Credit Reporting Agencies (i.e. Equifax)

Credit reporting agencies, also called credit bureaus, are privately owned companies that collect, maintain and share your credit history and information. As soon as you apply for credit or first borrow money, credit reporting agencies will begin to compile a report of your credit transactions which lists all credit products (i.e. mortgages, vehicle leases or financing, credit cards, etc.).  This information is updated on a regular basis, the information sent from any lending institution to credit reporting agencies.

Credit reporting agencies are governed by certain regulations, put in place by the Consumer Reporting Act, which control and standardize any actions taken. Who is able to view your credit report and what your credit report can be used for are two examples of these regulations.

In Canada, there are a few different credit reporting agencies. The two main credit reporting agencies are Equifax and TransUnion.

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The role of credit reporting agencies is to compile the information that is forwarded to them. These institutions do not find this information themselves, and do not make any recommendations regarding your credit and financial status. The responsibility of these agencies is only to receive and assemble information and then deliver it to the members requesting it.

As noted, Equifax and TransUnion are the most widely used credit reporting agencies in Canada. You can request a copy of your credit report online after providing some personal information to verify your identity. You can also request a copy of your credit score.  Both of these credit reporting agencies charge a fee for credit reports and credit scores online.