How many credit reporting agencies are there in Canada?
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- Updated On:02-Dec-2022
- Replies:1
Short Answer
There are three credit reporting agencies in Canada: Equifax, TransUnion and Dun & Bradstreet. Equifax, TransUnion are for consumers whereas Dun & Bradstreet is for businesses.
Detailed Answer
Credit reporting agencies or credit bureaus are companies that collect your credit information from various financial institutions and then convert them into a report and score that measures your creditworthiness.
What are credit reporting agencies?
These companies collect information relating to your use of credit from lenders, such as your bank, credit card company, collection agencies, cell phone provider, etc.
They also have access to public records, such as bankruptcy filings, court judgments, and liens. These details are compiled by Canadian credit bureaus in your credit report, which they sell to lenders seeking to determine your creditworthiness.
Major Credit Reporting Agencies in Canada
Let's get an overview of the Credit Reporting Agencies in Canada:
1. Equifax Canada
Equifax is a global analytics and data company with operations in 24 countries.
With its two main personal consumer products, Equifax Complete Premier and Equifax Complete Friends and Family, it provides credit reporting services in both Canada and the US.
These subscription services include identity theft assistance, credit score and report monitoring, and more.
2. TransUnion Canada
TransUnion was founded in 1968 in the United States, and is one of the three main credit bureaus in that country, alongside Equifax and Experian.
TransUnion Canada was established in 1989 and has its headquarters in Toronto.
The company’s products include a Consumer Disclosure (i.e. credit report) and credit monitoring services.
It also has several products for business entities.
3. Dun & Bradstreet
Dun & Bradstreet provides analytics and credit reporting data for businesses.
This American company was founded in 1841 and operates in multiple countries around the world.
Credit Reporting Agencies in Canada
While it’s nice to assume that all the information in your credit report will be accurate, the fact is that mistakes can be made. If you find information in your credit report that you believe is inaccurate, you must ask both the credit reporting agencies to correct it immediately.
The change can’t be made overnight, so you need to be proactive. Once it’s been corrected, the agencies must provide an updated copy of your credit report to anyone who has requested it in the past 60 days.
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Discussion (0)
In Canada, there are two major credit reporting agencies for consumers: Equifax and TransUnion. For businesses, the most popular credit reporting agency is Dun & Bradstreet.
Credit score and credit report of Borrowell are free. However, Rent advantage and credit builder has subscription cost of $5 and $10 per month respectively.
Yes, 650 is a good credit score in Canada. Anything below 650 is classified as a fair credit score.
You must have a credit score of more than 660 in order to buy a house in Ontario via mortgage application. If you have a score that is less than 660, the banks would deem you not to be creditworthy for lending purpose.
FICO score is an important parameter to check your credit worthiness. According to the findings of Equifax, a FICO score between 660 and 724 is deemed to be good.
Does the US-based credit analytics company - Fair Isaac Corporation (FICO) have a base in Canada? Know if FICO score is used in Canada? Yes, FICO score is used in Canada to assess the creditworthiness of a borrower.
Yes, the credit scores published by Borrowell is accurate and reliable as the company is associated with Equifax and it uses Equifax risk score 2.0. There might be some variances in the score when compared to Equifax as the company's system takes up-to 1 week to update its system.
You need to have a good credit score in Canada to be qualified for a mortgage. Mortgage lenders use it to assess the risk of lending to a certain person and to determine their creditworthiness. A score of 650 or more is often regarded as outstanding in Canada, however the precise standards may vary according on the lending institution.
A business credit card is a powerful tool for solving the business and personal financial needs. But a business credit card can affect your personal credit score. It totally depends on how you use it.
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