Sandra MacGregor
Janine DeVault
Beth Buczynski
When applying for a mortgage, an apartment rental, or even a new phone plan, your potential lender, landlord, or service provider will likely check your credit report. Your history as a borrower offers a good idea of how likely you are to pay bills on time.
But credit reports aren’t only available to landlords and financial companies. You can — and should — check your credit report regularly. Here’s what you need to know about credit reports in Canada and how to get yours for free.
How to get a copy of your credit report for free
You can get a free copy of your credit report from Canada’s two main credit bureaus Equifax and TransUnion. (Note that Equifax also offers credit scores for free; TransUnion only provides feed credit scores to residents of Quebec.)
Just visit each bureau’s website and follow the directions. Both credit bureaus also sell comprehensive credit monitoring services for a monthly fee.
- Equifax instructions to request a free credit report (will open in a new tab).
- TransUnion instructions to request a free credit report (will open in a new tab).
Some personal finance companies in Canada, like Borrowell or ClearScore, will give you a free credit report and let you check your credit score when you register with your email address.
Some banks in Canada are also now offering free credit reports and access to credit scores as an online banking perk.
What is a credit report?
Your credit report is not the same as your credit score.
- A credit report provides a comprehensive look at your credit history and overall creditworthiness. The information contained in a credit report is used to calculate your credit score, but that score usually does not appear in the report itself.
- Canadian credit scores range from 300 and 900 and indicate the level of credit risk you might present to a lender.
Your credit report starts the first time you get a loan or apply for a credit card. Once your first credit account is opened, your lender will send your credit information to one or both of Canada’s credit bureaus, Equifax and TransUnion.
A credit report contains detailed information about you and all your loans, lines of credit and credit cards. When reading your credit report, you might see:
- Personal identifying information such as your name, birth date, Social Insurance Number (SIN), and current/previous address(es), phone number(s) and employer(s).
- A list of all your credit accounts and when each was opened and/or closed.
- Your bill and debt payment history.
- Your credit limits/loan amounts, how much you currently owe, and last activity on each account.
- Bankruptcies and overdue accounts sent to collections.
- A list of creditors who have accessed your file in the past three years.
How to establish credit
Building a solid credit history is important because a favourable credit report will help you access credit cards, mortgages and personal loans with better interest rates.
You contribute to your credit report every time you take out a loan or use a credit card. But if you’re struggling to get approved for loans or credit cards because you don’t have a sufficient credit history, consider these other ways to build credit:
- Get a secured credit card. Secured credit cards are ideal for people who can manage a credit card responsibly but don’t yet have enough credit history to be approved for a conventional credit card. With a secured credit card, you provide the issuer with a deposit that then becomes the card’s credit limit.
- Apply for a secured loan. As with a secured credit card, secured loans guarantee repayment because the borrower provides an asset like a car or home as collateral.
- Get a co-signer. If you can’t get a loan and build your credit report on your own, try bringing on a co-signer. If you fail to make your payments, your co-signer will be responsible for covering the amount you owe. Only go this route if you’re confident you can make the payments, as your actions could affect your co-signer’s credit rating.
How to fix errors on your credit report
It’s always wise to stay on top of your credit report to correct any mistakes and keep tabs on your credit score. Accessing your own report is considered a soft check, so it won’t affect your credit score.
If you find any mistakes while reviewing your report, contact the credit bureau directly. You may then be asked to fill out a credit report update form and the credit bureau will then confirm whether the information is indeed in error and correct it if needed.
Frequently asked questions about credit reports in Canada
Your credit report provides a detailed history of your borrowing and payment activity, including all your credit accounts and when they were opened or closed. It shows records of your payments, amounts owing, and any bankruptcies, missed payments, or charged-off accounts. The report also includes a record of any hard credit inquiries made in your name over the past three years.
Canada’s credit bureaus, TransUnion and Equifax, will each provide you with a free credit report if you request one. You can also access a copy of your Equifax report through Borrowell and your TransUnion report through CreditKarma.
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