containing personal information may be subject to a fee. If this is the case, goeasy will inform the individual of the amount of the fee in advance. We will use our best efforts to ensure that personal information is as accurate, complete and up-to-date as necessary for the identified purposes. If an individual successfully demonstrates the inaccuracy or incompleteness of personal information, we will amend the information as required. If we refuse access to personal information or disagree with an assertion that information held by us is incorrect, we will provide a written explanation for such refusal and a description of our complaints procedure should an individual decide to challenge such written explanation. An individual's right to access or correct personal information is subject to applicable legal restrictions. To prevent fraudulent access to the personal information stored by goeasy, we may take reasonable steps to verify an individual's identity before granting access or making corrections.
goeasy's Websites and E-Mail Communication
goeasy does not guarantee the confidentiality of any communications made by you via e-mail or otherwise through our websites. If you wish to provide information of a confidential or sensitive nature to easyhome, please contact us directly by telephone at 1-866-823-3279 or easyfinancial at 1-888-502-3279 to arrange for delivery/transmission of such information by secure means.
In compliance with Google's advertising policies, we use Google Adwords Search Engine Marketing (Pay Per Click) and Display Advertising (Remarketing and Google Display Network). We use Google AdWords Remarketing in compliance with the Google AdWords Interest-Based Advertising Policy, which means that you may see our advertisements on Google and other third party websites on the internet after visiting our website.
We use Google Analytics for Display Advertising, including Remarketing, Google Analytics Demographics and Interest Reporting, Google Display Network Impression Reporting and the DoubleClick Campaign Manager integration. You have the option to opt out of Google Analytics for Display Advertising and customize Google Display Network ads. For all the currently available opt-outs, please visit https://tools.google.com/dlpage/gaoptout
We use the data collected through Google Analytics Demographics and Interest Reporting to better understand our website visitors in terms of demographics and interests, to improve our website content in order to cater to our audience, and to customize advertisements based on our audience's interests and demographics.
In certain circumstances, as permitted or required by law, we may collect, use or disclose personal information without the knowledge or consent of the individual. These circumstances include but are not limited to: personal information that is publicly available as defined by regulation; where collection is clearly in the interests of the individual and consent cannot be obtained in a timely way; where disclosure is made for the purposes of collecting a debt owed to us; or to comply with a subpoena, warrant or court order.
Inquiries or Further Information
Privacy Officer, goeasy Ltd.,
33 City Centre Drive, Suite 510
Mississauga, Ontario, L5B 2N5, Canada
If you are not satisfied with our response to a privacy-related matter, you may contact the Office of the Privacy Commissioner of Canada at 1-800-282-1376 or at www.privcom.gc.ca. or in Alberta or British Columbia, your provincial privacy regulator, as applicable.