Credit Bureau

Full Explanation

Credit bureaus are companies that collect financial data about consumers and compile credit reports. Canada has two major credit bureaus: Equifax Canada and TransUnion Canada. Banks, lenders, and credit card companies regularly report your account activity to these bureaus. When you apply for credit, lenders request your credit report from one or both bureaus. Credit bureaus do not make lending decisions — they only collect and report data. You can dispute errors on your report directly with the bureau.