Credit Report, Credit Score and Credit Rating
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Credit Report Canada, Credit Bureau Canada, Credit Check Canada - About Canadian Credit Reports:
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Like it or not, your credit history is recorded in files maintained by various credit reporting agencies in Canada.
When you first borrow money or apply for credit, a file is created that records the activity and subsequent activity. Banks, credit unions, finance companies, retail establishments and others that issue credit cards or lend money, send information regarding the financial transactions they have with you to various credit reporting agencies such as ®Equifax Canada, ®TransUnion Canada and ®Northern Credit Bureaus Inc. (These are Canada’s three major credit reporting agencies - otherwise known as credit bureaus - there is no such thing as a “credit bureau Canada” or a single “Canadian credit bureau”)
The credit histories of millions of other consumers are recorded in this exact same manner.
About Your Canadian Credit Report, Credit Rating and Credit Score:
What is your Canadian credit score?
At basic, your credit score is an indication of the risk you represent to various lenders and extenders of credit, based on your financial history and as compared with others, i.e. - how certain can they be of getting paid back. Your credit score is an estimation of your financial health and circumstances at a given point in time.
Credit reporting agencies such as TransUnion and Equifax use a scale from 300 to 900, but there are other ways to work out a credit score. In the case of TransUnion and Equifax, higher scores are better (the higher you score, the lower the perceived risk to the lender).
Credit issuers and lenders may also have their own ways of deciding credit scores, and each lender or credit issuer has to decide what is the lowest credit score you can have and still be eligible to borrow money from them. They may also use your credit score to set the interest rate you will pay on a loan. (higher risk borrowers pay more to compensate for the increased risk.
Your Credit Rating:
Typically, Canadian credit bureau’s report the lenders’ rating of each of your credit history items on a scale of 1 to 9 (with 1 being the best and 9 being the worst), and use the letters I, O and R to differentiate the different types of credit involved. The combination of numbers and letters translates payments of: “on time”, “one month late”, “120 days overdue”, etc., etc., into a two digit code (credit rating).
“R” ratings, signify “revolving credit” (like credit cards), “I” ratings, signify “installment credit”, (like car loans) and “O” ratings signify “open credit” (like certain line of credit loans). Therefore, if you always pay on time, the item will be given a code of R1, if an amount was never paid it back, it will be given the code of R9 etc., etc., as the following Equifax credit report table demonstrates:
- R0 - Too new to rate; approved but not used;
- R1 - Pays (or paid) within 30 days of payment due date or not over one payment past due
- R2 - Pays (or paid) in more than 30 days from payment due date, but not more than 60 days, or not more than two payments past due
- R3 - Pays (or paid) in more than 60 days from payment due date, but not more than 90 days, or not more than three payments past due
- R4 - Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due
- R5 - Account is at least 120 days overdue, but is not yet rated “R9″
- R6 - This rating does not exist.
- R7 - Making regular payments through a special arrangement to settle your debts
- R8 - Repossession (voluntary or involuntary return of merchandise)
- R9 - Bad debt; placed for collection; moved without giving a new address or bankruptcy.
*Source: Equifax Canada
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Your Free Canadian Credit Report (free credit check):
You have a right to know what is contained in your credit record and a free copy of your credit report must be provided to you by the credit bureau if you request it. Obtaining the free credit check Canada has made mandatory, can take a while via mail and may not contain all of the information you would like to know.
Online credit report: Some services exist that can speed up the process and make more complete information available for a fee online.
You will have to provide proof of your identity (your full name, date of birth, current and past addresses, social insurance number and possibly a daytime telephone number, together with proof of your identity (usually a copy of two pieces of signed identification).
If your Canadian credit report contains any errors, you can notify the credit bureaus, and the bureau must take steps to verify the correction and must advise any recent recipients of your report of the error.
You may also request to have an explanation added to your file regarding the circumstances of a particular item in your file.
Equifax Canada
Tel.: 1-800-465-7166
TransUnion Canada
Toll-free: 1-866-525-0262
Toll-free (for Quebec residents): 1-877-713-3393
Northern Credit Bureaus Inc.
Fax (toll-free): 1-800-646-5876
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