What do Canadian credit bureaus Equifax and TransUnion do, and what are the rules?

By FastBuySale Newsroom · 5 Nov 2026 · 24m ago

What Equifax and TransUnion put on your credit report

Canadian credit bureaus are the two companies that track your borrowing history and turn it into a credit report and score. The Financial Consumer Agency of Canada (FCAC) says Canada has 2 main credit bureaus, Equifax and TransUnion. They collect, store and share your credit information with lenders and others allowed to see it, and they only collect information about your credit activity in Canada.

The key rules in brief: you can get your credit report free from both bureaus; checking your own report or score does not affect your credit score; scores usually range from 300 to 900, with higher being better; bureaus update reports at least once a month; and in most provinces a business must have your consent before checking your credit.

The FCAC describes a credit report as a summary of how you have used credit in the past, your credit history. Bureaus create it when you first borrow money or apply for credit, and lenders send them information about your accounts.

Personal information may include your name, date of birth, current and previous addresses and phone numbers, social insurance number (SIN), driver's licence and passport numbers, and current and previous employers and job titles.

Financial information may include the credit you use, such as credit cards, loans, lines of credit and retail cards; non-sufficient funds (NSF) payments or bad cheques; bankruptcy or court decisions related to credit; debts sent to collection agencies; inquiries from lenders who requested your report in the last 3 years; registered items such as a lien on a car; and notes such as consumer statements and fraud alerts.

For each card and loan, the report may show when the account was opened, how much you owe, whether you pay on time or miss payments, whether the debt went to collections and whether you went over your limit. Accounts closed for cause, such as chequing accounts closed because of money owing or fraud, may also appear.

Other accounts can appear too: the FCAC lists phone, internet and utility accounts, mortgage information and payment history, and home equity lines of credit (HELOCs).

Moving to Canada? Because the bureaus only collect Canadian credit activity, credit history built abroad does not automatically appear on a Canadian report. The FCAC notes some lenders may look at your credit history from another country, and you may need to provide that report and meet a bank officer.

Readers evaluating Canadian credit bureaus should separate marketing claims from the actual rule text that governs their account or product. When two summaries disagree, the governing document or statute wins. If a rule depends on your age, filing status, or income band, re-check it when any of those facts change. Life events quietly move people across thresholds they last reviewed years earlier.

How your credit score works

Your credit score is a 3-digit number from your credit report that shows how likely you are to repay money you borrow. The FCAC says scores usually range from 300 to 900, and a higher score is better.

It goes up when you pay bills on time and use credit responsibly, and goes down when you miss payments or have too much debt. Bureaus and lenders use different formulas and do not share exact details.

Common factors the FCAC lists: how long you have had credit and each account, the types of credit you use, any collections, insolvency or bankruptcy, whether you carry credit card balances, missed payments, how much you owe, being close to or over your limit, and how often you apply for new credit.

FCAC example: with a $5,000 credit card limit, regularly owing $4,500 may make lenders see you as higher risk than someone who owes $1,000 each month.

Different scores: the FCAC warns the score you see may differ from the one a lender sees, because a lender may weight certain information differently.

Why it matters: lenders use your history to decide whether to lend, how much interest to charge and what credit limit to offer. A small rate difference matters on big loans; see how rates change payments with the and read

A useful habit is to write down your goal, time horizon, and cash buffer before you change any election related to Canadian credit bureaus. Decisions made during a stressful week are the ones people reverse later at a cost. Educational explainers like this one cannot replace personalized advice for complex situations such as divorce orders, inherited accounts, or cross-border tax residency. Escalate those cases to a qualified professional.

Who can see your report, and the consent rules

The FCAC lists those who may request your report: banks, credit unions and other financial institutions, credit card companies, car-leasing companies, phone and internet providers, utility companies, insurance companies, governments, employers and landlords.

They may use it to decide on lending you money, setting your interest rate, increasing your credit limit, collecting a debt, providing insurance, renting you housing or hiring you.

Consent: in most provinces, you must give consent before a business or individual can check your credit. Signing a credit application gives that consent, which usually lasts as long as the account is open and also lets lenders report your information to the bureaus.

Exceptions: in Nova Scotia, Prince Edward Island and Saskatchewan, a business or individual only needs to tell you they are checking your credit report. Certain government representatives, such as judges or police, can in some cases see your report without consent.

Inquiries: when a lender checks your credit, an inquiry is added to your report. Checking your own report or score does not affect your score, so you can check as often as you like.

Keep digital and paper copies of confirmations after every change. Screenshots of election pages, email receipts, and year-end statements make tax season and job changes far less chaotic. Compare fees the same way you would compare two similar listings before you buy: look at what you pay each year, what you get, and whether a simpler option meets the same need.

How to get your report and score free, and stay safe

Online: the FCAC says you can access your credit report online free from both Equifax and TransUnion, download or print it, and see information updated every month. TransUnion calls its free report the Consumer Disclosure.

By mail or phone: send the bureau's request form with photocopies of 2 valid pieces of ID, or call Equifax Canada at 1-800-465-7166 or TransUnion Canada at 1-800-663-9980 and answer identity questions. In some provinces and territories you can also request it in person with at least 2 pieces of ID.

Credit score: the FCAC says Equifax offers your score free in all provinces and territories, while TransUnion's is free if you live in Quebec or Ontario as part of the Consumer Disclosure. Some federally regulated banks offer free scores in their apps; other companies may ask you to sign up for a paid service.

Watch for fraud: checking your report regularly can help you spot identity theft. The FCAC warns that fraudsters may pretend to offer free credit reports to steal your information; research the company, read its privacy policy, check whether it sells data, and only use secure https sites. See

Build a healthier profile: pay on time, keep balances well below limits, and apply for new credit sparingly. Paying down card balances faster saves interest too; compare scenarios with the and budget with the

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