Credit Report

1. What is a Credit Report?

A credit report is a detailed record of an individual's credit history, maintained by a credit bureau. It includes information on credit accounts, payment history, credit inquiries, public records (such as bankruptcies), and personal information. The credit report is used by lenders to assess an individual's creditworthiness.

2. Where can I find my Credit Report?

In Canada, you can obtain your credit report from the two main credit bureaus: Equifax and TransUnion. You can request a free copy of your credit report from these bureaus once a year.

• Equifax: You can order your credit report online, by mail, or by phone.
  • Equifax Canada
• TransUnion: You can also request your credit report online, by mail, or by phone.
  • TransUnion Canada

3. Is this document known by any other name?

Yes, a credit report may also be referred to as a "credit file" or "credit history."

4. What does the Credit Report look like?

A credit report typically includes sections detailing your personal information, credit accounts, credit inquiries, and public records. Here is a link to a sample credit report image for reference:

• Sample Credit Report
  Credit Report

5. Is the date of this document important? Does it have to be for the Date of Separation or the Date of Marriage or cohabitation?

Yes, the date of the credit report can be important. For the purposes of calculating net family property in a separation or divorce, it is often necessary to have credit reports that reflect your financial situation at both the Date of Marriage (or cohabitation) and the Date of Separation. This helps to accurately determine the assets and liabilities at these key points in time.

6. Why is the Credit Report relevant to the outcome of my settlement?

The credit report is relevant because it provides a comprehensive overview of your credit accounts and obligations. It includes information about debts, credit limits, balances, and payment history, which are all crucial for calculating net family property.

Statements for the Date of Separation and the Date of Marriage (or cohabitation) are used to determine each party's assets and liabilities at these significant dates, helping to ensure an equitable division of property. Accurate credit information is essential for fair and transparent financial disclosures.

7. What else should I know about this document?

• Accuracy: Ensure the information on your credit report is accurate. Dispute any errors with the credit bureau.
• Updates: Regularly update and review your credit report to track changes and address potential issues promptly.
• Impact: Your credit report can impact your ability to obtain loans, credit cards, and even housing, so maintaining a good credit history is important.

8. How will the mediator use this document?

The mediator will use your credit report to prepare your financial statements. It provides a clear picture of your debts and obligations, which is essential for the accurate and complete disclosure of your financial situation. This information is critical in facilitating discussions and negotiations related to property division and debt allocation, ensuring that the settlement process is fair and comprehensive.