Credit reports and scores in Canada: check, understand and correct them

Review reports from both credit bureaus, recognize common score factors and dispute errors or signs of fraud.

Adapted from a guide first written for Quebec readers: passages specific to Quebec were removed. Rules in your province may differ.

A credit report is a file about credit accounts and payment history; a credit score is a number generated from information in a report. Lenders may use them, but there is no single score that guarantees approval. Equifax and TransUnion can hold different information, so check both reports rather than relying only on an app's score.

Build a useful review habit

1. Request your reports directly through each bureau's official process.
2. Check your name, addresses, accounts, inquiries, payment history and public-record information.
3. Dispute inaccurate items with the bureau and contact the lender that supplied the information.
4. If an account is unfamiliar, treat it as possible fraud: secure accounts, contact the lender, ask both bureaus about a fraud alert and report the incident through the appropriate official channel.
5. Keep reference numbers and copies of every dispute.

Habits that can help

Paying bills on time, keeping balances manageable, limiting unnecessary applications and using credit products only when you can repay them may support a healthy history. No paid service can promise a particular score or erase accurate information instantly. The Financial Consumer Agency of Canada's guides explain score factors and how to check for errors and fraud.

Sources and limits

Source: Financial Consumer Agency of Canada. Credit-report contents and dispute steps depend on the bureau and the information being challenged; use official bureau channels.

General information based on federal and national rules; provincial rules may differ. Confirm with the official body before acting.