Credit Bureau of Canada
Your credit history is based on information collected by Credit Bureaus in Canada, otherwise known as credit-reporting agencies: Equifax Canada and TransUnion Canada. In all provinces across Canada, regulations are in place to govern the credit reporting industry. The Credit Bureaus in Canada must be licensed to be able to collect and manage your personal information.
Canadian Credit Bureaus are governed under strict laws
This law governing the credit reporting agencies also help outline how every Canadian is entitled to request and receive of copy of their own personal credit report at no charge. Yes, absolutely FREE credit reports in Canada. Usually, you can get your credit file by simply making a request through the mail or contacting one of the Canadian offices.
Equifax Canada and Transunion Canada will require personal information from you such as your name, current address, previous address and other identifying information such as your social insurance number, date of birth or copies of your credit card bills and utility bills. This effort is made to ensure that your information is protected and only those who are authorized can get the credit report.
In jurisdictions across Canada, the consumer (you) has the right to dispute any information believed to be incorrect or inaccurate. The credit bureaus will ask for supporting information and will investigate your complaint.
Credit Bureaus in Canada are also required to to follow up on your complaint and verify the information submitted and make any changes as required so that your credit rating is not affected.
If you are applying for credit cards or loans in Canada, lenders will request your information from the Credit Bureaus. Some of them may use Equifax Canada credit reports and others may use TransUnion Canada credit reports. You will also find that sometimes lenders will pull both credit reports to assess your financial health and stability.
When you are dealing with any of the major Canadian banks for loans or credit, it is recommended that you check your credit history and credit score. This will prepare you ahead of time when you complete an application.
Which credit bureaus do banks pull credit reports from?
- Bank of Montreal (BMO) – Uses Equifax Canada
- Royal Bank of Canada (RBC) – Uses Transunion Canada
- TD Canada Trust (TD Bank) – For credit card and loans, generally they use Equifax Canada
- ScotiaBank – Pulls credit history infomration primarily from Equifax Canada
- Canadian Imperial Bank of Commerce (CIBC) – uses Equifax Canada for credit reports
- Capital One VISA regularily checks credit history from TransUnion Canada
- PC Financial runs credit reports from Equifax Canada