More Than One Credit History Per Person
In some countries, people can have more than one credit history. For example, in Canada, although most Canadians are not aware of it, every person who applied for credit before obtaining a Social Insurance Number has two separate credit histories, one with SIN and one without SIN. This is due to the credit reporting structure in Canada. This can lead to two completely separate parallel histories, and often leads to inconsistencies (although typically the person in question will never notice the inconsistencies), because when a lender asks for someone's credit report with SIN, what the lender gets is different from what he would have gotten if he asked the report without providing the SIN. This is because, contrary to popular belief, when someone gets a new SIN for whatever reason, the two credit files are never merged unless the person requests specifically. As a result, a record with SIN zeroed out is kept separately from a record with SIN. Note this happens without the person even knowing it.
Read more about this topic: Credit History
Famous quotes containing the words credit, history and/or person:
“Truth lives, in fact, for the most part on a credit system. Our thoughts and beliefs ‘pass,’ so long as nothing challenges them, just as bank-notes pass so long as nobody refuses them.”
—William James (1842–1910)
“Well, for us, in history where goodness is a rare pearl, he who was good almost takes precedence over he who was great.”
—Victor Hugo (1802–1885)
“What is Americanism? Every one has a different answer. Some people say it is never to submit to the dictation of a King. Others say Americanism is the pride of liberty and the defence of an insult to the flag with their gore. When some half-developed person tramples on that flag, we should be ready to pour out the blood of the nation, they say. But do we not sit in silence when that flag waves over living conditions which should be an insult to all patriotism?”
—Anna Howard Shaw (1847–1919)