Credit Reports are maintained by organizations known as Credit Reporting Agencies, or “Credit Bureaus”. There are two operating in Canada – Equifax and TransUnion.

You have the right to check your Credit Report – for free – as often as you want, and checking your Report does NOT affect it!  You will have to pay a small fee if you want to get your Credit Score with your Credit Report.

Your Credit Report will contain the following information:

  • Personal Identification, possibly including employment information
  • A record of which organizations have recently asked for your Credit Report
  • Your payment history for accounts that are reported to the Credit Bureaus
  • Any information on the Public Record (collections, judgments, bankruptcies)

How to Improve Your Credit Score

To get a copy of your credit report you must contact Equifax and Transunion directly.

Step 1: Get Your Credit Report and Credit Score

Credit Reports are maintained by organizations known as Credit Reporting Agencies, or “Credit Bureaus”. There are two operating in Canada – Equifax and TransUnion.

You have the right to check your Credit Report – for free – as often as you want, and checking your Report does NOT affect it! You will have to pay a small fee if you want to get your Credit Score with your Credit Report.

Your Credit Report will contain the following information:

  • Personal Identification, possibly including employment information
  • A record of which organizations have recently asked for your Credit Report
  • Your payment history for accounts that are reported to the Credit Bureaus
  • Any information on the Public Record (collections, judgments, bankruptcies):
  • Understand Your Credit Ratings

Each account that is shown on your Credit Report will have a Rating, which reflects the current payment status of the account.  The Rating will be a number between a low risk of 0 – 9 to a high of 70. Here are the possible Ratings:

Risk Score The Credit Information Score ranges from a low risk of 0 to a high risk of 70
0-9 Lowest risk
10-20 Average risk
21-30 Above average risk
31-40 High risk
41-69 Highest risk
70 Information has been reported to Equifax from the office of the Superintendent of Bankruptcy

 

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