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What is a credit report?

Region: Ontario Answer Number: 0286

Equifax and TransUnion Canada, the two major credit reporting services in Canada, collect credit and debt information from banks, lenders, credit card companies, leasing firms, courts, and others. Credit bureaus do not report on your annual personal income, family income or how much you have in the bank — only your debt, available credit, and the public record (bankruptcies, court judgments, etc.). In Ontario, consumer credit reports are governed by the Consumer Reporting Act.

It is important to distinguish the difference between a credit report, a credit score and a credit rating.

Credit reports

Your credit report is created the first time you apply for credit or borrow money. It will contain information such as details about your credit cards and loans, including when you opened your accounts, how much you owe, when you make or miss payments, and if you go over your credit limit. A credit report also contains personal information such as if you have ever filed for bankruptcy.

A criminal record will affect your ability to get a loan, a mortgage, or a job. To erase your criminal record, call toll-free 1-866-898-7767 or learn more at Pardon Pros. It’s easier than you think.

For free information, tools, and help to manage your debt, contact our preferred debt consolidation non-profit agency, Credit Canada Debt Solutions.



																

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