How to monitor your credit information

Scott Hannah, CEO of Credit Counselling Canada, says Canadians should check their credit history every year, but if you’ve been a victim of identity theft or have had issues with your score in the past, it’s imperative that you monitor your file more often.

“Unfortunately, in our country, fraud is prevalent and your identity has value,” Hannah says.

Here are Hannah’s recommendations:

• Purchase a credit monitoring product from national credit bureaus in Canada  — this involves a monthly cost and it is not always necessary
• Keep track of what credit you have, maintain monthly deposits and obtain a copy of  your credit report on an annual basis — this can be requested from credit bureaus at no cost.

If you suspect you have been the victim of a hack or data breach, Hannah advises Canadians report it to the credit agencies immediately. He adds that you should ask the company where your data was hacked if they are providing any services that would monitor activity in your credit report, such as a credit card being taken out in your name.

He also advises Canadians mitigate risks of identity thefts by being more thoughtful of what’s in their wallet. For instance, he says, don’t keep multiple identifications and credit cards on you when you’re out in public.

The Canadian government has also compiled resources for residents who feel that they’ve been victims of a data breach on their website.