4.5.2 Why your credit score is important

Your credit report and credit score are ways of keeping track of and evaluating how you use credit.

First, some definitions:


Why do your credit report and credit score matter? Because lenders want to know how you have handled credit in the past to determine how well you are likely to handle it in the future.

If you have a poor credit rating or credit score:


Get a copy of your credit report every year and correct any mistakes you find.

If you believe that the information in your credit report is incorrect, contact the credit reporting bureau and your financial institution. If the financial institution says that the information reported is correct but you are still not satisfied, you can submit a brief statement to the credit reporting bureau. If the error came from your financial institution and the institution will not correct the error, you can file a complaint with the institution.

To get your credit report for free, you can order it online, by mail or in person. You can also access your credit report online for free.

Equifax Canada

  • National Consumer Relations
    P.O. box 190, Station Jean-Talon,
    Montreal, Quebec   H1S 2Z2
    Toll-free: 1-800-465-7166

TransUnion Canada

  • TransUnion
    Attention: Consumer Relations
    3115 Harvester Road, Suite 201
    Burlington, Ontario L7N 3N8
    Toll-free: 1-800-663-9980

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