Saskatchewan: Credit Bureaus and Bankruptcy - Credit Ratings.

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Credit Bureaus - What they do and how they operate.

Credit reporting agencies or credit bureaus, collect information about consumers' financial affairs and sell that information to their business members, such as credit grantors, employers and insurance companies.  The credit bureaus charge annual fees as well as a fee for each credit report requested by members.

In Canada, there are three major credit bureaus: Equifax Canada, NCB Inc. and TransUnion Canada

Most national and international creditors, such as banks and department stores, are registered with all bureaus, so the chances are good that whatever shows up on one credit report will also appear on the others. This  makes it simple for you to check your history. You really need to check only one bureau's records.

Credit Bureau Tip

The consumer has a right to place a 100 word statement (50 recommended) on the credit bureau file, to be given to anyone who obtains a future report.


Credit Rating Scores

  R0    Too new to rate; approved but not used.
  R1     Pays (or paid) within 30 days of billing; pays account as agreed.
  R2     Pays (or paid) in more than 30 days, but not more than 60 days, or one payment past due.
  R3     Pays (or paid) in more than 60 days, but not more than 90 days, or two payments past due.
  R4     Pays (or paid) in more than 90 days, but not more than 120 days, or three or more payments   past due.
  R5     Account is at least 120 days overdue, but is not yet rated 9.
  R6    (Code 6 does not exist.)
  R7     Making regular payments under a consolidation order or similar arrangement.
  R8     Repossession (indicate if it is a voluntary return of merchandise by the consumer).
  R9     Bad debt; placed for collection; skip.


The FICO® score

The FICO® score, developed by Fair, Isaac (the pioneer in credit scoring) is a number between 300 and 850 that lenders use to determine your credit rating. A FICO® score is a snapshot of your credit rating at a particular point in time. The higher your credit score the more likely you are to be approved for loans and receive favorable rates.


The Credit Bureau's policy regarding bankruptcy information

First Time Bankruptcy: The data included for a first time bankruptcy will be removed six years from date of the bankruptcy discharge.

Multiple Bankruptcies: If the consumer declares several bankruptcies, the system will keep each bankruptcy for fourteen (14) years from the date of each discharge. All accounts included in a bankruptcy remain on file indicating �included in bankruptcy and will be removed 6 years from the date of last activity.

Proposals: Will automatically purged 3 years from the date paid.

Credit Counselling Debt Repayment Plans:
When a voluntary deposit or an OPD or a credit counseling payment plan is paid, it will automatically purge from the system three (3) years from the date paid.


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