Credit reports and scores

Building and maintaining a healthy credit report can be a significant step in your personal and financial well-being. Even after you've established a great credit score, you should regularly check your credit report to make sure the information it contains continues to be both positive and accurate.

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Expand Why is maintaining a good credit report and score important?
Your credit report

credit report

A complete record of your financial history, including information about all loans and credit cards, late payments and bankruptcy.

is your record of creditworthiness and your credit score

credit score

A number rating the quality of your credit. Credit bureaus calculate this number, often with the assistance of computer systems. Lenders use this score as part of the process of assigning rates and terms to the loans they make.

is a number that summarizes the detailed information in your credit report.Lenders use credit reports and scores to evaluate your ability to make monthly payments on a timely basis. Whether or not you receive credit, how much credit you do receive and the interest rate you will pay are among the issues determined by the information found in your credit report.

Building and maintaining a good credit report can be a significant step in your personal and financial well-being. Even after you've established a good credit report, you should still check it periodically to make sure the information it contains is accurate.
Expand What's the best way to establish and maintain a good credit report?

It's easy to build credit, the trick is to build good credit. Establishing and maintaining a good credit report results from paying your bills consistently, on time and as agreed. Always pay at least the total minimum amount due, and always pay on time. Here are some additional tips that may help -

  • pay all your bills on time, such as rent, telephone, utilities, etc.
  • open a chequing or savings account
  • apply for a credit card or loan with the lowest possible interest rate
  • keep your credit card balances to a minimum and avoid missing payments
Expand How do I get a copy of my credit report?
Equifax Canada and TransUnion Canada maintain information about your credit history

credit history

Includes your account types, remaining balances, payment status, collection information and inquiries. Credit bureaus collect and organize information about people who have credit. The information generally goes back seven to ten years. This report includes your name, address, employer, length of employment and previous credit history.

and you have a right to see the information that is in your credit file. You can contact these credit bureaus to receive a copy of your credit report free of charge by mail or online for a fee. Visit External resources to link to their sites.
Expand What sort of information is in my credit report?
Your credit report will contain identifying information such as your name, current and previous addresses, social insurance number, telephone number, date of birth and current and previous employers. It will also include your history of paying bills, any information from public records that might affect your creditworthiness (for example, judgments or bankruptcies), information about inquiries made by credit grantors and any other parties you have authorized to receive your credit report, plus any additional relevant information such as banking information or collections information.
Expand When will lenders need to see my credit report?

Some of the key lifestyle events that can cause lenders to review your credit report include -

  • applying for a loan or credit card
  • renting or buying a home
  • applying for a job
  • applying for a loan to purchase a car, large appliances or electronics
Expand What does my credit score mean?
A credit score is an objective numerical value, usually ranging from 300 to 900, that summarizes the detailed information in your credit report. Different aspects of your credit report carry different numerical weights and a mathematical formula or computation determines your score. The credit industry applies thousands of score models, with different aspects of your report weighted differently, depending on your payment history and the type of credit being considered.
Expand How can I boost my credit score?

With credit scores, higher is better. The best thing you can do to maintain a high credit score is to pay your bills on time, limit your debt payments to less than 10% of your income and check your credit report regularly to correct any errors.

Learn more about maintaining good credit at Managing credit. Learn how to repair your credit history at Tackling debt.

Expand How do I correct errors in my credit report?

If you receive a copy of your credit report and see that it includes incorrect information, or if you have been denied credit on the basis of credit report information you believe to be inaccurate, you can contact the credit reporting agency and request that the information be corrected. They will review your report, investigate your claim and make the correction if one is called for.

Visit External resources for links to Canada's credit agency sites.