Every Canadian resident is entitled to a free copy of their credit report from both Equifax and TransUnion once per year. Many banks and free apps also show your score in real time. Checking your own score is a "soft inquiry" — it does not affect your score at all. You should review your report at least once per year to catch errors, which are more common than most people realize.
Why Reviewing Your Credit Report Matters
Your credit report is the data behind your credit score. It contains:
- A list of every credit account you have (or have had) in Canada
- Payment history on each account
- Outstanding balances and credit limits
- Hard inquiries (when a lender checked your credit)
- Any collections, bankruptcies, or negative marks
Errors on credit reports are surprisingly common — and they can hurt your score significantly. One study estimated that a meaningful percentage of Canadians have at least one error on their credit report. As a newcomer, you have an additional risk: identity fraud, where someone opens credit in your name using your SIN.
Reviewing your report annually catches errors before they cause real harm.
Where to Get Your Free Credit Report
From the Credit Bureaus Directly (Official, Free)
Equifax Canada
- Website: equifax.ca
- Free annual credit report: Available online or by mail
- Credit score: Free online (updated monthly)
TransUnion Canada
- Website: transunion.ca
- Free annual credit report: Available online or by mail
- Credit score: Free with registration
When you request your report from the bureau directly, you are getting the full official report — every account, every inquiry, every item on file.
Free Third-Party Services (Convenient, Always Available)
These services show your credit score for free, updated regularly:
These services are free because they show you targeted product offers (credit cards, loans) — you are never obligated to use any of them.
How to Read Your Credit Report
Your credit report is divided into several sections:
1. Personal Information
Your name, current and previous addresses, date of birth, SIN (partially masked), and employment information.
What to check: Ensure your name and SIN are correct. Incorrect information here can indicate identity fraud or a mix-up with another person's file.
2. Account Summary
A list of all credit accounts: credit cards, lines of credit, car loans, mortgages, student loans.
For each account, you will see:
- Account type and lender
- Date opened
- Credit limit or original loan amount
- Current balance
- Payment history (typically shown as months of on-time vs. late payments)
- Account status (open, closed, in collections)
What to check:
- Are there accounts you do not recognize? (Possible fraud — act immediately)
- Are any accounts incorrectly marked as late when you paid on time?
- Are closed accounts still showing a balance?
3. Inquiries
A list of every time a lender or organization requested your credit file.
- Hard inquiries: When you apply for credit (credit card, loan, etc.). These appear for 3 years and can slightly reduce your score temporarily.
- Soft inquiries: When you check your own score, or when a lender does a background check. These are only visible to you, not to other lenders, and do not affect your score.
What to check: Are there hard inquiries you do not recognize? An unknown inquiry can indicate someone applied for credit in your name.
4. Public Records
Bankruptcies, consumer proposals, judgments. These have serious negative impacts on credit.
What to check: Ensure nothing here is fraudulent.
Common Errors and How to Dispute Them
Errors can include:
- Payments incorrectly marked as late
- Accounts that are not yours (fraud or a mix-up with someone with a similar name/SIN)
- Old negative information that should have been removed (most negative items stay for 6–7 years)
- Incorrect personal information
- Duplicate accounts listed twice
How to Dispute an Error
Step 1: Gather your evidence (bank statements, payment confirmations, correspondence with the lender)
Step 2: Contact the credit bureau in writing
- Equifax: Use the online dispute form at equifax.ca, or mail a written request with your evidence to their dispute department
- TransUnion: Use the online dispute portal at transunion.ca
Step 3: Contact the lender directly The credit bureau will investigate by contacting the lender who reported the information. You can speed this up by also contacting the lender directly to correct the error at the source.
Step 4: Follow up in 30–60 days Credit bureaus are required to investigate disputes within 30 days. If the investigation confirms an error, it must be corrected.
Example Scenarios
Frequently Asked Questions
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