Canada Credit Score

UNDERSTANDING YOUR
CREDIT REPORT AND
CREDIT SCORE
BUDGETING AND
MONEY MANAGEMENTWith educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about
financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances.
FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance
companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints
bodies comply with legislation and industry commitments intended to protect consumers.
© Her Majesty the Queen in Right of Canada (Financial Consumer Agency of Canada) Cat. No.: FC5-8/25-2012F-PDF ISBN: 978-1-100-99302-7 August 2012
About Financial Consumer Agency of Canada (FCAC)
Contact Us:
Toll-free:
1-866-461-3222
Website:
fcac.gc.ca
TTY:
613-947-7771 or
1-866-914-6097
Follow @FCACan
on Twitter
Subscribe to FCACan
YouTube Channel1
TABLE OF CONTENTS
Overview 2
Credit report and score basics 3
What is a credit report? 3
What is a credit score? 4
Who creates my credit report and score? 5
Who can use my credit report and score? 6
How to understand your credit report 7
What is in my credit report? 7
How long does information stay on my credit report? 8
How are my debts rated on my credit report? 13
How can I build my credit history for my credit report? 15
How to improve your credit score 16
1. Payment history 16
2. Use of available credit 17
3. Length of credit history 18
4. Number of inquiries 18
5. Types of credit 19
How to correct errors and check for fraud 20
Steps to correct errors 21
How can I use my credit report to protect myself against fraud? 22
How to order your credit report and score 23
How can I get my credit report for free? 23
How can I order my credit report or score for a fee? 24
How can I contact Equifax Canada? 24
How can I contact TransUnion Canada? 25
Examples of credit report and scores 262
OVERVIEW
Building a good credit history is important for your financial health. 
Along with millions of other Canadians, you have a credit history that is kept on file by companies 
called credit reporting agencies. They track how you use credit products, such as credit cards and 
loans, and pay your bills. 
This information is used to create your credit report and credit score. These are some of the main 
tools lenders use when they decide whether they will lend you money and how much they will 
charge you to borrow it. Employers and landlords may also use credit reports to get a sense of 
your reliability.
You have the right to see your own credit report. And there are ways you can get it for free. 
Knowing what is in your report is important. If you have a poor credit history, it could be harder for 
you to get a credit card or a loan. You could have to pay more to borrow money. It could even affect 
your ability to rent housing or get hired for a job.
You can also use your credit report to check for signs of identity theft.
This guide can help you:
• understand your credit report and score
• improve your credit score
• correct errors in your credit report
• order your credit report and score.3
CREDIT REPORT AND SCORE BASICS
What is a credit report?
Your credit report is a summary of your credit history. If you have ever used a credit card, taken out
a personal loan, or used a “buy now, pay later” offer, you have a credit history.
Your credit report is created when you borrow money or apply for credit for the first time. Lenders
send information about your accounts to the credit reporting agencies. Your credit report also
includes personal information that is available in public records, such as a bankruptcy.
Your credit report contains factual information about your credit cards and loans, such as:
• when you opened your account
• how much you owe
• whether you make your payments on time
• whether you miss payments
• whether you go over your credit limit.
Mobile phone and Internet accounts may be reported, even though they are not credit accounts.
Chequing and savings accounts that have been closed “for cause,” due to money owing or fraud
committed by the account holder, can also be included.4
What is a credit score?
A credit score is a three-digit number that is calculated using a mathematical formula based on the
information in your credit report. You get points for actions that demonstrate to lenders that you can
use credit responsibly. You lose points for things that show you have difficulty managing credit. To
find out what counts toward your credit score, see page 16.
In Canada, credit scores range from 300 to 900 points. The best score is 900 points.
Lenders and credit reporting agencies produce credit scores under different brand names, such as
Beacon, Empirica and FICO®.
Your score will change over time as your credit report is updated.
Businesses use your credit report and score to see how risky it would be for them to lend you money.
It is up to each lender to decide on the lowest score you can have and still borrow money from them.
Lenders may also use your score to set your interest rate and credit limit. If you have a high credit
score, you may be able to get a lower interest rate on loans, which can save you a lot of money over time.
While they are very important, credit scores are usually not the only thing a lender will look at. Often,
they will also consider other factors, such as your income, job or any assets you own.
Why might the credit score I receive be different from one
a lender is using?
A credit score you order for yourself may not be the same as a score produced for a lender.
This can happen even if they are created at the same time using the same information in your
credit report because there are different types of credit scores that are designed to meet the
needs of lenders.
A lender may put more weight on certain information depending on the reason it is calculating
your score. For example, it may want to assess your risk of becoming bankrupt or determine
whether you qualify for a mortgage.
Your own credit score should still be in the same range as a score created for a lender.5
Take credit for your actions!
Do you have a strong credit score? Use this to your advantage when you negotiate for a loan.
Point out that you represent a lower risk to the lender and ask for a lower interest rate or
better terms.
Who creates my credit report and score?
Credit reporting agencies are private companies that collect, store and share information about how
you use credit. An agency is also called a “credit bureau” or just a “bureau.”
These agencies are governed by regulations that cover many parts of their business, such as who is
allowed to see your credit report and what it can be used for.
In Canada, there are two main credit reporting agencies: Equifax Canada and TransUnion Canada.
These agencies sell credit reports to their members, which include banks, credit unions and other
financial institutions, credit card companies, auto leasing companies and retailers. These businesses
use your credit report to help them make their decisions about you.
Other organizations also use it to check your use of credit and personal trustworthiness. Those
allowed to use your credit report include mobile phone companies, insurance companies,
governments, employers and landlords.
When a lender or other organization “checks your credit” or “pulls your report,” it is accessing
your credit report at the credit reporting agency. This is usually recorded on your credit report as
an “inquiry.”
Lenders provide the information in your credit report to the credit reporting agencies. Other sources
of information include collection agencies, offices that handle child support and public records filed
with courthouses.
56
Who can use my credit report and score?
There are regulations in place to protect your personal information, including your credit report.
Usually, your credit report can only be used to:
• lend money or extend credit to you
• collect on a debt you owe
• consider you for rental housing or for a job
• provide you with insurance (some provinces have restrictions)
• meet a direct business need.
Lenders, employers or landlords can only use your credit report when you give your consent or, in
some provinces (including Nova Scotia, Ontario, Quebec, Prince Edward Island and Saskatchewan),
after they tell you they will be checking your report.
Usually, when you sign an application for credit, you allow the lender to access your credit report.
Your consent generally lets the lender use your credit report when you first apply and anytime
afterward while your account is open.
In many cases, your consent also lets the lender share information about you with the credit
reporting agencies if your application is approved.
Some provincial laws permit government representatives, including judges and police, to see parts
of your credit report without your consent.
In some provinces, your credit score cannot be used to decide whether you qualify for insurance or
to determine how much you will be charged for insurance coverage. In some cases, insurers are not
allowed to use your credit score when deciding whether to offer you specific types of coverage, such
as auto or mortgage insurance.
Some provinces require lenders and others to tell you if your credit report led to you being refused
for a benefit or service, or if you have to pay more for it.
For more information about provincial and territorial laws, contact the government office that
handles consumer affairs in your area.7
HOW TO UNDERSTAND YOUR
CREDIT REPORT
What is in my credit report?
Your credit report may contain the following information:
Personal information
• Name
• Date of birth
• Current and previous addresses
• Current and previous telephone numbers
• Social Insurance Number (SIN)
• Driver’s licence
• Passport number
• Current and previous employers
Credit history information
• Credit accounts and transactions, such as credit cards, retail or store cards, lines of credit and loans
• Telecommunications accounts, such as mobile phone and Internet
• Negative banking information, such as chequing and savings accounts closed “for cause,”
due to money owing or fraud committed by the account holder, and bad cheques (also called
non-sufficient funds or NSF cheques)
• Public records, such as bankruptcy and legal judgments, and registered items, such as a lien
on a car or house that allows the lender to seize it if you do not make payments
• Debts sent to collection agencies
• Inquiries from lenders and others who request your credit report
• Remarks including consumer statements, fraud alerts and identity verification alerts.8
Is my mortgage included in my credit report?
Your mortgage information and your history of mortgage payments may appear in your credit
report and may count count toward your credit score. This depends on the practices of each credit
reporting agency.
A home equity line of credit that is added to your mortgage will be treated as part of your mortgage
for your credit report. If your home equity line of credit is a separate account from your mortgage, it
can be reported separately.
How long does information stay on my credit report?
By law, negative information can only be kept on your credit report for a certain length of time. For
most information, the maximum is six or seven years. The exact amount of time varies by category
and by province or territory. Positive information, such as accounts that you paid on time, may be
kept longer.
Equifax Canada and TransUnion Canada keep your information for different lengths of time, up
to the maximum time limits allowed by provincial laws.Length of time that credit reporting agencies keep information
Type of information How long agencies
keep information
Date when agencies
start counting
Credit transactions
• Negative information
about accounts such as
credit cards, lines of credit
and loans
• Also called“trades”or
“trade lines” by credit
reporting agencies
• 6 years • Equifax counts from date of last
activity (for example, a payment
you made)
• TransUnion counts from date
of first delinquency – the date
you first defaulted on the
account (for example, by
making a late payment) without
returning to good standing.
Secured loans
• Loans backed by an asset,
such as a mortgage, a car
lease or loan
• 6 years
• Equifax only: 7–10 years
in P.E.I.
• Equifax counts from date of filing
• TransUnion counts from date of
first delinquency
Banking items
• Negative information,
including:
 - chequing and savings
accounts closed “for
cause” due to money
owing or fraud committed
by the account holder
 - bad cheques (also called
non-sufficient funds
or NSF)
• 6 years • Equifax counts from date of
transaction or default
• TransUnion counts from date
of write-off or date closed,
whichever is sooner
910
Type of information How long agencies
keep information
Date when agencies
start counting
Inquiries
• Recorded when lenders
and others access your
credit report
• For more information on
“hard” and “soft” inquiries,
see page 18
• Equifax: 3 years
• TransUnion: 6 years
• Counted from date inquiry
is made
Judgments
• Legal judgments
against you and
other information in
public records
• 6 years
• Equifax: 7–10 years in P.E.I.
• TransUnion: 7 years in Ontario,
Quebec, New Brunswick and
Newfoundland and Labrador;
10 years in P.E.I.
• Counted from date of filing
Collections
• Debts sent to collection
agencies
• 6 years • Equifax counts from date the debt
is assigned to a collection agency
• TransUnion counts from date of
first delinquency (when the
account became delinquent with
the original lender, not when it
was sent to a collection agency)
Length of time that credit reporting agencies keep informationType of information How long agencies
keep information
Date when agencies
start counting
Registered items
• Items registered in public
records, such as a lien
against your property
• Equifax: 6 years, except in
P.E.I. where it is 7–10 years
• TransUnion: 5 years
• Counted from date of filing
Bankruptcy
• Legal procedure used
as a last resort if you are
unable to repay
your debts
• 6 years
• TransUnion only: 7 years in
Ontario, Quebec, New
Brunswick, Newfoundland
and Labrador, and P.E.I.
• Counted from date of discharge
• If not discharged:
 - Equifax keeps for maximum
of 7 years from filing date
 - TransUnion: no time limit
Multiple bankruptcies
• Different length of time
applies if you declare
bankruptcy more
than once
• 14 years • Counted from date of discharge
for each bankruptcy
Consumer proposals
• Formal procedure to
repay your debts,
arranged by trustee in
bankruptcy or other
authorized agent
• 3 years • Equifax counts from date paid
• TransUnion counts from date
satisfied or 6 years from filing
date, whichever is sooner
• If not paid or satisfied, maximum
is 6 years from filing date
1112
Type of information How long agencies
keep information
Date when agencies
start counting
Orderly Payment of
Debts (OPD)
• Also known as a
consolidation order
• Formal procedure to repay
your debts, arranged
through a court
• Only available in Alberta,
Saskatchewan and
Nova Scotia
• Equifax: 3 years
• TransUnion: OPD itself is
not reported
• Equifax counts from date paid
• TransUnion: individual accounts
included in OPD stay on file for
2 years from date OPD is satisfied
or 6 years from date of first
delinquency, whichever is sooner
Debt Management
Program (DMP) with
credit counselling agency
• Program to help you
repay your debts
• Note: credit counselling
by itself (without DMP)
is not noted on your
credit report
• Equifax: 3 years
• TransUnion: DMP itself is not
reported
• Equifax counts from date paid. If
not paid, counts for a maximum
of 6 years from filing date.
• TransUnion: individual accounts
included in DMP stay on file for
2 years from date DMP is satisfied
or 6 years from date of first
delinquency, whichever is sooner
Remarks
• Statements you can add
to your credit report,
including:
 - consumer statements
 - fraud alerts
 - identity verification alerts
• 6 years • Counts from date reported
to agency
Length of time that credit reporting agencies keep information13
How are my debts rated on my credit report?
Lenders may use codes when they send information to the credit reporting agencies about how and
when you make your payments. These codes can have two parts: a letter and a number. For example,
an account may be coded as R2. The letter stands for the type of the credit you are using.
Letter Meaning Example
I
Installment credit
You borrow money for a specific period of time and
repay it in fixed amounts, on a regular basis, until the
loan is paid off.
• car loan
O
Open status credit
You can borrow money when you need to, up to a
certain limit.
• line of credit
R
Revolving or recurring credit
You can borrow money up to your credit limit on an
ongoing basis. You make regular payments in varying
amounts depending on the balance of your account.
• credit card
M
Mortgage loan
Mortgage information may be included on
your credit report.
• mortgage14
The codes also use numbers that range from 1 to 9. The best rating is 1. It means you pay your bills
within 30 days of the billing date. Ratings of 1 will help you achieve a strong credit score.
Any number higher than 1 will likely hurt your credit score. The worst rating you can receive is 9. It
usually means the lender has written your account off or sent it to a collection agency.
Number Meaning
0
• Too new to rate
• Approved, but not yet used
1
• Paid within 30 days of billing
• Pays as agreed
2 • Late payment: 31–59 days late
3 • Late payment: 60–89 days late
4 • Late payment: 90–119 days late
5 • Late payment: more than 120 days late, but not yet rated“9”
6 • This code is not used
7 • Making regular payments under a consolidation order, Orderly Payment of Debts,
consumer proposal or Debt Management Program with a credit counselling agency
8 • Repossession
9
• Written off as a “bad debt”
• Sent to collection agency
• Bankruptcy
1415
Each of your credit accounts will have one of these codes. The codes can be different depending on
how you make your payments for each account.
For example, if you have a credit card account that you paid on time, it will be reported as“R1.”If you
also have a line of credit, and you missed your payment by 45 days, it would show up as“O2.”
TransUnion Canada also uses a chart to show your history of payments over the last two years. See
page 28 for an example.
How can I build my credit history for my credit report?
It is important to begin building your credit history early. If you do not have a credit history, it is much
harder for lenders to make a decision about you, since they have nothing to base it on.
One of the best ways to build a credit history is to apply for a credit card and make your payments on time.
It can sometimes be hard to get a regular credit card if you are a young person, a recent immigrant or
have had trouble with credit in the past.
An option is to apply for a secured credit card. You need to provide the credit card issuer with a
deposit. Usually, the amount required for a deposit is equal to the credit limit for the credit card.
When you make payments on the balance of a secured credit card, it will be reported to the credit
reporting agencies in the same way as a regular credit card. This can help you build a credit history or
rebuild a poor one.
Are secured credit cards and prepaid cards the same thing?
No, they are not the same. A secured credit card can help you establish a credit history.
However, a prepaid card will not help you build a credit history because your use of it is not
reported to the credit reporting agencies. HOW TO IMPROVE YOUR CREDIT SCORE
The actual formulas used to calculate credit scores are the property of private companies and are not
available to the public. This means it is not possible to know exactly how many points your score will go
up or down based on the actions you take.
However, the main factors that are used to calculate your score include:
• payment history
• use of available credit
• length of credit history
• number of inquiries
• types of credit.
1. Payment history
This is the most important factor for your credit score. It shows:
• when you paid your bills
• late or missed payments
• debts you did not pay that were written off or sent to a collection agency
• whether you have declared bankruptcy.
Your score will be damaged if you:
• make late payments—the longer it takes you to make your payment, the worse the impact on
your credit report and score will likely be
• have accounts that are sent to a collection agency
• declare bankruptcy
• withhold payments due to a dispute and the lender reports your payments as late.
With certain financial products, any payments you make on time will not be counted and will not
improve your credit score. However, if you miss payments and your account is sent to a collection
1617
agency, this can be included and will damage your credit score. These products include:
• chequing and savings accounts
• student loans
• prepaid cards (these are not the same as secured credit cards).
Telecommunications accounts,such as mobile phone and Internet, are exceptions. Payments you make
on time as well as late payments may be considered for your credit score.
TIPS:
To improve your credit score
• Always make your payments on time. If you cannot pay the full amount, make at least the
minimum payment.
• If you think you will have trouble paying a bill, contact the lender right away.
See if you can work out a special arrangement to repay your debt.
2. Use of available credit
This is the second most important factor. It is also called “credit utilization.”
To figure out your available credit, add up the credit limits for all your credit products, such as credit
cards, lines of credit and other loans.
What counts toward your credit score is how much of your available credit you actually use, not your
credit limits by themselves.
When you use a large percentage of your available credit, lenders see you as a greater risk, even if you
pay your balance in full by the due date.
TIP:
To improve your credit score
• Try to use less than 35 percent of your available credit.
For example, if you have a credit card with a limit of $5,000 and a line of credit with a limit
of $10,000, your available credit is $15,000. Try not to borrow more than $5,250 at any time
(35 percent of $15,000).18
3. Length of credit history
The longer you have had an account open and used it, the better it is for your score.
Your credit score may be lower if:
• you have credit accounts that are relatively new
• you close your older accounts and your remaining credit accounts are newer—for example, if
you close a credit card account and transfer the balance to a new card.
TIP:
To improve your credit score
• Consider keeping an older account open even if you no longer need to use it, especially if
there is no annual fee. Use it from time to time to keep it active.
4. Number of inquiries
When lenders and others ask a credit reporting agency for your credit report, it is recorded as an
inquiry. This usually happens when you apply for credit.
It is normal and expected to seek credit every so often. But if there are too many inquiries on your credit
report, lenders may be concerned. It can seem like you are desperately seeking credit or that you are
trying to live beyond your means without the ability to pay back the money you want to borrow.
“Hard hits” versus “soft hits”
Inquiries that are recorded on your credit report and count toward your credit score are sometimes
called “hard hits.” Anyone who views your credit report will see these inquiries. An application for a credit
card is an example of a“hard hit.”Rental and employment applications may be treated as “hard hits.” 19
“Soft hits” are the opposite. Only you can see “soft hits.”These inquiries do not affect your credit score
in any way. Examples of “soft hits” include:
• requesting your own credit report
• businesses asking for your credit report to update their records about an existing account you
have with them. They do this to see whether you qualify for promotions, credit limit increases
and so on.
Will shopping around for a car or mortgage hurt my score?
When you are shopping around for a car or a mortgage, try to do it within a two-week period. All
inquiries related to auto or mortgage loans made during this time are usually combined and treated
as a single inquiry.
TIP:
To improve your credit score
• Limit the number of times you apply for credit in a short period of time. It is a good idea to
seek credit only when you really need it.
5. Types of credit
Your score may be lower if you only have one type of credit product, such as a credit card.
It is better to have a mix of different types of credit, such as a credit card, auto loan, line of credit or
other loan. It can even help if you have a second but different type of credit card, such as an account
with a store.
TIP:
To help your credit score
• Having a mix of credit products could get you more points, but don’t go overboard!
Make sure you can afford to pay back any money you borrow. Otherwise, you could
end up hurting your score by taking on more debt than you can handle.20
HOW TO CORRECT ERRORS AND
CHECK FOR FRAUD
Check your credit report at least once a year for errors and signs of identity theft. Think of it as an
annual checkup for your financial health!
You have the right to dispute any information on your credit report that you believe is wrong.
You can ask the credit reporting agencies to correct errors. It’s free.
Watch out for:
• mistakes in your personal information, such as wrong mailing addresses or incorrect
date of birth
• errors in credit card and loan accounts, such as a payment you made on time that is
shown as late
• negative information about your accounts that is still listed after the maximum number
of years it is allowed to stay on your report
• accounts listed that you never opened yourself, which could be a sign of identity theft.
Why do errors matter?
They may give lenders the wrong impression. You could be turned down for an application or receive
a lower credit score than you should have. Even errors that seem minor, such as a misspelled name or
a wrong address, could cause problems when you apply for credit.
What cannot be changed?
You cannot change factual, accurate information related to a credit account. For example, if you
missed payments on a loan or a credit card, paying the debt in full or closing the account will
not remove the negative history. Negative information will only be removed after a certain
amount of time.
Watch out for “credit repair” companies that claim they can eliminate negative information, for a fee,
before the date it would normally be removed from your credit report. This is not possible.21
Step Actions you can take
1. Support your
case
Gather receipts, statements and other documents related to your credit
account. You may need these to prove your claim.
2. Contact
the credit
reporting
agencies
Use their form for correcting errors and updating information. Do this for both
Equifax Canada and TransUnion Canada.
Before the agencies can make any changes, they first need to check your claim
with the lender that reported the information.
If the lender agrees there is an error, the agencies will update your credit report.
However, if the lender confirms the information is correct, the agencies will not
make any changes.
3. Contact the
lender
You may be able to speed up the process by contacting the lender yourself
about the error. Ask the lender to verify its files and provide the credit reporting
agencies with updated information.
4. Escalate
your case
Not satisfied with the results of the investigation? Ask to speak with someone at
a higher level at the credit reporting agency or the lender.
If the lender is a federally regulated financial institution, and it will not correct
the error, ask for information on its complaint-handling process.
5. Add a
consumer
statement
If you are still not satisfied, ask the credit reporting agencies to add a consumer
statement. This lets you provide details about an item on your report, using up
to 100 words (or 200 words in Saskatchewan). It’s free of charge.
Lenders and others who look at your credit report may consider your consumer
statement when they make their decisions.
Steps to correct errors22
How can I make a complaint?
If you feel you have not been treated properly by a credit reporting agency, you can make a written
complaint to the office of your provincial or territorial government that handles consumer affairs.
How can I use my credit report to protect myself against fraud?
Look for accounts that do not belong to you. It could mean you have been targeted by fraudsters
who have applied for a credit card, mortgage or other loan in your name.
Have you been a victim of fraud?
Ask the credit reporting agencies to put a fraud alert on your file.
It tells lenders to contact you and confirm your identity before they approve any applications for
credit. The aim is to prevent any further fraud from happening.
How can I add an identity verification alert?
Under provincial law in Manitoba and Ontario, you have the right to add an identity verification alert,
which asks lenders to contact you to confirm your identity before they approve any credit applications.
You do not need to be a victim of fraud to do this. There may be a small fee to add it.23
HOW TO ORDER YOUR CREDIT REPORT
AND SCORE
You can order your credit report from the credit reporting agencies by mail, fax, telephone, online
or in person. You can order your credit score online. For contact information, see pages 24 and 25.
Equifax Canada and TransUnion Canada may have different information about you in their files, so
you should order your credit report from both agencies at least once a year.
Consider requesting your report from one agency and then waiting six months before you order
from the other agency. By spacing out your requests in this way, you may be able to detect any
problems sooner.
How can I get my credit report for free?
Your free credit report is called a “credit file disclosure” by Equifax Canada and a “consumer disclosure”
by TransUnion Canada. Ordering your own credit report has no effect on your credit score.
To get your credit report free of charge:
• you may order it by mail, fax, telephone or in person
• you must receive it by mail or in person.
If you choose to access it online, you will have to pay a fee.
To order by mail or fax:
• make your request in writing using the form you can find on the websites of the credit reporting
agencies
• provide copies of two pieces of acceptable identification.
To order by telephone:
• call the credit reporting agency and follow the automated prompts
• confirm your identity by answering a series of personal and financial questions and providing
your Social Insurance Number (SIN) and/or a credit card number.Mail Equifax Canada
Consumer Relations Department
P.O. Box 190, Station Jean-Talon
Montreal, QC H1S 2Z2
Phone
(toll-free)
1-800-465-7166
Fax 514-355-8502
In person Equifax Canada
5650 Yonge St.,
Concourse Level
Toronto, ON M2M 4G3
Online www.equifax.ca
24
To order in person:
• visit the office of the credit reporting agency
• show two pieces of acceptable identification.
Does my free credit report include my credit score?
No, it does not include your credit score.
How can I order my credit report or score for a fee?
If you want to receive your credit report right away, you can pay a fee to get it online.
There is a fee to order your credit score from the credit reporting agencies.
Be wary of other organizations that offer free credit scores. To get the “free” score, you may have to
sign up for a paid service. Fraudsters may offer free credit scores in an attempt to get you to share
your personal and financial information.
How can I contact Equifax Canada?
All provinces and territoriesMail TransUnion Canada
Consumer Relations Centre
P.O. Box 338, LCD 1
Hamilton, ON L8L 7W2
Phone
(toll-free)
1-800-663-9980
Fax 289-288-0030
Online www.transunion.ca
In person Newfoundland and Labrador:
Consumer Relations
55 Bond St., Suite 202
St. John’s, NL A1C 5W2
Nova Scotia:
Consumer Relations
6389 Coburg Rd., Suite 305
Halifax, NS B3H 2A5
Ontario:
Consumer Relations
3115 Harvester Rd., Suite 201
Burlington, ON L7N 3N8
Prince Edward Island:
Consumer Relations
51 University Ave., Suite 103
Charlottetown, PEI C1A 4K8
Mail TransUnion Canada
Consumer Relations
P.O. Box 1433, Station St-Martin
Laval, QC H7V 3P7
Phone
(toll-free)
1-877-713-3393
Fax 514-334-8698
Online www.transunion.ca
In person TransUnion Canada
Consumer Relations
1 Place Laval Ouest, Suite 370
Laval, QC H7N 1A1
25
How can I contact TransUnion Canada?
All provinces and territories except Quebec
Quebec26
On the following pages, you will find examples of credit reports and credit
scores from Equifax Canada and TransUnion Canada.
Note: these examples are for illustration purposes only and may not include all
information typically provided in a credit report or score.
EXAMPLES OF CREDIT REPORTS
AND SCORES27
Check to see if
your personal
information
is correct.
If you gave the
credit reporting
agency a consumer
statement, it will
be included here.
For more
information,
see page 21.
SAMPLE CREDIT REPORT FROM TRANSUNION CANADA28
Source: TransUnion Canada
SAMPLE CREDIT REPORT FROM TRANSUNION CANADA (CONTINUED)
The series of “OK”
symbols for these
accounts shows
you made all
your payments
on time during
the past two years.
Check for errors
and accounts
that are not yours.
This legend
explains the
symbols used
to describe
your payment
history for your
accounts below.29
CONSUMER RELATIONS
P.O.BOX 190 STATION JEAN TALON
MONTREAL QUEBEC H1S 2Z2
CHERYL CONSUMER
1234 MAIN ST
MONTREAL QC, H1T 5S9
CONFIDENTIAL INFORMATION
NOT TO BE USED FOR CREDIT PURPOSES
RE: EQUIFAX REFERENCE NUMBER: 0040735821
Dear CHERYL CONSUMER,
Further to your request, a disclosure of your personal credit file as of
10/20/11 follows:
PERSONAL IDENTIFICATION INFORMATION:
The following personal identification information is currently showing on your
credit file. Your date of birth and social insurance number have been partially
masked to protect your personal information (ie: Birth Date/Age: 01/XX/60,
Social Insurance Number: 123-XXX-789).
Date File Opened: 03/01/90
Name: CHERYL CONSUMER
Current Address: 1234 MAIN ST, MONTREAL, QC, H1T 5S9
Date Reported: 01/11
Previous Address: 5567 BLUE AVE, TORONTO, ON, M1N 3A8
Date Reported: 05/07
Prior Address: 642 PACIFIC RD, VANCOUVER, BC, V1A 2K6
Date Reported: 03/90
Marital Status: Married
Current Employment: CEO, ABC LTD
Date Employed: 12/07
Date Verified: 05/10
Previous Employment: SENIOR EXECUTIVE, ORANGE INC
Date Employed: 09/90
Date Left: 03/95
Prior Employment: BUSINESS ANALYST, BIG BLUE GROUP
Other Income:
Date Reported: 11/10
Source: FINANCIAL MARKETS
Amount: $90000
SAMPLE CREDIT REPORT FROM EQUIFAX CANADA
Check to see if
your personal
information
is correct.30
Birth Date/Age: 1980/XX/10
 The Date of Birth/Age was first reported on 2010/01/01.
Social Insurance Number: 267-XXX-666
 The Social Insurance Number was first reported on 2010/01/01.
Telephone: 555-555-5555 EXTN: 8080, TYPE: RESIDENTIAL/HOME,
 The Telephone Number was first reported on 2010/12/07 and was last
 received on 2011/10/20.
Telephone: 999-999-9999 EXTN: , TYPE: BUSINESS,
 The Telephone Number was first reported on 2011/01/15 and was last
 received on 2011/07/09.
Driver’s License: A123456789010
 EXPIRY DATE: 2016/08/01 PROVINCE: QC
 The Driver’s License Number was first reported on 2011/05/19. Our
 records show, that you have provided proof in the form of a hard copy
 confirming that this piece of personal identification data belongs to you.
Passport Number: 123456789ABC0005555
 EXPIRY DATE: 2016/09/01 COUNTRY: CAN
 The Passport Number was first reported on 2011/02/10. Our records show,
 that you have provided proof in the form of a hard copy confirming
 that this piece of personal identification data belongs to you.
CREDIT INQUIRIES ON YOUR FILE:
Following is a list of Equifax members who have received a copy of your credit
file for credit granting or other permissible purposes. Addresses are available
by calling Equifax at 1-555-555-5555.
DATE REQUESTORS NAME TELEPHONE NUMBER
08/07/11 BQE BANK (555) 555-5555
03/13/11 ABC INSURANCE (555) 555-5555
06/27/10 STORE XYZ (555) 555-5555
05/14/10 FURNITURE SKY (555) 555-5555
04/10/10 INTLUSA 401BB99999 US BANK
The following inquiries are for your information only and are not displayed to
others. They include requests from authorized parties to update their records
regarding your existing account with them.
DATE REQUESTORS NAME TELEPHONE NUMBER
10/20/11 CHERYL CONSUMER (NOT DISPLAYED) N/A
01/22/11 STORE XYZ (NOT DISPLAYED) N/A
01/22/11 STORE XYZ (NOT DISPLAYED) N/A
SAMPLE CREDIT REPORT FROM EQUIFAX CANADA (CONTINUED)
An unusual
increase in
the number of
inquiries can
have a negative
impact on your
credit score.
These inquiries
are considered
“soft hits.” They
do not affect
your credit score
in any way. 31
CONSUMER INTERVIEWS AND OTHER SERVICES:
A request was made from Consumer Service (555) 555-5555 in 10/11 to note your
file with the following information: Lost or Stolen Wallet or Identification.
CREDIT HISTORY AND/OR BANKING INFORMATION
The following information was reported to us by the organizations listed below.
Information is received every 30 days from most credit grantors. All account
numbers with your creditors have been masked to protect your personal account
information and only the last three digits will be displayed (i.e: xxx...123).
* This item is not displayed to all credit grantors.
BQE LIFE (555) 555-5555 last reported to us in 2011/10/09 rating your mortgage
account as M1, MEANING PAID AS AGREED AND UP TO DATE. At that time the reported
balance of your account was $625999. Your account number is XXX...210. The account
was opened in 2006/08/02. The highest credit amount on the account to date is
$750755. The payment amount is $2500 with a monthly payment frequency.
 Payment Profile of Account:
 The account has been 2 payment periods past due 0 times.
 The account has been 3 payment periods past due 0 times.
 The account has been 4 or more payment periods past due 0 times.
 From 2010/12/03 to 2011/01/02 there has been 17 reportings for the
 mortgage account with a monthly frequency and all reportings were
 paid as agreed.
STORE XYZ last reported to us in 2011/10/05. Your account number is XXX...468.
The account was opened in 2007/03/13. The last activity,which could be a payment,
purchase or cash advance on this account was 2011/09/03. Account status
A LOST OR STOLEN CARD.
 Payment Profile of Account:
 The account has been 2 payment periods past due 0 times.
 The account has been 3 payment periods past due 0 times.
 The account has been 4 or more payment periods past due 0 times.
SKY FURNITURE last reported to us in 2011/10/09 rating your installment
account as I9, MEANING A BAD DEBT, COLLECTION ACCOUNT OR UNABLE TO LOCATE.
At the time the reported balance of your account was $1109. Your account
number is XXX...123. The account was opened in 2007/11/29. The account was
first delinquent on 2009/05/03. The last activity, which could be payment,
purchase or cash advance on this account was 2011/08/02. The highest credit
amount on the account to date is $2000. The payment amount is $167 with a
monthly payment frequency. Additional comments: Closed by credit grantor.
 Payment Profile of Account:
 The account has been 2 payment periods past due 0 times.
 The account has been 3 payment periods past due 0 times.
 The account has been 4 or more payment periods past due 0 times.
SAMPLE CREDIT REPORT FROM EQUIFAX CANADA (CONTINUED)
Negative
information can
only be kept on
your credit report
for a certain
length of time.
Check the dates
for your accounts
and public record
information.
For more details,
see page 8.
“M” means this
is a mortgage
loan. For more
information on
codes, see
page 13.
A rating of
9 usually means
the lender has
written off the
account or sent
it to collections.
It will hurt your
credit score. 32
 From 2011/10/09 to 2011/04/07 there has been 5 reportings for the
 installment account with a monthly payment frequency and was
 reported delinquent 5 times as follows:
 2011/10/09:9, 2011/07/21:5, 2011/06/03:4, 2011/05/09:3,
 2011/04/07:2.
 All other reportings were paid as agreed.
BQE LIFE (555) 555-5555 last reported to us in 2011/10/05 rating your revolving
account as R1, MEANING PAID AS AGREED AND UP TO DATE. At that time the reported
balance of your account was $58500. Your account number is XXX...89. The account
was opened in 2002/05/10. The last activity, which could be payment, purchase
or cash advance on this account was 2011/09/02. The credit limit is $60000.
The highest credit amount on the account to date is $59,450. The payment
amount is $1100 with a monthly payment frequency.
 Payment Profile of Account:
 The account has been 2 payment periods past due 2 times.
 The account has been 3 payment periods past due 1 time.
 The account has been 4 or more payment periods past due 0 times.
 From 2010/12/04 to 2011/01/05 there has been 11 reportings for the
 revolving account with a monthly frequency and was reported delinquent
 3 times as follows:
 2011/09/12:2, 2011/08/24:2, 2011/07/30:3.
 All other reportings were paid as agreed.
BQE BANK (555) 555-5555 last reported to us in 08/11. At that time, the
amount shown in your account was 3FIGM. Your account number is 222444666888.
Your account was opened in 03/08. This report was provided for your
checking account. The bank reports NSF cheques shown as 2 NSF CHEQUES.
PUBLIC RECORDS AND OTHER INFORMATION:
The following information was reported to your file on the date indicated.
A collection was reported in 06/07 by ABC COLLECTION AGENCY in the amount of
$550. Balance outstanding: $350. Creditor industry classification: BANKING.
Collection Status: Unknown. Reference: ABC BANK. Date of last Payment: 04/07.
Collection agency reference number: 999999.
A judgment was filed in 01/07 in C QUE MTL. Plaintiff and/or case number:
ACME CO 9999123456789012345. Defendant / Other info: SUBJECT. The status
is reported as Satisfied. Date satisfied: 02/10. Information verified in 08/08.
Name of Lawyer:MCOURT & MCOURT.
Check for payment
history.“R1”
means your last
reported payment
was made on
time. For more
information, see
page 14.
Negative
information
about chequing
and savings
accounts may
be included.
SAMPLE CREDIT REPORT FROM EQUIFAX CANADA (CONTINUED)A fraud alert can
help protect you
against identity
theft. It tells lenders
to contact you
before they
approve any
applications
for credit.
33
A voluntary bankruptcy was filed in 03/06 in FED COURT. Case number and/or
Trustee: 123454567 MCOURT & MCOURT. Liabilities: $80000. Assets: $23500. Item
classification: Individual. The information is reported on the subject only.
Date Discharged 12/2008.
A report was received in 10/10 by LAKE STORE for returned cheques ($999)
DOLLARS CHEQUE NUMBER 123456789). Reason: NSF was due to financial issues.
A secured loan/Chattel mortgage was filed in 08/08 in Ministry. Company
name and/or amount: 555512345 DCE INC 780000 DOLLARS. Creditor industry
classification BANK.
CONSUMER STATEMENT:
Your personal statement, as provided to us in 10/11, is as follows:
**** WARNING ****ALERT TO VERIFY CONSUMER’S IDENTITY - PLEASE CONTACT CONSUMER
AT (444) - 555-5555 BEFORE EXTENDING CREDIT
Source: Equifax Canada
SAMPLE CREDIT REPORT FROM EQUIFAX CANADA (CONTINUED)34
SAMPLE CREDIT SCORE FROM TRANSUNION CANADA
This consumer
has a credit
score of 700.
This consumer’s
score is higher
than 36 percent
of Canadians’
scores, but it
is still below
average, as
shown on
the graph.
This section
shows how
lenders are likely
to rate this
consumer as a
potential
borrower.35
 SAMPLE CREDIT SCORE FROM TRANSUNION CANADA (CONTINUED)
Source: TransUnion Canada
Improvements
in any of these
areas should
help increase
this consumer’s
credit score. 36
This consumer
has a credit score
of 750 which is
considered
very good.
Fourteen percent
of consumers
have scores in
the same range
as this consumer.
For information
on the factors
that affect your
credit score, see
page 16.
SAMPLE CREDIT SCORE FROM EQUIFAX CANADA
Equifax makes no representations, warranties or guarantees regarding your Equifax Credit Score™ (“ECS”) and your ability to obtain credit or any other benefit.
Your ECS may be only one of many items used by an Equifax customer to determine your eligibility for credit or any other benefit. Equifax does not make, and is not
responsible for decisions made by its customers. All customers are required to abide by applicable credit reporting and privacy laws when accessing and using credit
information. Equifax® and Equifax Credit Score™ are trademarks of Equifax Canada Inc. ©2012 Equifax Canada Inc. All rights reserved.37
Source: Equifax Canada
 SAMPLE CREDIT SCORE FROM EQUIFAX CANADA (CONTINUED)
Equifax makes no representations, warranties or guarantees regarding your Equifax Credit Score™ (“ECS”) and your ability to obtain credit or any other benefit.
Your ECS may be only one of many items used by an Equifax customer to determine your eligibility for credit or any other benefit. Equifax does not make, and is not
responsible for decisions made by its customers. All customers are required to abide by applicable credit reporting and privacy laws when accessing and using credit
information. Equifax® and Equifax Credit Score™ are trademarks of Equifax Canada Inc. ©2012 Equifax Canada Inc. All rights reserved.38
Notes39
Notes40
Notes