Build Your Credit History: Know How Credit Works - and Make it Work For You

News Release

A negative credit history - or none at all -
could mean being turned down for a mortgage or loan
OTTAWA, August 5, 2005 - The Financial Consumer Agency
of Canada (FCAC) today issued a reminder to consumers on the importance of
building a positive credit history. To assist Canadians interested in learning
about their credit history, FCAC today released Understanding
Your Credit Report and Credit Score, a new booklet that explains
how consumers can get and understand their credit report and credit score.

"Having a credit history is important if you want to get a credit card,
a mortgage, or even to rent an apartment. Consumers who have not had an
opportunity
to establish a credit history, such as recent immigrants and students, may
find themselves at a disadvantage when applying for credit products," said
FCAC Commissioner Bill Knight. "It can be very beneficial to establish
a solid credit track record by using credit wisely."

Consumers with a negative credit history - or no credit history on
record with the credit bureaus - may have their applications for various
credit products or other services rejected. FCAC's new booklet
Understanding
your Credit Report and Credit Score contains tips on how to
establish
a positive credit history, or improve a negative one. The Agency's booklet
also provides information on how consumers can obtain their credit reports
for free by mail; how to understand the coded information in a credit report
once it is received; and how to have any errors that may show up on their report
corrected.

FCAC
today also released the latest update of its popular guide, Credit
Cards and You. This comprehensive information package includes
useful general information on credit cards as well as side-by-side,
feature-by-feature
comparisons of over 200 credit cards available in Canada.

Understanding
your Credit Report and Credit Score and Credit Cards
and You are available to the public free of charge through
FCAC's Web site (www.fcac.gc.ca) and the Agency's
toll-free Consumer Contact Centre (1-866-461-3222).
FCAC ensures compliance with the consumer protection laws that apply to banks
and federally incorporated trust, loan and insurance companies. FCAC also provides
consumers with accurate and objective information about financial products
and services, and informs Canadians of their rights when dealing with
financial institutions.
- 30 -

Media contacts:

John Kane
Communications Officer
(613) 941-8988
kane.john@fcac.gc.ca

Martine Bélanger
Media Relations Officer
(613) 941-8982
belanger.martine@fcac.gc.ca

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Build Your Credit History: Know How Credit Works - and Make it Work For You

News Release

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