Your credit report contains information about your financial situation. It is used to confirm your identity, find out about your past and current debts and determine whether you’re a good credit risk.

Since February 1, 2021, the AMF has been administering the Credit Assessment Agents ActThis link will open in a new window. The term “credit agencies” used on this page refers to the credit assessment agents governed by this Act.

What’s on your credit report?

Your credit report includes:

  • Your name, address, date of birth and social insurance number
  • Information about what you’ve borrowed (credit cards, lines of credits, mortgages, and other loans) and how consistently you pay off your bills and debts
  • Information about your bank accounts and any bounced cheques you may have written
  • Information about any unpaid accounts
  • Public information about you (e.g., bankruptcy or judgment against you)
  • The names of any individuals or organizations that have requested to see your credit report
  • Your credit rating

Lenders take the information in your credit report into account when determining:

  • whether they can lend you money
  • how much they can lend you
  • what interest rate they can charge you

What’s a credit rating?

Your credit rating, also called a credit score, is a number between 300 and 900. It is calculated from a mathematical formula using the information on your credit report. The higher the number, the better the rating.

There is no one single credit rating for a credit report. Credit agencies send financial institutions and other businesses several credit ratings for a given credit report. There may be slight differences between them, but they are all generally around the same value. A consumer version of the credit rating must be provided to you by a credit agency upon request. Financial institutions and other businesses are not given this rating, but a more comprehensive report.

The consumer version of the credit rating shows the risk you represent to lenders, with explanations needed to understand the rating.

What is reflected on your credit report?

Your credit report is constructed from information provided by the businesses you obtain certain services from, such as:

  • Your financial institution
  • Your cell, cable or internet service provider
  • Your credit card provider

This information is compiled, updated and made available in Québec by two credit agencies. If you haven’t already done so, you can set up a free account and access this information on-line by going to the Equifax This link will open in a new window and TransUnion This link will open in a new window websites.

With some exceptions, businesses need your consent to send information to Equifax and TransUnion. In many cases, this consent is included in the contract you sign with the business.

Who can see your credit report?

Individuals or businesses that may ask for your credit report before doing business with you include:

  • A financial institution when you apply for a loan
  • A lessor you want to rent from
  • An insurance company you want to purchase insurance from
  • A potential employer as part of the hiring process

Individuals and businesses need your consent to view your credit report. The consent is valid for a limited time, lasting only as long as it takes for the requested service to be performed.

You can view your own credit report by simply requesting it. By viewing your report, you will be able to see whether it contains any errors or whether malicious individuals have applied for credit using your name.

How can you improve your credit rating?

It’s hard to predict exactly how your credit rating will change. Lenders and credit agencies don’t share their calculation methods with the public.

The following habits will help you maintain a good credit rating or improve your credit rating over time by:

  • Paying the balance owing on time and in full
  • Trying to keep the credit you use below 35% of the total available to you
  • Limiting the number of times you apply for credit
  • Paying off what you owe as quickly as possible
  • Keeping your old paid-up accounts open

Check your credit report at least once a year or any time there’s a suspicious situation such as:

  • Receiving an account statement in your name for a service you didn’t ask for
  • Being contacted by a collection agency about a debt you don’t know aboutt
  • Learning, when trying to get credit, that you have debts you didn’t know about or credit you never applied for
Warning

Beware of credit repair companies

These firms offer services to people who are in debt. They may also call themselves “debt relief companies,” “refinance brokers” or “credit consultants.” Their services can be very expensive and the solutions they offer are limited.

Instead, see our list of professionals, businesses and organizations that can help you reduce your debt and review your budget.

End of the warning

Viewing or making changes to your credit report

You can ask to see your credit report and your credit rating at any time. You also have the right to:

  • request a correction to your credit report
  • give your version of the facts (consumer statement)
  • alert the people consulting your credit report to a situation concerning you (fraud alert)

To view your credit report

Request access from the two credit agencies operating in Québec, Equifax This link will open in a new window and TransUnion This link will open in a new window.

No fee will be charged to view your credit report on-line. You don't have to provide your credit card number. You may be charged a reasonable fee to receive your report by mail.

Go to the Equifax This link will open in a new window and TransUnion This link will open in a new window website. If you haven’t already done so, open an account and follow the instructions for getting free access to your credit rating.

If you see an error on your credit report, such as a late payment that was settled some time back, you can submit a written request (by mail or on-line) to Equifax This link will open in a new window (under Consumer Services, click on “Complaints & Disputes”) or TransUnion This link will open in a new window (log into your account and click on “Dispute information on your Consumer Disclosure or file a complaint”) to have it corrected. Follow the instructions on their website. Equifax and TransUnion are required to reply within 30 days. If you don’t get a reply within 30 days or your request is denied, you can contact the Commission d’accès à l’information This link will open in a new window.

If the information involved still appears unchanged on your report after it has been verified by Equifax or TransUnion, you can also have your version of the facts added to the report.

If you disagree with an item on your credit report, you have the right to have a consumer statement added to the report at no charge. The consumer statement cannot be defamatory.

The consumer statement gives your version of the facts. It stays on your report until there is either:

  • An agreement between the parties involved or
  • A decision or judgment settling the disagreement

Any business or merchant that looks at your credit report will be able to read the consumer statement. To add a consumer statement to your report at no cost, contact Equifax This link will open in a new window and TransUnion This link will open in a new window directly.

You think someone has stolen personal information about you? You can activate a fraud alert on your credit report. Users of your credit report will then have to carry out additional checks to make sure they are dealing with you and not someone else.

To activate this alert, contact the credit agencies Equifax This link will open in a new window and TransUnion This link will open in a new window. There is no cost to you. For the alert to take effect, you will be required to provide a phone number where you can be reached.

Insight

What is the difference between a fraud alert and a credit monitoring service?

A fraud alert is free. When there’s a fraud alert on your report, anyone who receives your report is required to make sure they are dealing with you and not someone else. It helps to prevent your identity from being used without your authorization—to take out a loan, for example.

The credit monitoring service offered by Equifax and TransUnion is available for a fee. It alerts you by e-mail when there’s been a change affecting your credit report—for example, that a change has been made to your credit rating or that a new credit account has been opened in your name. This service does not include the fraud alert.

End of the insight

In Québec, you can currently place a credit freeze on your report free of charge and you don't have to provide your credit card number.

A security freeze is a measure you can take primarily to prevent the fraudulent use of your personal information. It temporarily blocks the credit agencies (Equifax and TransUnion) from releasing your information held by them to companies or individuals wishing to view your report for a credit or loan application. Please note that employers, collection or placement agencies, governments, lessors and insurers will still have access to your credit report, with your permission, during the freeze.

If, for example, you believe you have been a victim of identity theft, you can request a security freeze by contacting either Equifax or TransUnion. The credit agency will explain what a security freeze is, how to place a security freeze on your report and what to do to safely request its removal at a later date. You can also apply directly on the credit agency’s website to have a security freeze placed on or removed from your report. For Equifax This link will open in a new window, log in to your account and click on “Credit Lock.” For TransUnion This link will open in a new window, log in to your account and click on “Manage Your Credit Freeze” in the Online Consumer Solutions Service Menu.

A security freeze will remain on your credit report until you request that the credit agency remove it. You must ask the credit agency to remove the freeze if you apply for a loan or credit.

Need help?

Autorité des marchés financiers (AMF)

The AMF administers the Credit Assessment Agents Act. It supervises and controls the commercial and management practices of the credit agencies it designates, i.e., currently, Equifax and TransUnion.

It can explain what your rights are and assist you with:

  • Access to your credit report and credit rating via the Internet
  • Your right to add a consumer statement to your credit report
  • Your right to activate a fraud alert on your credit report
  • Your right to activate a credit freeze
  • Your right to file a complaint against Equifax or TransUnion.

For more information about your rights and remedies when dealing with credit agencies, contact the AMF Information Centre

Commission d’accès à l’information du Québec

It is responsible for administering the Act respecting the protection of personal information in the private sector. It ensures that private companies, such as Equifax and TransUnion, meet their obligations under that Act.

Contact the Commission d’accès à l’information This link will open in a new window

References

Commission d’accès à l’information du Québec This link will open in a new window

Éducaloi This link will open in a new window (in French only)

Québec consumer associations website This link will open in a new window (in French only)

Theft of personal information

File a complaint