How do I get my free credit report in Canada?

Both Equifax and TransUnion are legally required to provide free credit reports to Canadians by mail upon request. You can request online or by phone. Equifax Canada: equifax.ca or 1-800-465-7166. TransUnion Canada: transunion.ca or 1-800-663-9980. Several services also provide free ongoing access to your credit report and score: Borrowell (Equifax data), Credit Karma Canada (TransUnion data), and your bank''s credit score tool. Note that your score shown in banking apps may differ slightly from the score a lender uses.

Why do Equifax and TransUnion show different information?

Lenders choose which bureau (or both) to report to and pull from, and they are not required to report to both. So some accounts may appear on one report but not the other. The two bureaus also use slightly different scoring models and update cycles. Always check both reports once per year, since an error on only one bureau can still affect a credit application if that lender checks that bureau.

What is a hard inquiry vs a soft inquiry on my credit report?

A hard inquiry (also called a hard pull or "hit") appears when a lender checks your credit as part of a formal credit application — mortgage, car loan, credit card, or line of credit. Hard inquiries stay on your report for up to 6 years (Equifax) or 3 years (TransUnion) and can lower your score by a few points for a short time. A soft inquiry occurs when you check your own credit, when a lender checks for pre-approval purposes, or when employers conduct background checks. Soft inquiries do not appear to other lenders and do not affect your score.

How do I dispute an error on my Canadian credit report?

If you find an error — an account you did not open, an incorrect balance, a late payment that was actually on time — you must dispute it separately with each bureau. Equifax: file online at equifax.ca/dispute or by mail. TransUnion: file online at transunion.ca/dispute or by mail. Include supporting documentation (bank statements, payment confirmations). Bureaus must investigate and respond within 30 days under the Consumer Reporting Act. If not resolved, you can add a consumer statement (100-word note) to your file explaining your side.

How long do negative items stay on my Canadian credit report?

Negative items have specific retention periods that vary by province and bureau. Generally: late payments and delinquencies stay 6–7 years. Collections stay 6–7 years from the date of last activity. Bankruptcies stay 6–7 years after discharge (first bankruptcy) or 14 years (second+). Consumer proposals stay 3 years after completion. Hard inquiries stay 3–6 years depending on the bureau. After these periods, items are automatically removed without any action on your part.

How to Read Your Credit Report in Canada (2026)

Structure of a Canadian Credit Report

Section	What It Contains	Which Bureau
Personal information	Name, date of birth, SIN (partial), addresses, employers	Both
Summary	Total accounts, total credit limit, total balances, number of inquiries	Both
Accounts / trade lines	Each credit account in detail (see full breakdown below)	Both
Collections	Accounts sent to a collection agency	Both
Public records	Bankruptcy, consumer proposal, judgment	Both
Hard inquiries	Lenders who checked your credit for an application	Both
Soft inquiries	Your own checks, employer checks, pre-approvals	Both (not visible to lenders)
Consumer statements	Notes you have added to dispute or explain items	Both
Credit score	Numerical score (separate from report; requested separately)	Equifax 300–900; TransUnion 300–900

Reading an Individual Account (Trade Line)

Field	What It Means	Example
Creditor name	The lender or issuer	TD Canada Trust
Account number	Partial number masked for security	XXXX-XXXX-1234
Account type	Revolving (credit card), installment (loan), open (line of credit)	Revolving
Date opened	When the account was first opened	March 2019
Credit limit / loan amount	Maximum approved credit or original loan amount	$10,000 limit
Balance	Most recently reported balance	$2,340
High balance	Highest balance ever reported on this account	$8,900
Payment status	Current, 30 days late, 60 days late, etc.	Current (I1 = pays as agreed)
Payment history	Month-by-month record using rating codes	See table below
Date last activity	Most recent payment or transaction reported	February 2026
Date reported	When the creditor last updated this account	March 2026

Payment Rating Codes on Canadian Credit Reports

Code	Meaning	Impact
I0 / R0	Too new to rate	Neutral
I1 / R1	Pays as agreed (on time)	Positive
I2 / R2	30 days late	Negative — stays 6 years
I3 / R3	60 days late	Negative
I4 / R4	90 days late	Significant negative
I5 / R5	120+ days late / charged off	Major negative
I7 / R7	Making payments under a debt consolidation or consumer proposal	Serious negative
I8 / R8	Repossession	Major negative
I9 / R9	Placed for collections / bankruptcy / write-off	Most severe — stays 6–7 years

The prefix “I” = installment account (loan). “R” = revolving (credit card). “O” = open account (line of credit, HELOC).

Equifax vs TransUnion: Key Differences

Feature	Equifax Canada	TransUnion Canada
Score range	300–900	300–900
Score model (consumer)	Equifax Risk Score 3.0	CreditVision score
Free report access	Mail, online request, Borrowell (free app)	Mail, online request, Credit Karma (free app)
Hard inquiry retention	Up to 6 years	Up to 3 years
Bankruptcy retention	6 years (1st), 14 years (2nd+)	6–7 years
Consumer statement limit	100 words	100 words
Score lenders commonly use	FICO Score 2 (mortgage lenders)	FICO Score 4 or TransUnion VantageScore

Credit Utilization — What It Means and Why It Matters

Utilization Rate	Description	Credit Score Impact
0–10%	Ideal	Maximum positive effect
10–30%	Good	Positive
30–50%	Acceptable	Slight negative
50–70%	High	Negative
70–100%	Very high	Significant negative
100% (maxed)	Fully maxed	Major negative signal

Utilization is calculated both per-card and overall across all revolving credit. A single maxed card hurts even if your overall utilization is low.

Hard Inquiries Section

What It Shows	How to Interpret It
Lender name	Who checked your credit
Date of inquiry	When the application was submitted
Inquiry type	Some bureaus distinguish mortgage/auto/card applications
Number of inquiries (6 months)	Multiple in a short period signals risk to lenders

Rate-shopping exception: Multiple mortgage or car loan inquiries within a 14-day window are typically counted as a single inquiry by scoring models, because searching for the best rate on one loan is considered responsible behaviour.

Public Records Section

Record Type	How Long It Stays	Impact
Bankruptcy (first)	6–7 years after discharge date	Severe; prevents most new credit
Bankruptcy (second+)	14 years after discharge date	Severe
Consumer proposal	3 years after completion	Major negative
Court judgment	6–7 years from date of judgment	Significant
Wage garnishment	6–7 years	Significant

Collections Section

Field	What It Means
Original creditor	Who you owed the debt to originally
Collection agency	Company that purchased or is collecting the debt
Amount	Total owed including any fees
Date assigned	When the account was sent to collections
Date of last activity	Resets the clock for how long it stays on the report
Status	Unpaid, paid, disputed

Paying a collection account removes the “unpaid” status but does not delete the entry. The record remains until the retention period expires. Negotiating a “pay for delete” agreement is not standard practice in Canada and bureaus are not required to comply.

How to Dispute an Error — Step by Step

Step	Action	Where
1	Get a copy of your report from both bureaus	equifax.ca, transunion.ca
2	Identify the specific error (account, field, date)	—
3	Gather supporting documentation	Statements, receipts, correspondence
4	File a dispute online or by mail with Equifax	equifax.ca/dispute
5	File a separate dispute with TransUnion	transunion.ca/dispute
6	Bureau investigates within 30 days	—
7	Receive written result	Updated report or explanation
8	If unresolved, add a consumer statement (100 words)	Shown to any future lenders
9	Escalate to provincial consumer protection office if fraud	—