The landscape of Canada’s credit is about to undergo a big change. Canada’s big 3 credit bureaus have always been Transunion, Equifax and Experian. But Canadians will soon only have the dynamic duo of Transunion and Equifax remaining, as Experian announces that it’s ceasing Canadian operations as soon as April 17, 2009. The loss of Experian as a business is just one of many companies exiting Canada. The loss of a credit bureau might just be the catalyst to for consumers to wonder if they’ve been viewing a more rosy picture that should be painted by the government, the media.. all along.

Experian explains its move with this official statement from its website:

Effective April 17, 2009, Experian will unfortunately discontinue its Canadian consumer credit bureau operations as a result of the very difficult economic environment in Canada and around the world, which Experian believes will persist for some time. This means that as of April 18, 2009, Experian will no longer be providing credit reports out of its Canadian database regarding any consumer in Canada.

We will continue to respond to ongoing consumer requests for copies of credit reports, as well as handle disputed items and other consumer assistance until April 17. After that date and upon completion of any disputes in process, all consumer information will be deleted from our database and will no longer be available to consumers or creditors.

If you have not previously obtained your credit report from us or initiated a dispute on your Experian credit report, you may wish to contact one of the other credit bureaus for assistance.

One immediate question that came to mind was regarding what happens to those who were subscribed to an Experian credit profile/monitoring product. If you’re a personal/business consumer of Experian services. I’ve love to hear from you!

I also foresee that with less competition, fees and charges for credit bureau products and services should be rising in the near future. Perhaps, its a good time to check on that credit score. Though everyone should be reminded that you have free access to your credit report once a year if you make that request in writing with Transunion and Equifax. But neither company will make that information apparent or clear on its webpages, so here are 2 helpful links to get you moving in the right direction! The instructions for requesting a free credit report form Equifax and Transunion.

What has the media been reporting about Canada’s “credibility” through this credit crisis? Here’s what we know so far. The IMF (International Monetary Fund) praised Canada for its solid banking practices, compared to the American system, as the reason why its financial infrastructure has not fallen in shambles. The Canadian banks have so far given quarterly reports that look stellar when compared to its American peers. The government is constantly seeking for validation of its own economic forecasts, a function that they’ve historically failed with gross inaccuracies… while staving off comments from former Bank of Canada governor, David Dodge. But also in-fighting for authority with the government’s own federal budge watch-dog - the parliamentary budget officer.

In a way, I’d have to categorize the events thus far as being very Canadian in scope. After the Swiss, the Canadians are internationally regarded as a neutral country. And right now, we seem to have been unscathed during the global financial turmoil. The focus has deservingly been on Canadian’s manufacturing and commodities sectors. But if we scratch beneath the surface… who knows.. there just might be an ugly financial puss/scab forming underneath the skin painted over by the government and the media? There are no answers yet. But rest assured, Investorial will continue to monitor the situation and share with you thoughts about Canada’s credit crsis.

Have you recently dealt with Equifax or Transunion lately? I’d love to hear from you about your experience with its products. What are you most worried about with Canada’s credit situation. Or is there no cause for concern for Canadian’s financial sectors from your perspective?