Credit Reports – A True Story

My client recently told me a true story and it highlighted the importance of the topics we have recently been talking about: your credit report and your credit score.

This lady’s credit history is pristine. She has had a variety of credit products in the past, has paid the amounts owing on time, and is truly the “ideal” credit customer. So, when her bank told her “There is a problem”, she was as surprised as anyone.

After some investigation, it turns out that on one past credit application, her social insurance number was recorded incorrectly, thereby creating a second person by the same name, but with a different SIN number by which credit reports can be tracked. For some number of years, she had parallel credit reports, unbeknownst to her: one with her correct SIN number and one with an incorrect SIN number.

Any time she requested her annual, free credit report, using her correct SIN number, she got a report which she checked and found to be correct. What she didn’t do was notice anything missing or think that this was a problem.

Naturally, not knowing there was a second report with an incorrect SIN number, she never requested that report, how could she? When this issue came to light, there were steps she took to merge the two reports back into her single, correct report with her correct SIN number. However, it was pure luck that the issue came to light.  

The moral of this story: what is missing from your credit report can be as or more important than what is in it. If you know you have made credit applications that DO NOT appear on your report, that should arouse your curiosity, leading you to look into why information is missing from your history.

We hope you will find this information valuable and will increase your financial confidence. You can always find these articles on our website

Karin Rimnyak, Certified Financial Planner®

Investment Advisor

David Dryburgh, Certified Financial Planner­®
Investment Advisor

Ian Barrie, Certified Financial Planner®
Investment Advisor

This information has been prepared by Karin Rimnyak who is an investment Advisor for iA Private Wealth. Opinions expressed in this email are those of the Investment Advisor only and do not necessarily reflect those of iA Private Wealth. iA private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates.