What are 2 main credit reporting agencies in Canada?
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- Updated On:02-Dec-2022
- Replies:1
Short Answer
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.
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?
A credit-reporting is a company that compiles data about you from different sources into one document which is nothing but your credit report.
These companies are important as they play a role in whether you can access credit or get loans at reasonable rates.
The primary function of the credit-reporting agency is to act as a kind of library: they make it possible for potential creditors to access your credit report and credit score. And, check them to determine if you've been responsible with previous credit that has been extended to you.
Major Credit Reporting Agencies in Canada
Let's take a sneak peek into the 2 main credit reporting agencies in Canada.
1. Equifax
With operations in 24 countries, Equifax is a multinational analytics and data company.
Equifax Complete Premier and Equifax Complete Friends and Family, its two primary personal consumer products, offer credit reporting services in both the US and Canada.
Assistance with identity theft, credit score and report monitoring, and other services are all part of this membership package. It provides more than 70 distinct products and services to business clientele.
The Toronto-Dominion (TD) bank and the Canadian Imperial Bank of Commerce (CIBC) use Equifax Canada.
2. TransUnion
Along with Equifax and Experian, TransUnion is one of the three major credit bureaus in the United States, having been established in 1968.
Founded in 1989, TransUnion Canada is headquartered in Toronto. A consumer disclosure, credit report, and credit monitoring services are among the company's offerings. It also offers several goods for corporate entities.
The Royal Bank of Canada (RBC) uses TransUnion Canada for credit checks.
Credit reporting agencies in Canada
Even though it would be ideal to think that your credit report's data would all be accurate, mistakes can happen. You must immediately ask both credit reporting agencies to modify any information in your credit report that you find to be incorrect.
You must be proactive because the change cannot be implemented overnight. Anybody who has asked for a copy of your updated credit report in the previous 60 days is entitled to receive one after the agencies have corrected the error.
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Discussion (0)
There are three credit reporting agencies in Canada: Equifax, TransUnion and Dun & Bradstreet. Equifax, TransUnion are for consumers whereas Dun & Bradstreet is for businesses.
Yes, 650 is a good credit score in Canada. Anything below 650 is classified as a fair credit score.
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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.
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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.
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