Question about Credit Report

[PEIslander]

For the first time I checked my credit report today on Equifax. I was surprised that the report does not record my mortgage. Should I be advising them of the omission?

[Retired To Win]

If you want to have that (or any other) info on your credit report, you need to go through the lender because they are the only ones from whom the reporting agency will accept the data.   Contact the lender and determine whether they report their data.  If they don't, there's not much you can do.  But if they do, make a special request for them to verify the reporting of your info.

Also, remember that there's a time delay in reporting, and it varies by lender.

Good luck with this.

[randymarsh]

They might report to other credit bureaus, but not Equifax. I assume Canada has more than 1 bureau like the US? I think I have a credit card or student loan that doesn't show up on all 3 reports.

It's also possible the lender is reporting, but Equifax isn't able to connect their record with you due to a data variation or (maybe your mortgage lists you as John A Smith, but Equifax has you as John Smith).

[PEIslander]

Thanks for your advice.

Here in Canada there are just two credit rating companies -- Equifax and TransUnion. We have to pay to get a report so I won't be also paying for one from TransUnion. (We can get free reports from either company but only if you mail - snail-mail - completed request forms). I was surprised the mortgage wasn't listed on the Equifax report. A quick look on Google suggests my lender (BMO Financial Group) does have relationships with both Equifax and TransUnion. Regarding the possibility of a name screw up I note both the banks here in Canada & the credit rating companies use our social insurance numbers to help identify customers so I doubt any omission relates to variations in my name.

It would seem to me that with my score of 845 I have no reason to try and get my score higher, so I have no incentive for them to have all information. Likewise if Equifax knew about the mortgage I doubt it would lower my score since I've always made my payments, so I have no reason for them to not have the information. I really just wondered if the omission of the mortgage was something that should be reported? Mortgage obligations are clearly a major part of people's credit-related lives!

I likely will contact my bank and ask if they report mortgage information to Equifax. Maybe they don't. I can imagine they might not want their competitors to know if particular customers are good or bad credit risks!

[daverobev]

Thanks for your advice.

Here in Canada there are just two credit rating companies -- Equifax and TransUnion. We have to pay to get a report so I won't be also paying for one from TransUnion. (We can get free reports from either company but only if you mail - snail-mail - completed request forms). I was surprised the mortgage wasn't listed on the Equifax report. A quick look on Google suggests my lender (BMO Financial Group) does have relationships with both Equifax and TransUnion. Regarding the possibility of a name screw up I note both the banks here in Canada & the credit rating companies use our social insurance numbers to help identify customers so I doubt any omission relates to variations in my name.

It would seem to me that with my score of 845 I have no reason to try and get my score higher, so I have no incentive for them to have all information. Likewise if Equifax knew about the mortgage I doubt it would lower my score since I've always made my payments, so I have no reason for them to not have the information. I really just wondered if the omission of the mortgage was something that should be reported? Mortgage obligations are clearly a major part of people's credit-related lives!

I likely will contact my bank and ask if they report mortgage information to Equifax. Maybe they don't. I can imagine they might not want their competitors to know if particular customers are good or bad credit risks!

You can get the free report over the phone. http://www.transunion.ca/ca/personal/creditreport/consumerdisclosure/byphone_en.page

I don't believe mortgages make any difference (unlike things like lines of credit and car loans), and I certainly wouldn't worry about it being missing - lenders are not required to report, and may well only report to one bureau (which lender?).