CREDIT AND LOANS PROTECTING YOUR CREDIT REPORT: HOW TO CORRECT ERRORS AND CHECK FOR FRAUD Your credit report is important for your financial health. [...] What is your It is a record of your past and present use of credit cards and loans. [...] What can you do if You have the right to dispute any information in your credit report that you you find errors? [...] For example, if you missed payments on a loan or a credit card, paying the debt in full or closing the account will not remove the negative history. [...] If your file is updated, some provincial laws require credit reporting agencies to send a revised copy of your credit report to anyone that recently reviewed it.