Canada's Credit System

Canadian owned and operatedCredit reporting agencies or credit bureaus, collect information about consumers' financial affairs and sell that information to their business members, such as credit grantors, employers and insurance companies. The credit bureaus charge annual fees as well as a fee for each credit report requested by members.

In Canada, there are three major credit bureaus: Equifax Canada, NCB Inc. and TransUnion Canada

Most national and international creditors, such as banks and department stores, are registered with all bureaus, so the chances are good that whatever shows up on one credit report will also appear on the others. This makes it simple for you to check your history.

Other information about the Credit System in Canada including the rating system, and what information is contained in your credit report:

How Credit Bureaus Collect Your Information

There are 3 main credit bureaus in Canada and they all get information from similar sources, mainly you, and from the companies and banks that you do business with. Read about the information they collect and how they collect it. Anyone who is concerned about their credit should read this section about the collection of information on the credit bureau report in Canada...

Credit Ratings as viewed on your credit report

There are 2 types of credit ratings in Canada - On your bureau both YOU and Your DEBTS have separate ratings.

Accounts rated R1 or I1 are either credit cards, retail cards, loans or lines of credit that have been paid per the agreement with the creditor and are currently in good standing.

An Individual may also have a derogatory credit rating assigned to them in the case of orderly payment of debt or Credit Counselling Services. Remember: Canada Debt Settlements negotiation services DO NOT result in any derogatory marks on your credit bureau report.

Your Credit Score - What is it? and how is it used? (Beacon® Score)

The credit score is a number between 300 and 850 that lenders use to determine your credit rating. The credit score is a snapshot of your credit rating at a particular point in time. The higher your credit score the more likely you are to be approved for loans and receive favorable interest rates. The lower your credit score the higher your chance of being declined when applying for credit.

WHEN you are preparing for a major purchase, like a home or vehicle, make sure you review your credit score and report. Looking at your credit report and score some time before your loan application will help you get a complete picture of your credit worthiness. If you have a concern regarding your credit score or credit worthiness please do not hesitate to contact us.

What Information Is Contained In My Credit Report?

Information on your credit report in Canada falls into the following general categories:

  • Identifying Information - Your full legal name, address, and date of birth
  • Credit History (Trade Lines) - comprehensive history about your credit utilization
  • Public Records - Judgments, bankruptcy, consumer proposal
  • Inquiries - Are you applying for credit often?
  • "Other Information" - Bank account overdraft, Collection Activity

Read about the information the credit bureaus collect about you, how it is used and interpreted by your creditors when considering applications for credit, and how you can control and update incorrect information.

Credit Reporting Act - Know Your Rights And How To Protect Them!

The Credit Reporting Act protects several rights of the consumers in Canada:

  • Who can access your credit report and do they need authorization to pull your credit bureau?
  • You have the right to place a statement on your credit report - we can show you how.

Learn about your rights and privacy when it comes to the information contained in your credit report.

For a list of all our services please see our Services Page or Contact Us.

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Received Dec 23, 2013 via email
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