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There are two main credit bureaus in Canada:
- Equifax
- TransUnion
These are private companies that collect, store and report information about how you use your credit.
Equifax or TransUnion collect information only from creditors regarding your financial experience in Canada.
Some financial institutions may recognize a credit history outside of Canada if you ask them. This may require additional steps. For example, you may need to laptops on bad credit provide a copy of your credit report from another country and meet with a representative from your branch.
Credit bureaus follow rules that define who can view your credit report and how it can be used.
Companies and people who can view your credit report include:
- banks, credit unions and other financial institutions
- credit card issuers
- car rental companies
- retailers
- mobile phone companies
- insurance companies
- Governments
- employers
- the landlords
These people or companies use your credit report to make a decision about you. These decisions can be:
- lend you money
- collect debt
- rent you accommodation
- offer you a job
- provide you with insurance
- offer you a promotion
- give you more credit
When a lender or other company "checks your credit" or "extracts your file", it consults your credit file with a credit bureau. This is usually noted in your credit report as a consultation.
Lenders may be concerned about too many consultations in your credit report. This may indicate that you are in dire need of credit, or that you are trying to live beyond your means.
