Canada
How Credit Scores Work in Canada: Equifax, TransUnion and What Moves Your Score
A 300-900 scale, two private bureaus, and the five inputs that decide it. Plus how to read your own file free.
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- Scale
- 300-900
- Bureaus
- Equifax, TransUnion
- Free reports
- Required by provincial law
- Score effect of a hard check
- Small, short-lived
Two bureaus, two files
Equifax and TransUnion hold separate records. Lenders use one, usually without telling you, so a clean file at one proves nothing about the other.
Payment history is the largest input
A single 30-day late payment can cost 60-100 points and stays seven years. Automating the minimum is the cheapest insurance available.
Utilisation is second and fastest to fix
Keep each card under 30% of its limit. Paying before the statement date means the balance is never reported.
Get both free reports
Provincial law entitles you to a free report by post from each bureau. Dispute anything wrong - it costs nothing and must be answered.
FAQ
What is a good score in Canada?▾
About 660+ is generally acceptable; 760+ gets the best pricing.
Do soft checks affect my score?▾
No.
Does a consumer proposal hurt?▾
Yes, heavily, for several years.
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