Canadian Credit Reports

Your credit report is one of the most important pieces of data every lender considers when you apply for a loan in Canada. Your credit report shows your credit history and also your credit rating. Depending on your credit rating and some other factors (income, liabilities, assets) the lender will decide to lend you money or not, and at what interest rate.

The credit report shows how well you can manage your debt. For example the report may contain data about late credit payments (for example late credit card payments). The credit report also contains your personal data (name, DOB, social insurance number, address, etc.), banking information, collection information and list of all credit report inquiries. If you have a good credit rating the lender will consider you a lower risk borrower and might give you better interest rate for your loan compared to somebody with a poor credit rating.

You are the only one that have access to your credit report, unless you give permission in writing to a lender to check your credit report and credit rating. If you have a poor credit rating and you need a loan you may consider getting a bad credit loan, or applying for a secured credit card.

the biggest credit report agencies in Canada are TransUnion, Equifax, and Northern Credit Bureaus.

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