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What is a credit report?

How do credit reports work in Canada?

A credit report is a detailed summary of your entire credit history. Lenders, like Meridian, use credit reports as a key source of information when deciding whether to approve you for different types of credit.

In Canada, there are two credit reporting agencies; Equifax and TransUnion. Both agencies refer to their credit reports by different names. At Equifax, a credit report is referred to as a Credit File Disclosure; whereas, TransUnion refers to their report as a Consumer Disclosure.

Regardless of the source, a credit report provides an overview of your current and past debts, up to 7 years, and also includes a record of all payments made.

What's in your credit report?

Since credit reports are so important to your financial health, it’s advisable to frequently check your credit report to help prevent identity theft and to verify that your information remains accurate. This is important, because the contents of your credit report, such as late payments or multiple credit applications can directly impact your credit score.

When you receive a credit report, there are four different types of information available: Identifying Information, Credit Accounts Information, Inquiry Information and Public Record and Collections Information. Each section, and the type of information, is explained further:

Credit report examples

The Government of Canada website includes credit report examples for Equifax and TransUnion.

Example of an Equifax credit report

Example of a TransUnion credit report

Getting a copy of your credit report

You can get a copy of your credit report by submitting a request in one of three ways: Over the phone, by mail or fax, or lastly, by an in-person request.

How to get your credit report from Equifax

How to get your credit report from TransUnion