Understanding your credit report

A wealth of personal information

The credit report is a file that contains a wealth of personal information (name, address, previous addresses, social insurance number, date of birth, employers, etc.), as well as the history of all your credit accounts (credit cards, car loans, cell phone contracts, etc.).

Your financial commitment compliance

It is used to assess whether you meet your financial commitments. With your consent, it can be accessed when you apply for credit, change your cell phone, look for housing, or shop for insurance.

Free credit report consultation

It’s your right, it’s free, and it has no negative impact on your credit score. A big myth circulates about this, but feel free to check it out.

Credit score

The credit score is a three-digit number often highlighted in your online credit reports. It is used to assess your level of risk for lenders. Generally, the lower your score, the harder it will be for you to obtain credit. The terms of borrowing may also be less favorable. Your credit score is the result of a formula that takes many factors into account, such as your entire payment history on each of your credit lines, the types of credit used, the frequency of credit inquiries, your credit utilization rate, and so on.

A Formula Used to Calculate Your Score

The formula used to calculate your score varies depending on the type of request. For example, an insurer who requests your credit score will not get the same result as if you request it yourself. The same criteria are considered, but the weighting may be different. The mathematical formula is secret… it’s impossible to know its exact details!

Check Your Credit Reports

If a fraudster opens a credit account in your name, you will notice it by checking your credit report (we recommend checking your reports at least once a year). However, credit reports do not show all possible types of fraud. For example, fraud related to government benefits is not included. To learn what to do in case of fraud, please consult this guide.

Do you notice errors or fraudulent accounts on your files? 

Use this sample letter to make a rectification request to the company at fault and the credit agency concerned. Fill in the fields highlighted in yellow and change only the recipient. For example, you could send one copy to the telecommunications company and another to Equifax or TransUnion.

Do you wish to contest a negative decision or the company has not replied within 30 days?

Complete this form and submit it to the Commission d'accès à l'information du Québec. Your request must be submitted no later than 30 days following the company's refusal or failure to respond.