CREDIT REPORT USER GUIDE

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1 Page 1 of 17 ABOUT EQUIFAX CREDIT REPORT USER GUIDE Equifax Canada Inc. Box 190 Jean Talon Station Montreal, Quebec H1S 2Z2 Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers. Customers have trusted Equifax for over 100 years to deliver innovative solutions with the highest integrity and reliability. Businesses - large and small - rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more. We empower individual consumers to manage their personal credit information, protect their identity, and maximize their financial well-being. Headquartered in Atlanta, Georgia, Equifax Inc. employs approximately 6,900 people in 14 countries throughout North America, Latin America and Europe. Equifax is a member of Standard & Poor's (S&P) 500 Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX. Equifax is a registered trademark of Equifax Inc., Atlanta, Georgia. All rights reserved. For more information visit

2 Page 2 of 17 CONTENTS: SAMPLE CREDIT REPORT.. 3 DEFINITIONS & DETAILS BY SECTION.. 6 FREQUENTLY ASKED QUESTIONS GLOSSARY OF TERMS..12

3 Page 3 of 17 Your Credit Report is a compilation of information about you and your credit history that has been reported to Equifax by others, mostly by those who granted you credit. Your Credit Report includes personal information such as your name, address, date of birth and Social Insurance Number. It also includes historical data such as current and previous addresses and employers, and public records such as bankruptcies, liens or judgments. Most importantly, your Credit Report contains your account and payment information. Please note that the images below are examples and do not reflect your credit score. SAMPLE CREDIT REPORT

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6 Page 6 of 17 PERSONAL INFORMATION This section contains information about you including: Date: Date on the credit report indicates the date the report was pulled and presented to you. Former Name/Alias: This indicates other names that correspond to your credit file. This may include a maiden name or another name that you used to apply for credit. Address: Includes current and former addresses. Inaccurate information in this section could indicate a mixed file (information from two or more individuals inadvertently combined in one credit file) or possible credit fraud. The last date the address is updated is also noted in this section. Employment: Lists present place of employment. Inaccurate information could indicate a mixed file (information from two or more individuals inadvertently combined in one credit file) or possible credit fraud. Consumer Statement This is a statement that you asked the Credit Reporting agency to add to your file.

7 Page 7 of 17 Credit Information This section provides a summary of your accounts that we have on file. Account Designator indicates if the listed account is joint or individual. Undesignated means it is unknown whether the listed account is joint or individual. Indicator shows that the trade information was updated by an accounts receivable tape. Member Name indicates the name of the company who holds the listed account. Also displayed is the type of credit held with the named company. The member name is often referred to as the account owner. Member Number indicates the reporting member number of the listed creditor.

8 Area represents the area code that precedes the listed phone number. Page 8 of 17 Phone is the phone number reported by the account owner corresponding to the Member name. Ext indicates the extension, if any, associated with the listed account owner phone number. 30/60/90 of days indicates the number of times the listed account was 30/60/90+ days late in receiving payment. Months Reviewed indicates the number of times the listed account owner reported on the account. Last Activity indicates the last time the account was reported as used. Reported indicates the most recent date that the account was reported to Equifax Canada. Opened indicates the date the listed account was opened with the credit grantor. High Credit indicates the high credit on the account or the credit limit. Terms indicates the required payment amount on the listed account. Balance indicates the outstanding amount owed on the listed account at the time it was last reported. Past Due indicates the payment amount past due as of the date of reporting on the listed account. Account Type indicates whether the listed account is revolving, installment, mortgage or line of credit. Rating indicates if the account has been paid per the agreed upon terms of if there are payments in arrears. Account Number is the account number reported to the credit bureau. For your protection not all the information will be displayed. Previous high rate indicates the 3 most recent ratings of the listed account. Previous date indicates the dates of the corresponding rating. Narrative indicates additional information on the listed account.

9 CREDIT HISTORY AND BANKING INFORMATION This section indicates Banking information and whether there are any NSF cheques on file. Page 9 of 17 Chequing/Savings Account(s) indicates any bank account on file and their characteristics. Non Sufficient Funds indicates that a cheque you issued was not honored due to insufficient funds. Public Records and Other information This section indicates the number of public records and includes bankruptcies, judgments, voluntary repayment programs, and secured loans. Most public record items are listed for seven years from the date filed. Bankruptcy indicates whether or not a declaration of bankruptcy is on your credit file. Legal item(s) indicates item(s) and outstanding balances, if any, on credit that resulted in you being taken to court or other legal proceedings. Garnishment of wage indicates whether your earnings have been secured to pay off debt obligations. Secured Loan(s) indicate loan(s) for, and their details, that are secured by an asset.

10 Page 10 of 17 COLLECTIONS Collection items indicate accounts sent to a collection agency that you have not paid. This section includes initial amount owing, the outstanding balance, the creditor s name and the date the collections item was reported to Equifax. This section will indicate the creditor s name (i.e. who do you owe this money to). The balance and the amount initially borrowed are also indicated. The balance represents the outstanding debt currently outstanding. Payment of this balance will result in your debt being paid in full. CREDIT INQUIRIES INFORMATION This section will display inquiries made on your credit report. The name of the inquiring company and the date of the inquiry will be displayed for you. These inquiries were processed in order to help determine if you qualified for credit.

11 SPECIAL SERVICES Special Services indicates that your information was accessed through a soft inquiry in order to locate you using the personal information found on your credit file. Page 11 of 17 FOREIGN INQUIRIES This section will display inquiries by creditors outside of Canada. The name of the inquiring company and the date of the inquiry will be displayed for you. FREQUENTLY ASKED QUESTIONS Why is my Credit Report important? Your Credit Report is a compilation of information about you and your credit history that has been reported to Equifax by others, mostly by those who granted you credit. When you apply for a loan for a home, a car or other major purchase, some lenders will approve your loan and determine the interest rate based upon several factors including your Credit Report. Your Credit Report reflects how well you have been in maintaining credit in the past. How do I change information on my Credit Report? Please completely fill out the form found on the website and follow the steps from there. If this link does not work, go to and scroll to the bottom. Under the OTHER CREDIT SERVICES section, click on the link for correcting inaccuracies and follow the simple steps.

12 Page 12 of 17 GLOSSARY OF TERMS ACCOUNT NUMBER - a reference number assigned to an individual s account by either a creditor or collection agency. ACCOUNT HISTORY - shows payment history on a month-to-month basis for the last 24 months. Abbreviations, which are defined under DEFINITIONS: Account History located at the bottom of each page of your profile, are used to describe your payment status each month including the most recent month reported. ACCOUNT STATUS - shows the current status of your account and may indicate delinquencies that were reported in the past seven years. ACTIVE ACCOUNT - An account for which activity has been reported to a Credit Reporting Agency in the last 90 days. ALIAS - A name reported in your credit file that differs from your primary or given name. This commonly occurs if you've applied for credit or loans under different variations of your name Robert P. Smith and Bob Smith, for example. ALIAS is sometimes referred to as Also Known As (AKA). AMORTIZATION - The reduction of a mortgage loan by regular payments. AMOUNT DUE - Generally, the minimum monthly payment you must make, not the total amount you owe. ANNUAL FEE - The yearly fee charged by a lender to maintain an account. ANNUAL PERCENTAGE RATE (APR) - The cost of credit at a yearly rate. Knowing the APR allows you to effectively compare loans, even when they are structured differently. ASSET - Any holding that has a monetary value or use. Houses, real estate, cars, jewelry, and stocks & bonds are considered assets. AUTHORIZED USER - A person allowed to charge goods and services on a credit card by the primary user of that card. Authorized users -- unlike users of a joint account -- are not legally responsible for payment. AVAILABLE CREDIT - On a credit account, the credit limit minus the current balance. To many creditors, your total available credit on all your accounts is an important factor. BALANCE AMOUNT - amount due to the creditor at the time account information was last reported.

13 Page 13 of 17 BALANCE - The outstanding amount owed to a creditor on a particular account. BALANCE DATE - the last date the file was updated by the Credit Reporting agency with creditor information. CLOSED ACCOUNT - An account that has been closed by you or your creditor. Such accounts remain on your Credit Report for seven years from the date of last activity. COLLECTION AGENCY - A firm assigned by a creditor to collect overdue amounts. Some creditors have internal collection departments. Like creditors, collection agencies report account information to consumer reporting agencies. CONSOLIDATION LOAN - A loan obtained in order to combine multiple debts into one, typically at a lower interest rate. CONSUMER - An individual who purchases products and services. CONSUMER DEBT - Debt incurred for items that aren't considered tangible investments such as credit card debt, car loans, and personal loans made by family members. CONSUMER STATEMENT - Under the Fair Credit Reporting Act, you have the right to add a consumer statement to your credit file to explain disputed information about your accounts. CREDIT CARD - A card used to make purchases or take out cash loans that require the user to pay some or the entire outstanding amount each month. Credit cards are differentiated mainly by their terms. CREDIT CARD ISSUER - A bank or other institution that extends consumers credit through a credit card. CREDIT FILE - a record of an individual s credit payment history as reported at a Credit Reporting agency. The credit file is a collection of an individual s credit history, indentifying information, and other records maintained by a Credit Reporting agency. Credit File is sometimes used interchangeably with Credit Report, but technically a credit file is the source from which a Credit Report is generated. CREDIT HISTORY - A record of how a consumer has paid credit accounts in the past. It is used as a guide to determine whether or not the consumer is likely to pay future accounts on time. CREDIT LIMIT/CREDIT LINE - The amount of credit issued by a lender. CREDIT PROFILE - a compilation of credit information presented in an easy-to-read format.

14 Page 14 of 17 CREDIT REPORT - A report that a prospective lender or employer obtains from a consumer reporting agency that displays the manner in which a consumer has met his or her past credit obligations. It is used to help determine creditworthiness of the potential borrower or to confirm identity of an individual. CREDIT REPORTING AGENCY - also known as a credit bureau. An organization that compiles information from various financial institutions and courts to create an individual s credit file. CREDIT SCORE - a score based on variables in your credit file that is indicative of your credit worthiness. CREDITOR - a person or business from whom you borrow or to whom you owe money. CURRENT RATINGS - shows total of all account types that are currently delinquent 30, 60, or 90 days. DATE ON FILE - date your credit file was started. DATE OPEN - date account was opened. DATE PAID - date account was satisfied. DATE OF STATUS - date account status was last updated. DELINQUENCY - a debt on which payment is overdue. DISCHARGE - To release a debtor from responsibility for a debt, often as a result of bankruptcy. DISMISSED BANKRUPTCY - An instance in which a judge has ruled against a consumer's petition for bankruptcy, sometimes at the consumer's request. Such cases are recorded in the public records section of the consumer's Credit Report, and the debts covered in the bankruptcy remain outstanding. DISPUTE - to question the accuracy of information in a Credit Report. FILING DATE - date item was filed with the courts. FORECLOSURE: The legal process by which a creditor may sell mortgaged property to recover a defaulted mortgage. FRAUD ALERT - If you suspect that you're the victim of identity theft or credit fraud, you may contact the Credit Reporting agencies and place a fraud alert on your credit file. Such an alert will prevent new credit accounts from being opened without your express permission.

15 Page 15 of 17 HARD INQUIRY - An indication on your credit file that a lender has obtained a copy of the report in order to evaluate your loan or credit application. An excess of hard inquiries within a six-month period may lower your credit rating. HIGH/LIMIT - the highest balance since the account was opened or the limit on the account. HISTORY RATINGS - shows the total of all account types that were delinquent 30, 60, or 90 days in the past seven years. INQUIRY - a request for a copy of your credit file, usually from a bank(s), landlord(s), potential employer(s), mortgage broker(s), or the institution(s) from whom you ve applied for credit. Too many inquiries may be considered a negative factor as it suggests that you are becoming overextended. Inquiries made by companies for marketing purposes have no impact on your credit rating and are not included here. See also hard inquiry and soft inquiry. INQUIRY DATE - date your credit file was requested. INSTALLMENT ACCOUNT - an account with a fixed payment for the term of the loan. INSTALLMENT LOAN - a credit account in which the debt is divided into amounts to be paid successively at specified intervals set by the terms of the loan. INVESTIGATION - The process a Credit Reporting company undertakes in order to verify Credit Report information disputed by a consumer. For more information, see correcting inaccuracies on your Credit Report. JOINT ACCOUNT - A credit or loan account held by two or more people. All account holders assume legal responsibility for the repayment of the account. JOINT CREDIT REPORT - A combined report created by merging the credit files of joint applicants and used by creditors to assess a joint application for credit, usually involving a mortgage. Note that the credit files remain separate. JUDGMENT -A determination by a court of law that, in the case of credit, may require a person to fulfill an obligation to pay a debt, for example. When a judgment has been satisfied (i.e. the debt has been paid or settled), the consumer has fulfilled its requirements and is no longer liable. Information about judgments is recorded in the public records section of a Credit Report. LENDER - A company that lends money to consumers or enables them to make purchases on credit. Sometimes used interchangeably with creditor. LIABILITY - In the context of credit, legal responsibility for the repayment of a debt. LIEN - A legal claim upon real or personal property as security for or payment of a debt.

16 Page 16 of 17 LOAN TYPE - type of loan for which an inquiry was made. MINIMUM PAYMENT - The smallest payment you can make on a revolving credit account to maintain your account status as being paid as agreed. MONTHLY PAYMENT - average monthly payment reported to the Credit Reporting agencymay be estimated by the agency if not reported by the creditor. (This may be indicated by an asterisk * ). MORTGAGE - A loan designed to facilitate the purchase of a home, in which the home itself serves as security for the loan. If the borrower doesn't make the required payments, the lender may through a legal process known as foreclosure, sell the home in order to recover the amount owed on the mortgage. Mortgage can also refer to the legal document detailing the borrower's responsibilities, including the payment schedule and terms. NET 30 ACCOUNT - an account where the balance must be paid in full at the end of 30 days. OPEN ACCOUNT - an account that is currently in use. ORIGINAL CREDITOR - shows the original creditor that turned the account over to the collection agency. OWNERSHIP - designation by a lender of an individual responsible for payment of an account. PAST DUE AMOUNT - amount currently past due. PRIMARY USER - The person under whose name a credit card account is listed. A primary user can authorize other people to use the account, but the primary user is ultimately responsible for repaying all charges. PRIOR DELINQUENCIES - date account was last reported delinquent. PUBLIC RECORD - Information obtained from court records about such things as tax liens, bankruptcy filings and judgments against you in civil actions. REAL ESTATE ACCOUNT - a fixed payment account involving ownership of property (such as mortgage payments). REVOLVING ACCOUNT - an account where a balance can be carried over from month to month. SOCIAL INSURANCE NUMBER (SIN) - The unique nine-digit number assigned to every legal resident of the Canada. Because no two people are assigned the same number, the SIN is usually the main identifying factor in a person's records, including Credit Reports.

17 Page 17 of 17 SOFT INQUIRY - An instance in which your Credit Report is accessed without affecting your credit rating. Soft inquiries include your own requests for your Credit Report, promotional inquiries by credit card companies, and checkup inquiries by your existing creditors. Inquiries associated with your credit monitoring service are soft inquiries. TAX LIEN - a charge upon real estate or personal property for the satisfaction of a debt or duty ordinarily arising by operation of law. TERM - The amount of time in which a loan must be repaid in full. TRADELINE NAME - account name. TRADES OPENED - new account(s) opened.