Credit Report
Quick Definition
A detailed history of your borrowing and repayment activity.
Full Explanation
A credit report is a detailed record of your credit history, compiled by Equifax or TransUnion in Canada. It includes all your open and closed credit accounts, payment history, hard and soft inquiries, public records (like bankruptcies), and collections. Lenders use your credit report to assess lending risk. You are entitled to one free credit report per year from each bureau under Canadian law by requesting it by mail. Reviewing your report regularly helps catch errors and identity theft.
Related Terms
Credit Score
A 3-digit number (300–900) indicating your creditworthiness to lenders.
Credit Bureau
Agencies (Equifax, TransUnion) that collect and report consumer credit data.
Hard Inquiry (Hard Pull)
A credit check that occurs when you apply for new credit, visible to lenders.
Soft Inquiry (Soft Pull)
A credit check that does not affect your credit score.
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