How to Check Your Credit Rating – And Why Everyone Should
Overview
Most Canadians have a credit report, but few regularly check theirs. Monitoring your credit rating helps you spot errors, detect fraud, and understand why you may be denied credit. Here's how to check your report and score, and why it's a critical habit for financial health.
What’s in a Credit Report?
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Lists all loans, credit cards, and credit accounts from the last six years.
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Shows payment history, current balances, credit limits, and who has accessed your file.
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Each account is labeled with a code (e.g., R1 for revolving accounts paid on time).
What’s a Credit Score?
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A three-digit number (300–900) that summarizes your credit risk.
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A higher score means lower risk to lenders (750–799 is considered excellent).
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Calculated using data from your credit report (e.g., payment history, credit usage).
How to Check Your Credit Report (Free)
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By Mail (Once per Year):
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Request a report from Equifax Canada or TransUnion Canada.
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Submit ID copies and a form with basic info.
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Receive your report in 2–3 weeks.
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Websites: equifax.ca | transunion.ca
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Online (Paid):
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Equifax: ~$23.95
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TransUnion: ~$14.95
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Includes real-time access to your credit report and score.
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How to Fix an Error on Your Credit Report
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Errors happen often—always check for inaccuracies.
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If you spot a mistake:
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Contact the reporting agency with a correction request form (online or by mail).
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Include documentation to support your claim.
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They’ll contact the creditor and update your report if the error is confirmed.
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If not resolved, you can add a personal statement to your file.
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Should I Use a Credit Repair Service?
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Not necessary. Any legitimate changes they make, you can do yourself for free.
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Only time and responsible credit habits can truly improve your score.
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Be cautious—many services overpromise and charge high fees.
Quick Tips to Improve Your Credit Score
✔ Pay all bills on time
✔ Keep balances under 75% of credit limits
✔ Avoid unnecessary credit inquiries
✔ Check your credit annually
Final Thoughts
Knowing what's on your credit report is the first step toward financial empowerment. You can monitor it for free, fix errors yourself, and take simple steps to improve your credit score over time. If you need help understanding your credit report, reach out to one of our agents today.
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