There are three credit reporting agencies in Canada: Equifax, TransUnion and Dun & Bradstreet. Equifax, TransUnion are for consumers whereas Dun & Bradstreet is for businesses.
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?
These companies collect information relating to your use of credit from lenders, such as your bank, credit card company, collection agencies, cell phone provider, etc.
They also have access to public records, such as bankruptcy filings, court judgments, and liens. These details are compiled by Canadian credit bureaus in your credit report, which they sell to lenders seeking to determine your creditworthiness.
Major Credit Reporting Agencies in Canada
Let’s get an overview of the Credit Reporting Agencies in Canada:
1. Equifax Canada
Equifax is a global analytics and data company with operations in 24 countries.
With its two main personal consumer products, Equifax Complete Premier and Equifax Complete Friends and Family, it provides credit reporting services in both Canada and the US.
These subscription services include identity theft assistance, credit score and report monitoring, and more.
2. TransUnion Canada
TransUnion was founded in 1968 in the United States, and is one of the three main credit bureaus in that country, alongside Equifax and Experian.
TransUnion Canada was established in 1989 and has its headquarters in Toronto.
The company’s products include a Consumer Disclosure (i.e. credit report) and credit monitoring services.
It also has several products for business entities.
3. Dun & Bradstreet
Dun & Bradstreet provides analytics and credit reporting data for businesses.
This American company was founded in 1841 and operates in multiple countries around the world.
Credit Reporting Agencies in Canada
While it’s nice to assume that all the information in your credit report will be accurate, the fact is that mistakes can be made. If you find information in your credit report that you believe is inaccurate, you must ask both the credit reporting agencies to correct it immediately.
The change can’t be made overnight, so you need to be proactive. Once it’s been corrected, the agencies must provide an updated copy of your credit report to anyone who has requested it in the past 60 days.