Your credit report is an important part of your financial well being. With a rock solid report, it’s easier to get approved for credit, often with lower interest rates.
But sometimes things go wrong, and an error can appear on your report, potentially throwing things for a loop.
So how can you get this error fixed? Here’s how to get access to a free credit report in Canada, and what to do should there be an error that needs fixing.
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What is your credit report?
First, what is your credit report?
It’s a collection of all your credit products you currently have (or have had in roughly the last 6 years).
It contains the basics such as:
- credit limits,
- payment history, and
- account history.
Your credit report is important. Lenders will look at your report to decide if you’re trustworthy enough to get access to the credit they’re providing. The fewer issues they see, the more likely you are to be approved, and you may even qualify for better interest rates.
All this information is important, and that’s why you’ll want to check it on a regular basis – so you can spot potential errors, or see if there’s an old account you have that’s not closed that could potentially be having a negative impact on your file.
There’s also identity theft to consider. You’ll be able to see if there are any accounts that you didn’t open.
In Canada, there are 2 major bureaus that maintain your credit report – Transunion and Equifax.
Credit score vs. credit report
Your credit report and score – what’s the difference?
Your credit score is determined by the information on your credit report. All the data and factors on your credit report get churned through an algorithm, and that algorithm produces a score between 300 to 900.
This score is basically a numerical representation of the items on your credit report. If it’s nice and high, there’s very little to quibble with on your credit report.
If it’s not, a lender will start looking everything over in detail.
Want to know more about how your credit score is calculated? Here’s our full guide to what these 3 digits have to say.
How to get a credit report
So your credit report is important, but how can you go about checking it?
Here are some of your options on how to get your free credit report in Canada (or at least get an annual credit report).
An important point to note – checking your credit report is a soft credit check, and won’t impact your credit score like a hard check would.
Hard vs. soft credit checks – what’s the difference? Here’s how these 2 types of checks influence your credit score.
Equifax credit report
Equifax offers free access to both your credit score and your report.
All you have to do is head here (this link is not easy to find by navigating their site).
Create an account, and you’ll get one month access to both your file and credit score. You’ll have to reapply for access once the month is up.
Equifax has other paid options as well, and here’s what they have to offer.
The major credit bureaus are required to let everyone see their reports once per year, and Equifax has made it easy to get online access to it.
Transunion credit report
As stated above, the bureaus are required to provide you access to your report once per year.
Transunion has their own online option to get access to your report. Head over here, and enter in the information they’re asking.
Transunion only offers free access to your credit report, not your score – you’ll need to pay extra for that.
Transunion also has a paid plan to get access to your score and provides credit monitoring.
You can learn more about this product here:
TransUnion Credit Monitoring
Get your free credit report from Borrowell or Credit Karma
There are 2 independent companies out there that will provide you with a free credit report in Canada – Borrowell and Credit Karma.
Borrowell gets your Equifax credit report and score, while Credit Karma Canada gets your Transunion credit report and score.
Beware of these ones – they are free and easy to use, but you’ll be bombarded with emails and ads on the site to get you to sign up for affiliate products.
Banking plans
If you have a banking plan with one of the big 5 banks, almost all of them give you access to your credit report from either Equifax or Transunion. You can get an updated report every month.
Here’s which banks offer it:
- BMO
- CIBC
- RBC
- Scotiabank
As an example, Scotiabank has the link to check your report as soon as you log in.
You can learn more about the various Scotiabank chequing accounts here:
$100 GeniusCashHow to correct your errors
So, you’ve reviewed your credit report and spotted some errors. How do you fix them?
Here’s what you’ll need to do to get them fixed and out of your life.
And just remember – if you only checked one bureau and there’s an error in your report, it’s likely that the error also exists at the other bureau as well.
Credit issuer
First, if it’s an account you know and recognize, you’ll need to contact the bank and see if they can straighten it out.
Often it may just be a simple reporting issue on their end, and they can make a quick fix.
It can take some effort, documentation, and back and forth sorting things out with the credit bureaus (as you’ll see below) so at least completing this first step can save you some hassle.
Of course, if your bank can’t fix it, you’ll have to head to the next 2 sections to get the error corrected.
If you don’t recognize the account, skip this step and head straight to the next sections.
Equifax
After contacting the bank, the next step to get it resolved is to contact the credit bureaus themselves.
For Equifax, you can get the process started by heading to this page. On this page is a list of documentation you’ll have to provide, some of which includes:
- valid driver’s licence,
- birth certificate,
- copy of a utility bill,
- account information,
- current bank statements with account information,
- letters from a creditor supporting your claim,
- proof that an account was created through or impacted by identity theft,
- bankruptcy discharge or other court documents, and
- release letters from lenders, collection agencies, or satisfaction of judgment.
It’s an exhaustive list of things to provide, but if there’s an error you need to get it fixed.
Equifax has 2 ways to submit your dispute – either online, or by sending your documents by mail.
Transunion
Transunion has their own page dedicated to credit report disputes, which you can see here.
Here is there list of the basic information you’ll need to provide:
- name,
- social insurance number (optional),
- date of birth,
- current address,
- previous address (if you’ve been at current address less than 2 years),
- name of the disputed item, and
- reason for your dispute.
Transunion offers 3 ways to submit your dispute.
You can submit it online through the link above, via phone at 1-800-663-9980 (residents of Quebec use this number: 1-877-713-3393), and by mail.
Conclusion
Checking your credit report can seem like something you can ignore, but it’s always a good idea to check it periodically and make sure there are no mistakes on it.
Do you check your credit report from time to time?
How do you do it?
Let us know in the comments below.
FAQ
What is a credit report?
A credit report is a list of any credit product you have now or have had in the past. It contains the size of your limits, and your payment history.
Is a credit report the same as a credit score?
Your credit score is simply your credit report calculated in number form. The credit bureaus each have an algorithm they use to evaluate all of the information in your credit report, and the end result is a number from 300 to 900.
How can I get my free credit report?
There are many ways you can get access to your credit report. Both the major credit bureaus themselves offer free access to your credit report. There are other sites that also provide access, just note you may get bombarded by emails and ads trying to get you to sign up for other products. And certain banks include access when you have banking products with them. Checking your credit score is a soft credit check and won’t impact your credit score.
How do I correct inaccuracies in my credit report?
To correct inaccuracies in your credit report, it’s best to first contact the bank that reported the incorrect information – they may be able to fix it for you without much hassle. If not, or it’s an account you don’t recognize, you’ll need to get this fixed through the 2 different credit bureaus – Equifax and Transunion.
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