Do you know what your credit report contains? Your credit rating can determine whether you receive a loan, a credit card and can even help you to qualify for a lower interest rate on your borrowings.

A review of your credit check on an annual basis is also good practice in order to prevent/recognize identity theft. If you see anything that appears fraudulent, immediately put a fraud alert on your report by calling the number below.

Less than 13% of Canadians are aware of the contents of their credit report. To learn about and protect your credit history, follow the steps below:

Step 1: Get a copy of your credit report

You should examine your credit report each year to ensure it is accurate. An estimated 40% of credit reports contain inaccuracies. If yours is incorrect or outdated, it can affect your chances of getting credit. Receive a copy of your credit report by mail, free of charge, by contacting Equifax Canada: 1-800-465-7166. Or, for a fee, you can also view your credit report online at the Equifax Canada website.

Step 2: Correct any inaccuracies

If you see an error in your credit report, ask the credit-reporting bureau to correct it. For example, if your credit report shows past-due accounts that are paid up, simply provide written proofs of payment and ask the credit bureau to correct the disputed items. Then, request a copy of the amended report in 30 days. Also ask the credit bureau to send your revised credit report to any company that requested information 60 days before the change.

Step 3: Protect yourself from fraud

If you see anything you don't recognize on your credit report, someone may be using your credit information for fraudulent purposes. Notify the credit bureau at once and call any creditors that filed complaints or incorrect information. The credit bureau can attach a fraud statement to your report and let you know which creditors to notify. A creditor can notify credit bureaus that the information is incorrect. Keep track of your efforts in writing.