Canadian Credit Reporting Questions

What is Check Your Credit First Canada?

Check Your Credit First Canada is a consumer credit & credit reporting destination for Canadians. With fast and secure access to your credit report, Check Your Credit First Canada, makes it easy for you to get your Canadian credit score online – in minutes.

We understand that a strong credit rating and financial freedom come from a solid understanding of consumer credit and financing. That’s why we provide you with free access to the information you need to understand your credit score!

Our mission is simple: to supply the real credit education, information and credit advice Canadian consumers need to build and maintain a strong credit career.

Is CheckYourCreditFirst.com Owned by a Bank?

No. We are an independently owned Canadian website. We are not owned or operated by any bank, finance company, auto lender or credit reporting agency in Canada.

Is Check Your Credit First Canada a Credit Bureau?

No. CYCF is not a credit bureau or credit reporting agency. Instead of operating as a finance center or credit bureau, Check Your Credit First Canada serves as an educational tool for Canadians.

Check Your Credit First Canada has developed a partnership with Canada’s best credit bureaus. This unique agreement allows visitors quick, accurate and secure access to Canadian credit reports and credit scores online.

If you’re a Canadian looking for your credit score – CLICK HERE – to check your credit now!

What can Check Your Credit First Canada do for me?

Lots! One of the most important financial decisions a Canadian can make is to get informed about consumer credit. While some schools and finance companies provide credit education, those that do are few and the lessons they teach are often basic or insufficient.

Check Your Credit First Canada was developed to fill in those blanks by helping provide Canadians with real consumer credit education!

What else can CYCF do for you? With Check Your Credit First Canada you can:

  • Get fast online access to your Canadian credit score and credit report
  • Understand how credit scores and credit reporting works in Canada
  • Read easy to understand consumer credit and financing definitions
  • Read credit based articles written by experienced Canadians
  • Find out how to request a free credit report in Canada

Where is Check Your Credit First Canada Located?

CYCF operates out of Ontario Canada. While all of the credit and credit reporting content at CYCF is based on Ontario credit laws, most of it applies to Canada as a whole.

Canadian Credit Reports, scores & credit monitoring are available to all Canadians – regardless of province (regular age restrictions apply).

Can I Check my Credit on this Website?

Yes you can check your credit here. Thanks to partnerships with Canada’s biggest credit bureaus, Check Your Credit First Canada can offer you a fast, affordable and secure way to get your Canadian credit score online. Are you ready to see your credit report? GET STARTED NOW.

How Can I Get a Free Credit Report in Canada?

You can get a free credit report in Canada by contacting either Equifax Canada or TransUnion Canada and requesting one. Once they receive your request, they will send you a free credit report by regular mail.

If you’re interested in writing to one of Canada’s credit bureaus to request a free credit report, visit our Free Credit Report page.

If you can’t wait and you want instant access to your Canadian credit report and credit score – CLICK HERE – to check your credit report online!

Canadian Consumer Credit Questions

Canada is one of the worlds largest economies and like any major player in the world, the Canadian economy depends on consumer credit.

Credit gives consumers and businesses access to funds and resources they otherwise couldn’t afford, its arguable that without consumer credit many Canadian’s couldn’t afford to own a house, drive a car or live their current life style.

Questions About Credit in Canada

Get educated about consumer credit, loan trade lines and more. Follow the links below to increase you knowledge of Canadian consumer credit:

Consumer credit in Canada – Learn the basics about credit, including the difference between a debtor and a creditor, along with a definition of consumer credit.

Understand Credit Trade Lines – Trade lines detail your loan repayment history and current credit standing. Get a lesson on this important part of your Canadian credit report.

Prime Credit & Subprime Credit in Canada – Prime credit is a good thing. Subprime credit isn’t so good. Learn what it means to have subprime credit in Canada.

Canadian Credit Reporting Agencies

What is a Credit Bureau?

A credit bureau, or Canadian credit reporting agency, is a company that collections personal, financial and credit information from various sources and organizes it into a single credit file.

Canadian credit bureaus collect and report credit information for both individuals and businesses.

Do credit bureaus have customers?

Yes. Credit reporting agencies collect personal and financial information to sell to their business partners, which include creditors, businesses, insurance companies and individual consumers.

A credit bureau has different types of customers, with different needs. Most credit bureau business partners can fit into one of the following categories:

  • Creditors and financial companies
  • Employers
  • Insurance Companies
  • Consumers

Read more about Canadian credit bureaus in our Credit Bureaus in Canada article.

Credit Reporting in Canada

What is Credit Reporting?

Credit reporting in Canada is a combination of information gathering and information updating. Credit bureaus begin building and maintaining a credit file when a person first applies for credit.

After the credit file has been opened all credit activity from that point forward is updated to that file.

Learn all about credit reporting and credit reports in the Credit Reporting in Canada article expertly written by our team of Canadian credit professionals.

Canadian Credit Scores

What is a Credit Score?

A credit score is numerical representation of an individual’s credit performance. Credit scores are calculated using information gathered by credit bureaus. This information is organized and maintained in a credit file.

In Canada the details of each trade line on a person’s credit file play a part in calculating their credit score.

A persons credit score determines their eligibility for credit, the interest rate they are charged and their approved credit limit.

The process of credit scoring is complex and involves many variables. Check Your Credit First Canada details credit scores and how to understand your credit score in our Credit Scores in Canada editorial.

Bankruptcy in Canada

Personal bankruptcy is a legal method of absolving debt that cannot be repaid. In order to file bankruptcy in Canada, a debtor (an individual or business) must be classified as insolvent.

To learn more about Canadian bankruptcy and how it affects your credit score, continue to the editorials and bankruptcy information below:

Bankruptcy in Canada – Get an overview of personal bankruptcy in Canada, how it works and how bankruptcy reports to your credit file.

Alternatives to Bankruptcy in Canada – There several ways to avoid bankruptcy or absolve debt outside of bankruptcy. Get the run down on Canadian bankruptcy alternatives.

Bad Credit in Canada

What is Considered Bad Credit in Canada?

Bad credit in Canada comes in many shapes and sizes. Because of the many types of consumer credit, levels of credit quality and different perceptions of credit, it can be difficult to define bad credit.

Every financial institution in Canada has its own set of lending guidelines and delinquency limits. This means that bad credit at one bank could be considered good credit at another. While having many different lenders can make the process of defining bad credit complex, ‘text book’ examples of bad credit do exist.

Here are some examples of ‘traditional’ bad credit in Canada:

  • Late loan payments, skipped payments, past due payments
  • Written off loans (credit trade line write off)
  • Bounced payments or NSF payments
  • Collections (unpaid and even paid collections)
  • Bankruptcy (considered bad credit but can often be a positive credit step)
  • Consumer proposal (also considered a form of bad credit but often helpful)
  • Credit counseling (can be a potential way to repair bad credit in Canada)
  • Vehicle repossession or asset repossession
  • Mortgage foreclosure or tenant eviction

Having bad credit in Canada can have a negative effect on your credit score. If you want to understand how bad credit can lower your credit score and hurt your Canadian credit rating read our article Bad Credit and Your Credit Score.