Credit Report, Score, and Debt

A credit report gives a detailed overview of someone’s credit history and is often used to measure how financially reliable an individual is based on their history of paying off loans, debts, and other payments. 

 Credit reports are also used by landlords to screen tenants, lenders when deciding on providing a future loan for a car or credit, and even by some employers before hiring. A negative credit score can therefore be detrimental to a victim-survivor’s ability in gaining control of her own life.

 Equifax and TransUnion are the two official credit bureaus in Canada. While other companies exist as well that might advertise to provide credit reports, those will usually charge for records.  

 A credit score is a three-digit number that comes from the information in your credit report. It shows how well you manage credit and how risky it would be for a lender to lend you money. It is calculated using a formula based on your credit report. As a general rule, you get points if you use your credit responsibly, and lose points if you have trouble managing your credit. One’s credit score will change over time as your credit report is updated.

 You may check your credit score with Equifax or TransUnion. In Canada, according to Equifax, a good credit score is usually between 660 to 724. If your credit score is between 725 to 759 it’s likely to be considered very good. 760 and above is generally considered to be an excellent credit score. The credit score range is anywhere between 300 to 900. The higher your score, the better your credit rating. Anyone can get a free copy of their credit report once a year from Equifax and TransUnion, which can be requested either online, via mail, phone, or in-person. 

 How to get a free credit report from Equifax

How to get a free credit report (Consumer Disclosure) from TransUnion

Should you find yourself in extreme debt, or in need of debt repair, there are credit, debt repair and remediation services listed in the Financial Aid Section