Equifax is one of the two credit report bureaus in Canada. The other is TransUnion. There used to be a third, but they shut down their Canadian operations.
By law, they're required to talk to you about your credit rating if an Equifax credit report was used in the decision to deny you a loan/credit/borrowing. Just say you were denied credit and don't know why. See if there's anything negative on your report that shouldn't be there and ask them how to fix it. It's worth calling them since they know (somewhat) how the rating is calculated, and might offer you assistance in repairing your credit from the horse's mouth, so to say. Sometimes things like a high credit limit on a credit card can be problematic, even though you're not even using it. Comment here with your experiences.
The number to call Equifax is 1-800-465-7166 regarding your credit rejection.
If you don't know which credit agency's data was used, call up the lender and ask who they use, they should have no trouble in saying so.
If you had applied for a credit card, there are options for those with poor credit, such as BMO's prepaid Mastercard and secured credit cards.
If you don't already have a copy of your credit report, get a free Equifax and TransUnion credit report with my guide here. It's seriously free except for the cost of a toll-free call, and some postage. A credit rating (ie: the actual number) costs money, but isn't really necessary.
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Banks are creepy liars
Banks are creepy liars
Unless you have a general
Unless you have a general question, I would discourage anyone from calling and use regular mail instead (better yet registered mail). Credit bureaus were established to serve creditors, not debtors. They clearly dislike having to deal with debtors. This is obvious from every aspect of their business: from the website for the consumers, to their understaffed call centres, to their business etiquette when dealing with consumers, to the hiding of the right of consumer to receive a free credit report (you still have to mail the request), to the nearly unreadable format of the credit report etc. If you have to dispute something you believe in inaccurate on your credit report, mail a letter and make it registered. Not to talk about their verification process when an item is disputed. No human being is ever involved in the actual first verification of an item. Apparently, this is all done by a database that interfaces with the creditor. Essentially, they only verify that what is written on your report is actually what was sent from the creditor. This is equivalent to verifying that your credit card statement reports the correct amount for that bottle of wine you just bought. That's why it usually take several back and forths with the credit bureaus before an issue is correctly investigated (several months). If you are quite sure about the error (and hopefully you have documentation to back it up) it is usually best to contact the creditor directly and cc the credit bureaus.
I myself am dealing with both the creditors and the bureaus because while battling cancer in my 30s I was late in my payments. The creditors and bureaus could not care less about the reasons and say that I should have paid on time despite the fact I was on a medical leave undergoing treatment. Nothing illegal, sure, but ethical? What does it tell us when CIBC, the major sponsor for the CIBC Run for the Cure (against breast cancer), says they are not willing to make a good gesture towards those who are dealing with the very health issues they claim to be supporting? I have sent letters to several legislative bodies, MLA and representatives because I believe this area of the financial industry needs major reforms.
If anyone wants to help please contact me privately: spe05081 at hotmail.com
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