Understanding Your Credit Report in Canada

What is a Credit Report?

A credit report is a detailed document that summarizes an individual's or business's credit history. In Canada, credit reports are maintained by two main agencies: Equifax and TransUnion. These reports contain information about your credit accounts, payment history, and public records.

Credit reports play a crucial role in determining your creditworthiness. Lenders, creditors, and other financial institutions use these reports to assess the risk of lending you money or extending credit.

Why is it Important to Check Your Credit Report?

Checking your credit report regularly is essential for maintaining good credit health. By monitoring your report, you can identify any errors or inaccuracies that may be affecting your credit score.

Additionally, checking your report allows you to track your progress and make informed decisions about your financial future. You'll be able to see how different financial actions impact your credit score and adjust accordingly.

How to Get Your Credit Report in Canada

In Canada, you are entitled to one free credit report from each of the two major agencies (Equifax and TransUnion) every 12 months. You can request a copy by mail or online.

It's essential to check your report regularly to ensure its accuracy and to monitor any changes in your credit profile.