Structure of a Canadian Credit Report
| Section | What It Contains | Which Bureau |
|---|---|---|
| Personal information | Name, date of birth, SIN (partial), addresses, employers | Both |
| Summary | Total accounts, total credit limit, total balances, number of inquiries | Both |
| Accounts / trade lines | Each credit account in detail (see full breakdown below) | Both |
| Collections | Accounts sent to a collection agency | Both |
| Public records | Bankruptcy, consumer proposal, judgment | Both |
| Hard inquiries | Lenders who checked your credit for an application | Both |
| Soft inquiries | Your own checks, employer checks, pre-approvals | Both (not visible to lenders) |
| Consumer statements | Notes you have added to dispute or explain items | Both |
| Credit score | Numerical score (separate from report; requested separately) | Equifax 300–900; TransUnion 300–900 |
Reading an Individual Account (Trade Line)
| Field | What It Means | Example |
|---|---|---|
| Creditor name | The lender or issuer | TD Canada Trust |
| Account number | Partial number masked for security | XXXX-XXXX-1234 |
| Account type | Revolving (credit card), installment (loan), open (line of credit) | Revolving |
| Date opened | When the account was first opened | March 2019 |
| Credit limit / loan amount | Maximum approved credit or original loan amount | $10,000 limit |
| Balance | Most recently reported balance | $2,340 |
| High balance | Highest balance ever reported on this account | $8,900 |
| Payment status | Current, 30 days late, 60 days late, etc. | Current (I1 = pays as agreed) |
| Payment history | Month-by-month record using rating codes | See table below |
| Date last activity | Most recent payment or transaction reported | February 2026 |
| Date reported | When the creditor last updated this account | March 2026 |
Payment Rating Codes on Canadian Credit Reports
| Code | Meaning | Impact |
|---|---|---|
| I0 / R0 | Too new to rate | Neutral |
| I1 / R1 | Pays as agreed (on time) | Positive |
| I2 / R2 | 30 days late | Negative — stays 6 years |
| I3 / R3 | 60 days late | Negative |
| I4 / R4 | 90 days late | Significant negative |
| I5 / R5 | 120+ days late / charged off | Major negative |
| I7 / R7 | Making payments under a debt consolidation or consumer proposal | Serious negative |
| I8 / R8 | Repossession | Major negative |
| I9 / R9 | Placed for collections / bankruptcy / write-off | Most severe — stays 6–7 years |
The prefix “I” = installment account (loan). “R” = revolving (credit card). “O” = open account (line of credit, HELOC).
Equifax vs TransUnion: Key Differences
| Feature | Equifax Canada | TransUnion Canada |
|---|---|---|
| Score range | 300–900 | 300–900 |
| Score model (consumer) | Equifax Risk Score 3.0 | CreditVision score |
| Free report access | Mail, online request, Borrowell (free app) | Mail, online request, Credit Karma (free app) |
| Hard inquiry retention | Up to 6 years | Up to 3 years |
| Bankruptcy retention | 6 years (1st), 14 years (2nd+) | 6–7 years |
| Consumer statement limit | 100 words | 100 words |
| Score lenders commonly use | FICO Score 2 (mortgage lenders) | FICO Score 4 or TransUnion VantageScore |
Credit Utilization — What It Means and Why It Matters
| Utilization Rate | Description | Credit Score Impact |
|---|---|---|
| 0–10% | Ideal | Maximum positive effect |
| 10–30% | Good | Positive |
| 30–50% | Acceptable | Slight negative |
| 50–70% | High | Negative |
| 70–100% | Very high | Significant negative |
| 100% (maxed) | Fully maxed | Major negative signal |
Utilization is calculated both per-card and overall across all revolving credit. A single maxed card hurts even if your overall utilization is low.
Hard Inquiries Section
| What It Shows | How to Interpret It |
|---|---|
| Lender name | Who checked your credit |
| Date of inquiry | When the application was submitted |
| Inquiry type | Some bureaus distinguish mortgage/auto/card applications |
| Number of inquiries (6 months) | Multiple in a short period signals risk to lenders |
Rate-shopping exception: Multiple mortgage or car loan inquiries within a 14-day window are typically counted as a single inquiry by scoring models, because searching for the best rate on one loan is considered responsible behaviour.
Public Records Section
| Record Type | How Long It Stays | Impact |
|---|---|---|
| Bankruptcy (first) | 6–7 years after discharge date | Severe; prevents most new credit |
| Bankruptcy (second+) | 14 years after discharge date | Severe |
| Consumer proposal | 3 years after completion | Major negative |
| Court judgment | 6–7 years from date of judgment | Significant |
| Wage garnishment | 6–7 years | Significant |
Collections Section
| Field | What It Means |
|---|---|
| Original creditor | Who you owed the debt to originally |
| Collection agency | Company that purchased or is collecting the debt |
| Amount | Total owed including any fees |
| Date assigned | When the account was sent to collections |
| Date of last activity | Resets the clock for how long it stays on the report |
| Status | Unpaid, paid, disputed |
Paying a collection account removes the “unpaid” status but does not delete the entry. The record remains until the retention period expires. Negotiating a “pay for delete” agreement is not standard practice in Canada and bureaus are not required to comply.
How to Dispute an Error — Step by Step
| Step | Action | Where |
|---|---|---|
| 1 | Get a copy of your report from both bureaus | equifax.ca, transunion.ca |
| 2 | Identify the specific error (account, field, date) | — |
| 3 | Gather supporting documentation | Statements, receipts, correspondence |
| 4 | File a dispute online or by mail with Equifax | equifax.ca/dispute |
| 5 | File a separate dispute with TransUnion | transunion.ca/dispute |
| 6 | Bureau investigates within 30 days | — |
| 7 | Receive written result | Updated report or explanation |
| 8 | If unresolved, add a consumer statement (100 words) | Shown to any future lenders |
| 9 | Escalate to provincial consumer protection office if fraud | — |