What is the difference between a credit score and a credit report?

A credit report is a detailed file — it lists every credit account you have opened, payment history on each one, inquiries from lenders, public records (judgments, bankruptcy), and personal identifiers. A credit score is a three-digit number (300–900 in Canada) derived by running your credit report through a scoring algorithm. Think of the report as the raw data and the score as a single number summarizing that data.

Who provides credit reports and credit scores in Canada?

Canada has two credit bureaus: Equifax Canada and TransUnion Canada. Both maintain their own credit files on you, which may differ slightly because not all lenders report to both. Your credit score also varies depending on which bureau's data is used and which scoring model is applied. Mortgage lenders typically pull both bureaus. Many free services (Borrowell, Credit Karma Canada) provide your score using Equifax or TransUnion data respectively, using their own scoring models.

How do I get my free credit report in Canada?

You are entitled to a free copy of your full credit report from both Equifax and TransUnion at any time under Canadian law. Online: annualcreditreport.ca used to be available; now request directly at equifax.ca or transunion.ca. By mail, you can request a free report with identity verification. Free credit score services like Borrowell (Equifax) and Credit Karma (TransUnion) also show you a version of your report and score for free at any time.

What is a good credit score in Canada?

Canadian credit scores range from 300 to 900. General ranges: 300–559 is poor; 560–659 is fair; 660–724 is good; 725–759 is very good; 760–900 is excellent. Most mainstream lenders (banks, credit unions) want to see 660+ for standard products. Mortgage lenders typically want 680+ for the best rates. Scores above 760 generally qualify you for the best available rates on any product.

Does checking my own credit score hurt it?

No. Checking your own credit score or report is a "soft inquiry" (also called a soft pull) and does not affect your score at all. Only "hard inquiries" — when you formally apply for credit and authorize a lender to check your file — can temporarily lower your score, typically by 5–10 points for 12 months. Checking your score monthly or even weekly has zero impact.

How long does negative information stay on a Canadian credit report?

Late payments and delinquencies: 6–7 years from the date of the missed payment. Collections or judgments: 6–7 years from the date of the original delinquency. Bankruptcy (first time): 6–7 years from the discharge date (up to 14 years in some provinces on the Equifax file). Consumer proposal: 3 years from the date you complete the proposal, or 6 years from the date it was filed, whichever comes first. Hard inquiries: up to 3 years (though scoring models typically only consider the last 12 months).

What is the biggest factor affecting my credit score in Canada?

Payment history is the most heavily weighted factor, accounting for roughly 35% of your score under most models. Even a single missed payment (30+ days late) can drop a good score by 50–100 points. The second most important factor is credit utilization — how much of your available revolving credit you are using. Keeping balances below 30% of your credit limit (ideally below 10%) has a significant positive impact on your score.

Difference Between Credit Score and Credit Report in Canada

Many Canadians use “credit score” and “credit report” interchangeably — but they are two different things, and understanding the difference helps you manage both more effectively.

Credit report: the full file

Your credit report is a detailed historical record of how you have managed borrowed money. It is maintained by Canada’s two credit bureaus — Equifax Canada and TransUnion Canada — based on information reported to them by lenders, credit card companies, and other creditors.

What appears on a Canadian credit report

Section	What’s included
Personal information	Name, address history, date of birth, SIN (partial), employment
Credit accounts	Each account: type, lender, date opened, credit limit, current balance, payment history
Payment history	Month-by-month: paid on time (OK), 30 days late, 60 days late, etc.
Hard inquiries	Every time a lender pulled your file (credit applications)
Public records	Bankruptcies, consumer proposals, judgments, collections
Collections	Accounts sent to third-party collection agencies

Who reports to the credit bureaus?

Banks and credit unions (credit cards, loans, lines of credit, mortgages)
Auto lenders and finance companies
Cell phone providers (some, not all)
Collection agencies
Courts (judgments, bankruptcies filed publicly)
Student loan servicers (NSLSC reports to bureaus)

What does NOT appear on your report:

Rent payments (unless you use a rent-reporting service like FrontLobby or Borrowell Rent Advantage)
Utility bills (hydro, gas, internet) unless sent to collections
Income, savings, investments
Your age (DOB is there but not used in scoring)

Credit score: the summary number

Your credit score is a three-digit number calculated by running your credit report through a mathematical scoring algorithm. It gives lenders a quick, standardized way to assess your creditworthiness without reading your full report.

Canadian credit score ranges

Score range	Rating	What it means
760–900	Excellent	Best rates on any product; automatic approval
725–759	Very good	Qualify for most products at competitive rates
660–724	Good	Mainstream approval, standard rates
560–659	Fair	Limited options; higher rates; may need co-signer
300–559	Poor	Largely limited to secured products or alternative lenders

Who calculates your score?

Equifax and TransUnion each calculate their own score from their own credit file data. The same person can have:

A different Equifax score vs. TransUnion score (different data, different models)
A different score shown by a free app vs. what a mortgage lender sees (different models)
A different score for a mortgage application vs. a car loan (lenders use different score models)

Common score models used in Canada:

Score source	Bureau	Typical use
Borrowell (free)	Equifax	Consumer monitoring — not the same model lenders use
Credit Karma Canada (free)	TransUnion	Consumer monitoring
Equifax Score	Equifax	Some lenders; varies by product
FICO Score 8/9	Either bureau	Used by many Canadian lenders
Mortgage-specific FICO	Both (used together)	Most mortgage underwriting

The score you see on a free app is directionally accurate but may differ from what a lender sees by 20–50 points in either direction.

What affects your credit score

The exact formula is proprietary, but score models generally weight five factors:

Factor	Approximate weight	Notes
Payment history	~35%	Single biggest factor; even one 30-day late payment hurts significantly
Credit utilization	~30%	Your balances as % of credit limits; keep below 30%, ideally below 10%
Length of credit history	~15%	Average age of all accounts; older = better
Credit mix	~10%	Having both revolving (cards) and installment (loans) credit helps
New credit (hard inquiries)	~10%	Applying for new credit lowers score temporarily; multiple applications in short window hurt more

What does NOT affect your score

Income or wealth
Bank account balances
Soft inquiries (checking your own score, pre-approvals)
Marital status or education level
Whether you carry a credit card balance vs. paying in full (the level of utilization matters, not whether you carry a balance)

How the two are connected

The credit report is the input; the credit score is the output.

If you want to improve your credit score, you do it by changing what’s on your credit report:

Make all payments on time → improves payment history
Pay down balances → lowers utilization
Don’t close old accounts unnecessarily → maintains length of history
Don’t apply for multiple new cards at once → limits hard inquiries
Add a mix of account types over time → improves credit mix

Errors on your credit report affect your score

If your credit report has errors (accounts that aren’t yours, incorrect balances, outdated derogatory items), your score will be lower than it should be. You have the right to dispute errors with Equifax and TransUnion directly. Disputes are typically investigated and resolved within 30 days.

How to access both for free in Canada

Free credit report (full detail)

Equifax: equifax.ca → “Get My Free Credit Report” or request by mail
TransUnion: transunion.ca → “Get My Credit Report” or request by mail
Both credit bureaus are legally required to provide one free report upon request

Free credit score (updated regularly)

Borrowell — pulls from Equifax; updates weekly; free
Credit Karma Canada — pulls from TransUnion; updates weekly; free
Some banks — RBC, TD, BMO, Scotiabank, and others now show a version of your credit score in online banking at no charge

When to pay for more detailed reports

Before applying for a mortgage, it may be worth purchasing both full bureau reports and scores directly from Equifax and TransUnion to see exactly what a lender will see
Equifax Complete Premier or TransUnion Credit Monitoring services offer more detailed views for a monthly subscription (~$20–$30/month)

Practical summary: what to monitor and why

What	Why it matters	How often to check
Credit report (full)	Catch fraud, errors, unauthorized accounts	Every 6–12 months
Credit score (free app)	Track general credit health trend	Monthly
Hard inquiries on report	Spot unauthorized applications in your name	Every 6–12 months
Derogatory items	Know when negative info ages off	Annually