Most Canadians know they have a credit score. Far fewer have actually looked at their credit report. The score is just a single number generated from the report — it tells you almost nothing about what’s actually on there. The report is where you find missed payments, collections, errors, and everything else that determines whether a lender says yes or no.
You can get your full credit report for free, from both major bureaus, right now. Here’s how.
Credit Report vs. Credit Score: What’s the Difference?
Your credit report is a detailed file containing your complete borrowing history: every credit card, loan, line of credit, missed payment, collection, inquiry, and public record going back years.
Your credit score is a number — in Canada, typically on a scale of 300 to 900 — calculated from the data in your report. Different lenders use different scoring models (Equifax has its own score, TransUnion has its own, and some lenders use FICO). The score is derived from the report. If there’s an error on your report, it corrupts the score that comes from it.
This is why the report matters more than the score. Fix what’s on the report, and the score follows.
Key Takeaway
Canada has two major credit bureaus — Equifax and TransUnion — and they compile data independently. A lender may report to one, both, or neither. Your reports can differ between the two, sometimes significantly. Always check both, not just one.
Two Bureaus in Canada: Equifax and TransUnion
Equifax Canada and TransUnion Canada both compile credit information independently of each other. A lender might report to Equifax but not TransUnion, or the other way around. A missed payment that shows on one bureau may not appear on the other. A collection account or judgment could show up on one and be absent from the other.
This also means your credit score can differ between bureaus — sometimes by 50 points or more — even though both are drawing on your actual history. Checking only one bureau gives you an incomplete picture.
How to Get Your Free Credit Report in Canada
Equifax Canada, equifax.ca
Visit equifax.ca and navigate to the free credit report section. Equifax lets you access your full report online at no cost after verifying your identity. They also offer a paid product called Equifax Complete that includes credit monitoring and alerts — but you don’t need to buy it to see your report. The free statutory report is available without any subscription.
TransUnion Canada, transunion.ca
Visit transunion.ca. TransUnion offers a free credit report online as well. They also have a paid CreditView service, but again, you don’t need the paid version. Your free report is accessible without subscribing to anything.
Credit Karma
Credit Karma Canada is free and pulls from TransUnion data. It updates your score frequently and gives you a summarized view of your report — useful for tracking changes over time. Keep in mind it only shows TransUnion data, so you still need to check Equifax separately for a complete picture.
Borrowell
Borrowell is free and uses Equifax data. It updates your score weekly and provides report-level detail. Like Credit Karma, it covers only one bureau. Using it alongside Credit Karma gives you coverage of both.
By mail (most complete official version)
Both Equifax and TransUnion offer a free statutory copy of your full credit report by mail. This takes 2–4 weeks to arrive but gives you the most complete, official version with all data fields included. Some information in the mailed version may not appear in the online free versions. If you’re preparing to dispute something serious, the mailed report is worth requesting.
What’s on Your Credit Report: Section by Section
1. Personal information
Your name (and any previous names), current and previous addresses, partial SIN, date of birth, and employer information. Errors here can affect you more than you might expect — a misspelled name or an address that belongs to someone else can cause confusion when lenders run checks. It’s worth reviewing this section carefully.
2. Credit accounts (tradelines)
This is the core of your report. Every credit card, personal loan, line of credit, and mortgage appears here. For each account you’ll see the account type, opening date, credit limit or original loan amount, current balance, account status, and your payment history month by month.
Payment history is the single most important factor in your credit score. One missed payment that stretches to 60 or 90 days late can drop a good score by 50–100 points.
3. Payment history ratings (R ratings)
Canadian credit reports use an R-rating system for revolving credit and an I-rating system for installment loans:
| Rating | Meaning |
|---|---|
| R1 | Paid on time or within 30 days of due date |
| R2 | 30 days late |
| R3 | 60 days late |
| R4 | 90 days late |
| R5 | 120 days late |
| R7 | Consumer proposal or debt consolidation |
| R8 | Repossession |
| R9 | Bad debt written off / sent to collections |
Any rating above R1 on an account affects your score. R9 is the most damaging and can stay on your report for 6–7 years.
4. Inquiries
Your report shows every time someone pulled your credit. There are two types:
- Hard inquiries happen when a lender pulls your report as part of a credit application. These show up on your report and affect your score for 12–24 months. Multiple hard inquiries in a short period signal risk to lenders.
- Soft inquiries happen when you check your own report, an employer runs a background check, or you receive a pre-approved offer. Soft inquiries don’t affect your credit score at all. They’re visible to you but not to lenders reviewing your report.
5. Public records and collections
Bankruptcies, consumer proposals, and collection accounts appear in this section. A collection account means a debt was sold to a collections agency because the original creditor gave up trying to collect. Collections can appear even for small amounts — an unpaid phone bill from years ago, for example.
6. Judgments
If a creditor sued you in court and won, the resulting judgment appears on your report. Judgments are serious and stay on your report for 6–7 years in most provinces.
How Long Negative Items Stay on Your Report
| Item | How long it stays |
|---|---|
| Late payments | 6–7 years from the date of the missed payment |
| Collections | 6–7 years from the date of last activity |
| Consumer proposal | 3 years after completion of the proposal |
| First bankruptcy | 6–7 years after discharge |
| Second bankruptcy | 14 years after discharge |
| Hard inquiries | 12–24 months (score impact diminishes after 12 months) |
After the reporting period ends, these items fall off automatically. You do not need to take any action.
How to Dispute Errors on Your Credit Report
Errors on credit reports are more common than most people expect. A 2023 Financial Consumer Agency of Canada study found that a meaningful portion of Canadians have at least one inaccuracy on their report. The most common errors: accounts that aren’t yours, balances that are wrong, and accounts shown as open that were closed years ago.
To dispute an error:
- Equifax disputes: equifax.ca/en/personal/disputes
- TransUnion disputes: transunion.ca/credit-disputes
Both bureaus allow online dispute submission. You’ll need documentation supporting your claim — a bank statement showing a balance was paid, a letter from a creditor confirming an account was closed, etc. The bureau has 30 days to investigate. If they confirm an error, it has to be corrected.
Focus on disputing: collections you don’t recognize, incorrect balances on active accounts, and accounts shown as open that you closed. These have the most direct impact on your score.
What NotchUp Does (and Doesn’t Do) to Your Credit Report
NotchUp doesn’t run a credit inquiry. When you apply, NotchUp uses a read-only bank connection (through Plaid or Flinks) to verify that you have employment income deposited by direct deposit. Your credit report is never accessed. NotchUp won’t appear on your credit report and can’t affect your credit score in either direction.
If you’re actively trying to protect your credit from hard inquiries while you work on improving your score, this matters. Using NotchUp for a short-term cash need doesn’t create the hard inquiry that a personal loan or credit card application would.
Frequently Asked Questions
How often should I check my credit report?
Check both reports at least once a year. Quarterly is better if you’re actively building credit or have dealt with fraud in the past. Free tools like Credit Karma and Borrowell let you track changes on an ongoing basis without any cost.
Will checking my own credit report hurt my score?
No. Checking your own report is a soft inquiry and doesn’t affect your score at all. Only hard inquiries — where a lender pulls your report to make a credit decision — have an impact. You can check your own report as often as you want.
What is a good credit score in Canada?
Scores in Canada run from 300 to 900. Generally: below 560 is considered poor, 560–659 is fair, 660–724 is good, 725–759 is very good, and 760+ is excellent. Different lenders set their own thresholds for approval. For more on what each range means in practical terms, see our article on credit score ranges in Canada.
How long does it take for my credit report to update?
Lenders typically report to bureaus once per month. After a lender updates your account, it takes 30–60 days for the change to show up in your report and score. If you’ve paid off a collection or made several on-time payments, don’t expect to see the change overnight — it’ll show up within one to two billing cycles.
Can I get a free credit report if I have no credit history?
Yes. If you have no credit history, your report will show limited or no tradelines. This confirms your file exists but has no history — which is a different situation from having bad credit. Building credit from scratch is a distinct challenge from rebuilding damaged credit. See our guide on how to build credit in Canada.
