How to check your credit report in Canada and correct an error
A credit report is a summary of how you have used credit. Canada’s two main credit bureaus, Equifax and TransUnion, each keep one, and you can look at your own at no cost. Reading it from time to time is a routine part of keeping household paperwork in order.
Lenders look at your credit report when you apply for credit such as a credit card, a loan or a mortgage. Because two separate bureaus keep their own files, the two reports can differ. The Financial Consumer Agency of Canada (FCAC) suggests reviewing your report regularly and getting it from both bureaus, so that a mistake on one of them is easier to spot.
What is on a credit report
According to FCAC, a credit report contains personal, financial and credit history information. The main parts are usually:
- Personal details, such as your name, date of birth, current and past addresses, phone numbers and employment history. It can also hold identification numbers such as your SIN, driver’s licence or passport number.
- Credit accounts, including credit cards, loans, lines of credit and retail store cards. For each one, the report can show when it was opened, how much you owe and whether you pay on time.
- Other accounts, which can include phone, internet and utility accounts, as well as mortgage information and mortgage payment history.
- Financial and legal items, such as cheques returned for insufficient funds, debts sent to a collection agency, bankruptcies or court decisions related to credit, and registered items such as a lien on a car.
- Inquiries, which are records of lenders or other organizations checking your credit.
- Notes, such as a consumer statement you have added, or a fraud or identity alert.
Your credit score is a separate number calculated from the information in the report.
How to get your report from Equifax and TransUnion
FCAC lists several ways to request your report from each bureau:
- Online. Both Equifax and TransUnion offer free online access. You can download or print the report, and the information is updated monthly.
- By mail. Send the bureau’s request form with photocopies of two valid pieces of ID.
- By phone. Equifax Canada can be reached at 1-800-465-7166 and TransUnion Canada at 1-800-663-9980. You will be asked questions to confirm your identity.
- In person. In some provinces and territories you can visit an Equifax or TransUnion office with at least two valid pieces of ID.
Scores work a little differently. FCAC says Equifax provides a free online score in all provinces and territories. TransUnion provides a free online score as part of its consumer disclosure only to people living in Quebec or Ontario. Some banks also show a score in their apps.
FCAC also notes that some websites pretend to offer free reports or scores in order to collect personal information. Going directly to the bureaus’ own websites, and reading the terms and privacy policy of any other service, is the safer approach.
Checking your own report does not affect your score
This is a common question, and the answer is straightforward. FCAC states that checking your own credit report or score will not affect your credit rating. The inquiries that matter to lenders are the ones created when a lender or other organization checks your credit as part of an application.
A simple checklist for reviewing your report
When the report arrives, it helps to read it slowly with recent statements nearby. The points below follow the items FCAC suggests checking.
| What to look at | What you are checking for |
|---|---|
| Name, address and date of birth | Spelling mistakes, old or unfamiliar addresses, a wrong birth date |
| Each credit card and loan | Accounts you recognize, correct balances, correct status (open or closed) |
| Payment history | Payments marked late that you paid on time |
| Accounts you don’t recognize | Anything you did not open, which can be a sign of identity theft |
| Older negative items | Late payments or other negative information still showing after the time it is allowed to stay |
| Inquiries | Credit checks from organizations you did not apply to |
Repeat the same review with the other bureau’s report, since one may contain an entry the other does not.
How to correct an error
FCAC describes a short sequence of steps:
- Gather your evidence. Collect receipts, statements or letters that show the information is wrong.
- Contact the credit bureau that shows the error. Equifax and TransUnion each have their own dispute forms, and a mistake on one bureau’s report needs to be raised with that bureau. The bureau looks into it with the lender or organization that reported the information. If they agree there is an error, the bureau corrects it. If the lender confirms the information is accurate, it stays on the report.
- Contact the lender as well. FCAC notes that asking the lender to check its records and send updated information to the bureaus may speed things up.
- Ask to escalate if needed. If you are not satisfied with the answer, you can ask to speak with someone at a higher level. Federally regulated financial institutions are required to have a complaint-handling procedure.
Equifax says on its own website that disputes can be filed online or by mail at no charge, and that it processes online disputes in about 15 to 20 days and mailed ones in about 20 to 25 days.
If you still disagree with the result, FCAC says you can add a short consumer statement to your report at no cost, explaining your side. Lenders may take it into account. If you think the error is the result of fraud, FCAC suggests contacting the lender involved, asking both bureaus to place a fraud alert on your file, and reporting the fraud to the National Fraud Reporting System.
How long information stays on your report
Information does not stay on a report forever. FCAC gives these general periods, which can vary by bureau and sometimes by province:
- Late or unpaid credit cards and loans: up to six years.
- Credit inquiries by lenders: three years with Equifax, or six years with TransUnion.
- A bankruptcy: usually removed six years after discharge, although TransUnion keeps it for seven years in some provinces.
Knowing these periods makes it easier to tell whether an old entry should still be listed.
Common questions
How often should I look at my credit report?
FCAC recommends reviewing it regularly and checking both bureaus. Some people find it easier to remember by pairing it with another routine, such as sorting household paperwork.
Will I see exactly the same information at both bureaus?
Not necessarily. The two bureaus keep separate files, which is why FCAC suggests getting and reviewing both reports.
Does disputing an error cost anything?
Equifax states that its dispute process is free. FCAC also notes that adding a consumer statement is free. Placing a fraud alert may involve a fee, depending on the bureau.
This article is sponsored general information and does not constitute financial, legal or credit advice. JBV Consultancy OÜ is not affiliated with, endorsed by or acting for the Financial Consumer Agency of Canada, any other government agency, Equifax, TransUnion or any lender. Procedures, fees and timelines are set by the credit bureaus and may change; please confirm current details directly on their websites.
Official sources
- Financial Consumer Agency of Canada — Getting your credit report and credit score — ways to request a report, bureau phone numbers, free scores, effect of checking.
- Financial Consumer Agency of Canada — Credit report and score basics — what a credit report contains.
- Financial Consumer Agency of Canada — Checking your credit report for errors and fraud — what to check, how to correct errors, fraud alerts, consumer statements.
- Financial Consumer Agency of Canada — How long information stays on your credit report — retention periods.
- Equifax Canada — Dispute credit report information — how to file a dispute, documents needed, processing times.
Fette Fische Bazar is a private, sponsored information website published by JBV Consultancy OÜ. It is not affiliated with the Government of Canada, Service Canada, the Canada Revenue Agency or any provincial government. This article is general information, not financial, tax or legal advice. Every amount in it is either a published government figure, quoted with its period, or an illustrative example; none is a promise or an estimate of what any reader will receive. Figures were checked against the sources above on and change over time. This website processes no applications and takes no fees. Never give your Social Insurance Number, banking details or a government account password to a website in response to an article; for your own file, use My Service Canada Account, CRA My Account or the official telephone lines.
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