Equifax Canada is one of Canada’s leading credit bureaus that collects, records, and reports your credit activities. This information helps Equifax to compile your credit report and determine your credit score using various scoring models.
Together, your credit score and report offer an evaluation of your creditworthiness, collectively influencing your capacity to apply for credit.
In this blog post, we guide you through checking your Equifax credit score and show you four ways you can get your free Equifax credit report.
We’ll provide step-by-step guidance to unveil your credit standing and offer additional insights about Equifax, including a comparative analysis with TransUnion.
How to Get a Free Equifax Credit Score
Equifax provides Canadians with a complimentary option to assess their credit score, and the best aspect is that it comes at no cost. You can register here to leverage Equifax for a free credit score check.
Although this service is free, it is subject to a one-month (30-day) limit. Should you desire ongoing access, you have the option to subscribe to one of Equifax’s monthly packages, each tailored to different needs:
- Equifax Complete Premier: $19.95 per month (offers daily reports, credit report alerts and identity theft insurance and restoration services)
- Equifax Complete Friends and Family: $29.95 per month (offers the benefits of Complete Premier and allows you to extend these services to two adults)
Additionally, there are alternative financial technologies that grant access to your credit score in Canada, such as:
- Loans Canada: This platform allows users to check their credit score for free, providing insights into their financial health. Users can obtain detailed credit reports, allowing them to review their credit history and better understand the factors influencing their creditworthiness.
- Mogo: Mogo specializes in credit score monitoring, offering users regular updates on their credit standing. Users can access their credit reports for a comprehensive view of their financial history, helping them make informed decisions regarding their credit.
- Borrowell: Borrowell focuses on providing Canadians free access to their credit scores and reports. Users can track changes in their credit over time, identify areas for improvement, and make informed financial decisions based on their credit information.
How to Get a Free Equifax Credit Report
Equifax offers multiple avenues for Canadians to access their credit reports, ensuring flexibility and convenience. Here are four ways you can obtain your Equifax credit report:
To access your credit report online, follow these steps:
- Create a free myEquifax account.
- Input personal details, including date of birth and address.
- Answer verification questions (optional but recommended).
- While not mandatory, providing your Social Insurance Number (SIN) can expedite the process.
- Once your account is set up, you can download and print your Equifax credit report, including your credit score.
- Monthly updates are provided for free.
2. By Phone:
If you prefer not to use the online platform, you can request your credit report by phone. Call the automated system at 1-800-465-7166 (open 24 hours), and provide personal information through voice prompts.
Unlike the online process, you must provide your SIN for validation, and Equifax will mail your credit report via Canada Post within 5 to 10 days.
3. By Mail
To request your credit report by mail, follow these steps:
- Complete the Credit Report Request Form.
- Include photocopies of two pieces of identification (one with your current home address).
- If your ID lacks your current address, submit an additional document (e.g., a recent credit card statement), and SIN is not required.
- Equifax will mail a physical copy of your credit report within 5 to 10 days.
Equifax Canada Co.
National Consumer Relations
Montreal, Quebec H1S 2Z2
4. In Person
Equifax offers in-person requests at three office locations:
- Toronto: North American Centre, 5700 Yonge Street, Concourse Level.
- Halifax: Lyle Tilley Davidson Chartered Accountants, 1718 Argyle Street, Suite 720.
- Charlottetown: BDO, 155 Belvedere Avenue, Suite 200.
Bring two forms of identification, ensuring that at least one includes your current home address. Alternatively, you can present one ID and proof of address, such as a recent credit card statement or utility bill received by mail. Please note that photocopies or digital images of your ID will not be accepted. Unlike other methods, your SIN is not required for in-person requests.
Upon completing the process, you will promptly receive a physical, printed copy of your Equifax credit report.
How To Download Credit Report From Equifax
To download your Equifax credit report, create a complimentary myEquifax account.
Input personal details, including your date of birth and address, and respond to verification questions. Although entering your Social Insurance Number (SIN) is optional, it can expedite the application process.
Once your account is established, you can effortlessly receive and download your Equifax credit report at no cost. If desired, you can print the file.
How to Read an Equifax Credit Report
Understanding your Equifax credit report is essential for making informed financial decisions. Generally, your credit report will include the following information:
- Overview Section
The initial section provides a snapshot of your credit profile. Look for your personal information, including your name, address, and date of birth. Verify that this information is accurate and up-to-date.
- Account Summary
This section outlines your credit accounts, categorizing them as open or closed. Pay attention to any delinquent accounts or accounts in collections, as these can significantly impact your credit score.
- Credit Inquiries
This section lists all recent inquiries into your credit history. Inquiries can be either “soft” or “hard.” Soft inquiries, like those from pre-approved offers, do not impact your credit score. Hard inquiries, typically from credit applications, may have a slight impact.
- Public Records
This section includes public records, such as bankruptcies, liens, or judgments. These entries can have a severe impact on your creditworthiness.
- Account Details
This section gives a comprehensive view of each credit account. This includes information on the account’s status, payment history, and credit limit. Ensure all details are accurate.
- Payment History
This section outlines your track record of payments. On-time payments positively influence your credit score, while late or missed payments can have adverse effects.
- Credit Score
Your Equifax credit score is a crucial component. Understand the range (300-900) and where your score falls. Factors influencing your score are typically highlighted, providing insights into areas needing attention.
What is a Good Credit Score in Canada?
The overall credit score range in Canada spans from 300 to 900. However, credit scores are commonly categorized as follows:
- Poor credit score: 300-559
- Fair credit score: 560-659
- Good credit score: 660-724
- Very good credit score: 725-759
- Excellent credit score: 760-900
Maintaining a good to excellent credit score reflects positively on your financial health and makes it easier to qualify for loans with competitive interest rates.
How Does Equifax Calculate Credit Score?
Equifax utilizes a model that considers positive and negative data points from your credit report, categorizing them into five key areas with corresponding weights:
- Payment History (35%): Timely credit payments positively impact your score, while missed or late payments have a detrimental effect. Whether car payments, personal loans, or credit card bills, consistently meeting payment deadlines is essential.
- Credit Utilization Ratio (30%): The ratio of your used credit to your available credit is significant. Maintaining a low utilization ratio demonstrates responsible credit use. Avoid maxing out credit cards, as prolonged high utilization negatively affects your credit score.
- Credit History (15%): The time your credit accounts have been open contributes to this category. Longer-held accounts positively influence your score, indicating a history of responsible credit use. However, opening new accounts can temporarily lower your score.
- Public Records (10%): Derogatory public records like bankruptcies or bills sent to collections substantially negatively impact your credit score.
- Inquiries (10%): Each time you apply for a loan or credit card, a “hard inquiry” is made on your credit report. Multiple inquiries in a short period can signal risk and lower your score temporarily.
Can I Dispute My Equifax Credit Score?
You cannot dispute your credit score itself, but you have the ability to dispute specific information on your credit report.
To initiate a dispute with Equifax, access Equifax’s online dispute form here. Complete the form online, attach any necessary documentation, and submit it via email.
Alternatively, you can print the form, complete it manually, and mail it to the following address:
Equifax Canada Co.
Consumer Relations Department
Box 190 Jean Talon Station
When mailing your dispute, ensure you include supporting documentation such as proof of identity (government-issued ID, birth certificate), a bill confirming your name and address, account information (letters from creditors, bank statements, proof of identity theft), and any relevant bankruptcy discharge paperwork. You can also include your Equifax Unique Number from your credit report to expedite the process.
Once your dispute is submitted, Equifax will launch an investigation, typically taking 10-15 days for electronic submissions and 15-20 days for mailed disputes. They will contact the creditor for verification. Upon completion, Equifax will notify you of the outcome through the same method you used to initiate the dispute.
How to Cancel My Equifax Membership
If you are currently using the Equifax Complete Premier or the Equifax Complete Friends and Family, and you want to cancel your membership, you can contact the Equifax Customer Care team at 1-866-820-8911.
Equifax customer service representatives are available every day of the week from 8:00 am-12:00 am ET.
How to Contact Equifax
If you ever need to contact Equifax for any form of assistance, here are the most requested contact numbers, depending on the form of assistance you need:
Assistance with or cancelling an Equifax product
To request a free copy of your credit report
Registering for an Equifax Product
Resetting online password
Equifax Vs Transunion
Equifax and TransUnion are the two prominent credit reporting agencies that play essential roles in collecting and managing credit information for individuals.
Equifax assigns credit scores ranging from 300 to 900. The credit report it provides follows a standard format, offering clear insights into payment history, credit utilization, and account details. Equifax issues a unique number for each credit report, facilitating easy referencing and expediting processes like disputes. Additionally, Equifax extends credit monitoring services, keeping users informed about changes in their credit reports, including inquiries and new accounts.
Similar to Equifax, TransUnion credit scores span the range of 300 to 900. Its credit reports mirror the format of Equifax, detailing information on credit accounts, inquiries, and public records. TransUnion may offer extra features, such as free access to credit reports through platforms like Credit Karma. TransUnion introduces a credit lock feature, allowing users to lock and unlock their credit reports effortlessly for added security.
Lenders may use Equifax, TransUnion, or both when evaluating an individual’s creditworthiness. It is advisable to monitor both credit reports regularly for a comprehensive understanding.
Due to algorithms and data reporting differences, credit scores may vary between Equifax and TransUnion, and you might prefer one agency over the other based on personal preferences, access to free credit reports, or specific features offered.
Final Thoughts on Free Equifax Credit Report Canada
Obtaining your free Equifax credit score and report allows you to gain insights into your financial standing. By leveraging this invaluable resource, you empower yourself to make informed decisions, proactively manage your credit health, and secure a more stable financial future.
Don’t miss out on this chance to take charge of your credit journey. Get started today by accessing your free Equifax credit score and report.
Your financial well-being begins with knowledge, and Equifax is here to provide you with the tools you need.