Build and maintain a healthy credit report in Canada as a significant step in your financial well-being. Even after you've established a good Canadian credit report, you should check it regularly to make sure the information it contains is accurate. The two leading national credit agencies are Equifax Canada and Trans Union Canada .

Canadian Credit History Critical to Your Financial Health in Canada

Best Credit Rating in Canada: A significant step towards financial well-being is building and maintaining a strong healthy Canadian credit report. Just as importantly, even after you've established a positive credit report, you should check it regularly (at least annually) to make sure the information it contains is correct.

Why is having and maintaining a good credit report important to Canadians?

Your credit report is your record of creditworthiness. Canadian lenders use credit reports 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 in your credit report.

What's the best way to establish and maintain a good credit report in Canada?

It all boils down to paying all your bills consistently and on time. Always pay at least the minimum amount due, and always pay on time, whether it's a home equity loan, car payment, credit card balance, house mortgage or utility bill.

What's the difference between a credit score and a credit report?

In Canada, a credit score is an objective numerical value that summarizes the detailed information in your credit report (often generated by Fair Isaac or FICA). 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 the type of credit being considered. In short, the 

How do I get a copy of my credit report?

Canadians have two national credit bureaus to choose from: Equifax Canada and Trans Union Canada . Both Canadian credit agencies maintain information about your 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. If you have been denied credit on the basis of credit report information you believe to be inaccurate, you can request that the information be corrected.

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.

What do I do if my credit report shows inaccurate information?

If you receive a copy of your credit report from EquifaxCanada or TransUnionCanada and see that it includes incorrect information, contact the credit reporting company immediately. They will review your report, investigate your claim, and make the correction if one is necessary.

Summary: Building and maintaining a healthy credit report in Canada can be a significant step in your personal and financial well-being. Even after you've established a healthy Canadian credit report, you should check it periodically to make sure the information it contains is accurate. The two leading Canadian credit agencies are Equifax Canada and Trans Union Canada .