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.
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.
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