Credit Score Canada: Complete Guide 2026

Your credit score is a three-digit number between 300 and 900 that tells Canadian lenders how reliably you repay debt. It touches almost every major financial decision in your life — mortgages, car loans, credit cards, apartment rentals. Understanding how it works is the first step to taking control of your financial future.

The Two Credit Bureaus in Canada

Canada has two major credit bureaus: Equifax Canada and TransUnion Canada. Both are separate legal entities from their US counterparts. Not every lender reports to both bureaus, so your score may differ by 20-50 points between the two. Always check both.

• Equifax Canada — free monthly report via Borrowell
• TransUnion Canada — free weekly report via Credit Karma
• Your bank app — TD, RBC, Scotiabank, BMO, CIBC all show your score in-app for free

What Makes Up Your Canadian Credit Score

• Payment History (35%) — On-time payments build; missed payments destroy. One 90-day miss can drop your score 100+ points.
• Credit Utilization (30%) — Keep revolving balances under 30% of your limit. Under 10% is ideal.
• Length of Credit History (15%) — Older accounts help. Never close your oldest credit card.
• Credit Mix (10%) — Having both revolving (cards) and installment (loans) credit is beneficial.
• New Credit Inquiries (10%) — Hard inquiries stay on your Canadian file for 3 years (vs. 2 years in the US).

Key Canadian Credit Rules That Differ from the US

• Hard inquiries stay on your report for 3 years in Canada
• Negative items (late payments, collections) can remain for 6-7 years
• First bankruptcy stays for 6 years after discharge; second for 14 years
• Scores range 300-900 in Canada, not 300-850 like in the US
• Consumer proposals stay 3 years after completion, up to 6 years from filing date

How to Check Your Canadian Credit Score for Free

Never pay for your credit score. The best free options in Canada are:

• Borrowell — Free Equifax score updated weekly, plus full credit report
• Credit Karma — Free TransUnion score updated weekly
• Bank apps — All major Canadian banks now include your score in their mobile apps
• Annual free report — Request a free paper report from Equifax and TransUnion directly once per year

Fastest Ways to Improve Your Score

1. Pay every bill on time — set autopay for at least the minimum on every account
2. Reduce credit card balances — get utilization under 30% on all cards combined
3. Don't close old accounts — even unused cards keep your average credit age up
4. Dispute errors — check both Equifax and TransUnion reports for mistakes and dispute anything inaccurate
5. Add positive data with KOHO — KOHO's Credit Building reports to Equifax every month, adding payment history even with no traditional credit

How Long Negative Items Stay on Your Canadian Credit Report

Frequently Asked Questions

What is a good credit score in Canada in 2026?

660 or above is considered good. 725+ is very good, and 760+ is excellent. Most major bank mortgages require at least 660, and the best rates go to 760+ borrowers.

Does checking my own credit score hurt it?

No. Checking your own score is always a soft inquiry and has zero impact on your credit.

How long does it take to build credit from scratch?

With consistent positive activity, most people see meaningful improvement within 6-12 months. Reaching 660+ typically takes 1-2 years of responsible credit use.

Is 700 a good credit score in Canada?

Yes — 700 falls solidly in the Good range (660-724). You'll be approved for most mainstream credit products, though the very best mortgage rates are reserved for 760+.