Checking your credit report for errors and fraud
Learn how to spot problems, correct mistakes, report fraud and add a fraud alert. Check your credit report regularly to make sure the information is accurate. Look for errors or signs of fraud, such as accounts you didn’t open.
What to look for on your credit report
Your credit report shows how well you manage your credit. Lenders use this report to decide if they’ll offer you credit or loans and at what interest rate. It may also affect your ability to rent a home or get certain jobs.
Errors on your credit report may:
- make it harder to get credit cards or loans
- lead to higher interest rates
- be a sign of identity theft or fraud
Tip
Review your credit report regularly for errors or fraud. Get it from both Equifax and TransUnion. That way, you may be able to detect problems sooner.
Once you get your credit report, look for:
- mistakes in your personal information, like a wrong address or date of birth
- errors in credit cards and loans
- incorrect payment history, like payments a lender marked as late even though you paid on time
- accounts you didn’t open, which might be a sign of identity theft
- negative information about accounts that still appear after the maximum amount of time it’s allowed to stay on your credit report
Learn how long information stays on your credit report.
Tip
Accounts that you don't recognize might mean that someone has applied for credit in your name. Examine them to be sure it's not fraud or identity theft.
Consider credit monitoring
Credit monitoring alerts you to certain changes in your credit report and score, such as a new credit inquiry. It may help you detect identity theft or credit card fraud early, especially if someone applies for credit in your name.
You may want to use credit monitoring if:
- you think someone stole your identity
- you think you’ve been the victim of fraud
- a data breach has exposed your personal information
Canada’s credit bureaus and many credit card issuers and financial institutions offer credit monitoring services. You usually need to pay for these services. Some institutions may offer it for free in certain circumstances. For example, if you’ve been affected by a data breach.
Reporting errors or fraud on your credit report
If you find an error or potential fraud on your credit report:
- contact the lender and any other organization affected by the error to let them know about the suspected fraud
- contact both Equifax and TransUnion to place a fraud alert on your credit report
- report the fraud to the National Fraud Reporting System
In some provinces or territories, you may also be able to place a security freeze on your credit report. Credit bureaus may also call it a credit freeze or credit lock.
A security freeze locks your credit report. It blocks lenders from accessing your report and helps prevent fraudsters from opening accounts in your name. Remember to remove a security freeze before applying for credit or loans.
Contact Equifax and TransUnion to learn how to place a security freeze on your credit report and see if you qualify.
Place a fraud alert
A fraud alert, or identity alert, tells lenders you may be a victim of fraud. Before they approve any credit application, they’ll need to contact you and confirm your identity. This may help prevent any further fraud.
Ask Equifax and TransUnion to place a fraud alert on your credit report if:
- you suspect you've been a victim of fraud or identity theft
- someone stole your wallet, ID or smartphone
- you've had a home or vehicle break-in
The credit bureaus may ask you to provide identification. They may charge a fee.
Fixing errors on your credit report
You have the right to dispute any information on your credit report that you believe is wrong. Credit bureaus must correct errors for free.
Gather your documents
Collect any receipts, statements and other documents that prove there’s a mistake.
Contact Canada’s 2 main credit bureaus
Use the forms from Equifax and TransUnion to report the error.
The credit bureaus will examine your claim with the lender or organization that reported the information. If they agree that there’s an error, the credit bureaus will correct the information. If the lender or organization says that the information is correct, the credit bureau will keep it on your report.
In some provinces, credit bureaus must send a copy of your revised credit report to organizations who recently requested it.
Contact the lender
You may be able to speed up the process by contacting the lender directly. Ask them to verify their files and provide the updated information to the credit bureaus.
Escalate your case
If you’re not satisfied with the results of the investigation, ask to speak with someone at a higher level.
Federally regulated financial institutions must have a complaint procedure to help resolve disputes with their customers. This includes access to an external complaints body.
Add a consumer statement
If you’re not satisfied with the results of the investigation, you may add a brief statement to your credit report. This explains your situation and is called a consumer statement. It's free to add a consumer statement to your credit report.
The credit bureaus set the number of words allowed in your statement. This may vary depending on your province.
Lenders and others who review your credit report may consider your consumer statement when they make their decisions about your credit.
Filing a complaint about a credit bureau
The Federal government doesn’t regulate credit bureaus. If you feel that a credit bureau didn’t treat you fairly, you may choose to file a complaint. Start by contacting the credit bureau directly.
Find the process to follow when filing a complaint.
If you wish to make a complaint, contact your provincial or territorial consumer affairs office.
Find your provincial or territorial consumer affairs office.