Every Canadian has the right to a free copy of their credit report. Most people never look at theirs — and that's a mistake. Your credit report contains errors more often than you'd think, and those errors can silently hurt your ability to get a loan, rent an apartment, or get a good interest rate.
Your credit report is a detailed record of your borrowing history in Canada. It lists every credit card, loan, and line of credit you've ever had, along with your payment history on each one. It also shows who has checked your credit and whether any accounts have gone to collections.
A credit score is a single number calculated from your credit report. The report itself is the full document — the score is the summary. You can have a score without ever reading your report, but reading your report tells you exactly why your score is what it is.
Two companies maintain credit reports for Canadians: Equifax Canada and TransUnion Canada. Most major lenders report your payment activity to both bureaus, but some only report to one. This means your Equifax and TransUnion reports may differ slightly.
You should check both reports — not just one.
Both bureaus offer free online credit report access:
Free online accounts give you your report but may not always show the same score a lender sees. That's fine — the report itself is what you need to review for accuracy.
These services are legitimate and free. They earn money by showing you relevant financial product offers, which you're free to ignore.
You can request a free paper copy of your credit report by mail from both bureaus. You'll need to fill out a form and provide copies of two pieces of ID. This takes longer but is useful if you have trouble verifying your identity online.
Credit reports can look intimidating at first. Here's what each section means:
This section lists your name, current and past addresses, date of birth, and SIN (partially masked). Review this for accuracy. If there are addresses you don't recognize or name variations you didn't create, that could indicate identity theft or a data mix-up with someone who has a similar name.
This is the main section. It lists every credit account ever associated with your name: credit cards, car loans, lines of credit, student loans, mortgages. For each account you'll see:
Each account has a rating code. In Canada, these are typically shown as a letter plus number:
You want to see R1 or I1 across the board. Any higher numbers are negatives on your report.
If an account was sent to a collections agency, it appears here. This is serious negative information. A collections account stays on your report for 6–7 years from the date it was first delinquent. Even after you pay it, the notation remains — though it will show as "paid."
This section shows who has checked your credit and when. There are two types:
Review hard inquiries carefully. If you see one you don't recognize — meaning you didn't apply for credit with that lender — it could indicate fraud.
This section shows any legal financial events: bankruptcies, consumer proposals, court judgments, or tax liens. Most Canadians will have nothing here.
Read through every trade line and look for:
If you find an error, you have the right to dispute it. Here's the process:
Both Equifax and TransUnion have online dispute portals, or you can dispute by mail. Disputing by mail with documentation tends to be taken more seriously for complex disputes.
At minimum, check both reports once a year. If you're actively working on your credit, applying for a mortgage, or have been a victim of fraud, check every few months. Since checking your own report is a soft inquiry, it never hurts your score no matter how often you look.
Review your report immediately if you notice:
If you suspect identity theft, contact both bureaus to place a fraud alert on your file. This flags your file so lenders take extra steps to verify identity before approving new credit in your name.
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