Free Credit Reports Canada
Credit Reports in Canada can be obtained at no cost to Canadians simply by requesting for a report from any of the credit bureaus in Canada. Your credit report is essentially your financial records on all your loans, credit cards, debt and even your payment history.
What many Canadians don’t know is that the credit bureaus keep track of every financial transaction you make. Based on your financial history, lenders can see,
- how often you make payments and any late payments
- which credit card is maxed out at the credit limit
- what types of loans you have – credit cards, car loan, mortgages, student loans
- how often you apply for credit cards or loans
How to get my free credit report?
There are many online services which offer credit reporting to Canadians and you’ve probably went through scores of sites trying to figure it all out. Generally, there are 2 optioins available to Canadians. There is a paid version, which offers in-depth insights on your financials including detailed analysis of your Canadian credit score. Then there is the free version. Under regulations in Canada, all Canadians can request for one. The free credit report, known as the credit file disclosure or the consumer disclosure, contains only the core of the report – the credit history data only and not the credit score. If you’re not interested in getting your score data, scroll to the bottom of this article for links to instructions on how to get your credit profile for no charge.
“Free credit reports or disclosure reports do not include Canadian credit score information”
The not so free credit report
First things first, you need to know that credit reports found on most online credit reporting agencies are usually not free. Most of the sites cater to the United States. In fact, you will find many sites offering 3 reports in 1, these will not work you Canadians either. Credit reporting is different in Canada and you will need to get in contact with Canadian credit bureaus such as Equifax Canada or TransUnion Canada.
If you visit the Equifax and TransUnion websites, you will generally find that they offer online access to your credit history for a fee. They also sell various products with detailed reports which you can instantly download and view online. Expect to pay $15-$25 for the added convenience and insights into your credit history and your credit score.
Credit Watch & Monitoring Services – Not free.
You will also find that many credit-reporting agencies offer credit watch or credit monitoring services. This is a valuable service where you are kept informed about your financial data – up to date credit score reports, history, recent activities and changes that may affect your credit rating. It is a pro-active way to check and monitor your credit scores. If you would like online access to your report today, sign up for TransUnion Credit Monitoring Unlimited. There are many advantages to this kind of service, including the convenience of viewing the report instantly online. Fees for this service are about $15 per month.
Now the completely FREE credit report
So how do I get my credit report for free? Simple, by asking for it from the same guys that are charging you a fee. Regulations in Canada basically make them obligated to provide one at no charge. However, regulations didn’t say that they would have to make it easy to figure out how to get a free credit report.
There are two ways you can get a free credit report: through the mail or by calling the credit bureau on the phone. We’ll show you how.
How to obtain my credit report for free in Canada
Give the credit reporting bureaus a call and request for a copy of your credit report. Remember, Canada has 2 main credit bureaus and it is always a good idea to get both credit reports so that you can compare and look for any in accuracies. Follow the links below for detailed instructions.
- How to get a free credit report from Equifax Canada
- How to get a free credit report from TransUnion Canada