Short answer: in Canada, your credit history is kept by two national credit bureaus, Equifax Canada and TransUnion. You can request your credit report from each bureau for free, and many banks and financial apps also show your credit score at no cost. Scores range from 300 to 900, and a higher score generally means better access to loans and lower interest rates. Checking your own score does not lower it.
This guide explains the difference between a credit report and a credit score, how to get both without paying, how to read them and what to do if you find an error. It is general information and does not replace the advice of a financial professional.
Credit report vs credit score
- Credit report: a detailed record of your credit accounts (credit cards, loans, lines of credit, mortgages), your payment history, balances, recent credit inquiries and certain public records such as bankruptcies or accounts sent to collections.
- Credit score: a three-digit number calculated from the information in your report. It summarizes how risky you appear to a lender at a given moment.
Because Equifax and TransUnion do not always receive the same information from lenders, your report and score can differ slightly from one bureau to the other. Lenders may also use their own scoring models.
How to get your credit report for free
- Request it from Equifax Canada. You can ask for your report online, by mail or by phone. You will need to verify your identity.
- Request it from TransUnion Canada. The process is similar, with identity verification.
- Check both. An error may appear in one report and not the other.
The Financial Consumer Agency of Canada explains how to order your free report and what to look for on its page about credit reports and scores. Ordering your own report is a soft inquiry and has no impact on your score.
How to see your credit score
The free report does not always include a score. To see a number, you have several options:
- Your bank: several major Canadian banks show a free credit score in their online banking or mobile app.
- The bureaus: Equifax and TransUnion offer online access, sometimes with paid monitoring plans. A paid plan is not required to know your score.
- Financial apps: some reputable personal finance services display a free score. Read their privacy policy before sharing personal information.
Be careful with emails or text messages offering a free credit check through a link. Scammers use this hook to steal personal information. Our guide on how to recognize phishing emails and texts shows the warning signs.
What your score means
There is no single official cut-off, and each lender sets its own criteria. As a general guide:
| Score range | General meaning |
|---|---|
| 760 to 900 | Excellent: best access to credit and rates |
| 700 to 759 | Very good |
| 660 to 699 | Good: most lenders will consider you |
| 560 to 659 | Fair: you may pay higher rates |
| 300 to 559 | Poor: credit may be hard to obtain |
These ranges are indicative only. They vary between bureaus, scoring models and lenders.
What affects your credit score
- Payment history: paying at least the minimum on time, every time, matters most.
- Credit utilization: how much of your available credit you use. Keeping balances well below your limits helps.
- Length of credit history: older accounts in good standing work in your favour.
- Hard inquiries: applying for several new credit products in a short period can lower your score temporarily.
- Mix of credit: a combination of revolving credit and instalment loans, managed responsibly, can help.
Planning a big purchase? A car loan is a common reason to check your score first. Our car loan calculator shows how much a better rate can save you.
How to fix an error on your credit report
- Identify the error: an account that is not yours, a late payment you made on time, a wrong balance or an incorrect personal detail.
- Gather proof: statements, payment confirmations or letters from the lender.
- File a dispute with the bureau that shows the error, online or by mail. The bureau checks with the lender.
- Contact the lender directly as well, since it is the source of the information.
- Follow up and request an updated report once the correction is made.
An account you do not recognize can be a sign of identity theft. In that case, contact the lender, both credit bureaus and your local police, and consider adding a fraud alert to your file. The same habits that protect you from online shopping scams help keep your credit file safe.
FAQ
Does checking my own credit score lower it?
No. Checking your own score or report is a soft inquiry. Only hard inquiries from lenders when you apply for credit can affect it.
How often should I check my credit report?
At least once a year, and before applying for a mortgage, car loan or other major credit.
Why are my Equifax and TransUnion scores different?
Each bureau may receive different information from lenders and use a different scoring model, so small differences are normal.
Do I need to pay for credit monitoring?
No. Free reports and free scores from many banks are enough for most people. Paid monitoring adds alerts but is optional.