Every day, this firm holds the financial futures of millions of Canadians.
It also can be the biggest defamer in the country.
We are encouraged to check our bureaus at least once a year to make sure that, in Equifax’s words, our reports are “factual and up to date.”
But, what if they are not so, and how can one fix it?
To fix something that is not true on your report can be like pulling teeth; a long-drawn out process, with you having to pull out all the stops and take valuable time to correct something that should not have been put there in the first place.
The onus is on YOU to prove that the party who put that information on your bureau was correct in doing so. Most of the time, Equifax will ask for your first-born before they will even consider removing the defamotory information and not even give so much as an apology for your inconvenience.
Sometimes, the Courts even become involved, and the long process of getting information off your bureau gets even longer.
In some cases, a bad credit report is not your fault. Information providers hand out your information to every Tom, Dick and Harry existing, and your inquiries section only gets longer and longer, therefore, putting your beacon score in the proverbial toilet. THEN try to get credit.
It’s called defamation of charactor, and Equifax has the market cornered on it.
A few years ago, Equifax was hacked into, and 1400 peoples’ private information was stolen. Equifax cannot be trusted with your private information any more than a cat can to babysit a bird.
For years, these people have maintained that they keep all records “factual and up to date.”
I have news for them. It is not true, and they cannot be trusted to provide such service because in alot of cases, it simply does not exist.
All I can say is that it is up to you, the consumer, to REGULARLY get a copy of your report and if there is anything on it that is not correct, get on Equifax’s case and make sure they correct it. If they refuse, the Courts might be the only option.
Equifax must be reigned in and be ordered to provide correct information. Anything less than that costs Canadian consumers and the economy millions of dollars in higher interest costs.
If it cannot be trusted to do so, then it should be disbanded and a federally-regulated system be put in place.