Accuracy of information in credit files: the basis for continued research (in French only)

Author

Marie Vallée

Organization

Option consommateurs

Published

2008

Summary

In their contact with consumers in recent years, Option consommateurs and other consumer associations have noted that consumers are encountering problems with the accuracy of the information contained in their credit files. In addition, a considerable number of people have complained that insurance companies are requesting access to their credit files as a condition for giving a price estimate on an insurance product. Other consumers tell us that landlords make the same kind of request before agreeing to rent housing. Obviously, some questions need to be asked! It is vitally important for consumers that the information contained in their credit files be exact and complete. Traditionally, companies used credit files and the risk or credit scores derived from them to obtain information on the credit history of consumers applying for credit in order to assess the risk involved. In the last fifteen years, we have witnessed an increase in the number of users of these files, as well as an increase in the purposes for which they are used: credit, insurance, housing, and employment. This practice has invaded practically every sector of consumers’ lives! For about fifteen years, studies carried out mostly in the United States but also in Canada, have revealed that credit files contain a significant percentage of errors. These studies also make it clear how complex these problems really are, and that there is a need for a concerted attack on several fronts. In Canada, as far as we are aware, no substantial independent study or research project exists on this issue, unlike in the United States. We believe that this independent field study is one of the first attempts at identifying the various types of errors contained in credit files in Canada and determining the extent of the errors alleged by consumers. We want to contribute toward advancing research on this issue by conducting the survey directly with the consumers themselves. Our aim was to establish a basis point from which to proceed in order to improve methods and better define the questions and fields needing to be covered in order to obtain a credible, complete portrait of the situation regarding the accuracy of the information contained in credit files and the various types of errors they contain.

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French only

OCA Funded Research
This research received funding support through the Office of Consumer Affairs' Contributions Program.

Contact information

Source: Consumer Policy Research Database