How to Read Your Credit Report (Canada)

Your credit report is a detailed history of how you've managed credit. It determines whether you'll be approved for a mortgage, car loan, or credit card — and at what interest rate. Every Canadian should check theirs at least once a year.

Quick Answer

In Canada, your credit report is maintained by two agencies: Equifax Canada and TransUnion Canada. Both are required by law to provide you with a free copy of your report upon request. You can access it online, by mail, or by phone.

Checking your own report is a soft inquiry — it does not affect your credit score.

What's in Your Credit Report

A Canadian credit report contains four main sections:

Section	What It Shows	Why It Matters
Personal Information	Name, address, date of birth, SIN (partial), employment history	Verifies your identity — check for errors or old addresses
Credit Accounts (Tradelines)	Every credit account you've held: credit cards, loans, lines of credit, mortgages	Shows payment history, credit limits, balances, and account status
Inquiries	Who has accessed your report and when	Hard inquiries (from credit applications) affect your score; soft inquiries don't
Public Records & Collections	Bankruptcies, consumer proposals, judgments, collections accounts	The most damaging items — stay on your report for 6–7 years (bankruptcies up to 14 years for first-time)

How to Get Your Free Credit Report

Option 1: Online (Fastest)

Agency	How to Access	Wait Time
Equifax	equifax.ca — create an account	Instant (online)
TransUnion	transunion.ca — create an account	Instant (online)

Both offer free basic access. They'll try to upsell you on credit monitoring — you don't need it for a one-time check.

Option 2: By Mail or Phone (No Internet Required)

Equifax: 1-800-465-7166
TransUnion: 1-800-663-9980 (Quebec: 1-877-713-3393)

By law, both agencies must mail you a free copy within 30 days of receiving your request.

How to Read Each Section

1. Personal Information

What to check: Is your name spelled correctly? Are all listed addresses places you've actually lived? Is the employment history accurate?

Red flags: Addresses you don't recognise, misspelled names, or employers you never worked for. These can indicate identity theft or a mixed file (your information combined with someone else's).

2. Credit Accounts (Tradelines)

Each account entry shows:

Field	What It Means
Account type	Revolving (credit card, line of credit) vs. Installment (car loan, mortgage, student loan)
Credit limit / Original amount	Your credit limit (revolving) or original loan amount (installment)
Balance	Current amount owing
Payment history	Rated on a scale: R1 (pays within 30 days — best) to R9 (bad debt, collection, bankruptcy — worst)

Rating codes to know:

Rating	Revolving (R)	Installment (I)
R1 / I1	Pays within 30 days ✓	Pays as agreed ✓
R2 / I2	Pays within 30–60 days	1 payment behind
R3 / I3	Pays within 60–90 days	2 payments behind
R5 / I5	120+ days past due	4+ payments behind
R9 / I9	Bad debt / collections	Bad debt / collections

What to check: Do you recognise every account? Are balances and limits accurate? Are closed accounts marked as closed?

3. Inquiries

Type	What It Means	Affects Score?
Hard inquiry	A lender checked your report because you applied for credit	Yes — stays 3 years, but impact fades after 6–12 months
Soft inquiry	You checked your own report, or a company did a background check	No

What to check: Do you recognise every hard inquiry? Inquiries you don't recognise could indicate someone applied for credit in your name.

4. Public Records & Collections

Item	How Long It Stays
Collections account	6 years from date of last payment
Consumer proposal	3 years after completion (Equifax); 3 years after completion or 6 years from filing (TransUnion)
First-time bankruptcy	6–7 years from discharge
Second bankruptcy	14 years from discharge

Credit Report vs. Credit Score

Your credit report is the raw data. Your credit score is a three-digit number (300–900) derived from that data.

Score Range	Rating	What It Means
800–900	Excellent	You'll qualify for the best rates
720–799	Very Good	Likely approved, competitive rates
650–719	Good	Approved, but rates may be average
600–649	Fair	May be approved with higher rates or conditions
Below 600	Poor	Approval difficult; focus on repair

You can get your credit score for free from your bank's app (RBC, Scotiabank, BMO, CIBC, TD), Borrowell (Equifax score), or Credit Karma (TransUnion score).

What to Do If You Find an Error

Errors on credit reports are common. The FCAC estimates up to 20% of Canadians have an error on their report.

Step 1: Gather Evidence

Collect documents that prove the error: payment receipts, account statements, correspondence with the lender.

Step 2: Dispute With the Credit Bureau

File a dispute directly with the bureau that shows the error. By law, they must investigate within 30 days and correct verified errors.

Step 3: Dispute With the Lender

If the error originated with a specific lender (e.g., a late payment you didn't make), contact them directly as well.

Step 4: Follow Up

Check your report again after 30–45 days to confirm the error was corrected.

Canadian-Specific Tips

Both Bureaus Matter

Canadian lenders may check one or both of your reports. Don't assume a clean Equifax report means your TransUnion report is clean. Check both.

Quebec Has Extra Protections

Quebec residents have additional rights under provincial consumer protection laws.

Fraud Alerts Are Free

If you suspect identity theft, you can place a fraud alert on your file with both Equifax and TransUnion — free of charge. This requires lenders to verify your identity before extending credit in your name.

Frequently Asked Questions

How often should I check my credit report?

At least once a year. The FCAC recommends checking before any major credit application (mortgage, car loan).

Does checking my own credit report hurt my score?

No. Self-checks are soft inquiries and have zero impact on your score.

Why are my Equifax and TransUnion scores different?

The two bureaus use slightly different scoring models and may receive data from different lenders. A 20–50 point difference is normal. A 100+ point difference is worth investigating.

How long does negative information stay on my report?

Most negative items stay for 6 years. Bankruptcies stay for 6–7 years (first time) or 14 years (subsequent).

Can I remove accurate negative information?

No. Credit bureaus are required to report accurate information. "Credit repair" companies that claim to remove accurate negative items are usually scams.

Next Steps

How to Build an Emergency Fund in Canada →

Before tackling credit repair, make sure you have a cash buffer so unexpected expenses don't keep adding to your debt.

Debt Consolidation Options in Canada →

If your credit report reveals high debt, compare consolidation strategies to reduce interest and simplify payments.

Canadian Money Guide is a research-driven publication, not a credit counsellor or financial advisor. Information is based on publicly available guidance from the FCAC, Equifax Canada, TransUnion Canada, and provincial consumer protection agencies. See How We Research.