Managing Debt

The information on debt, credit ratings and counselling on this page are from Equifax Canada.

What is a credit report?

Frequently referred to as your “credit history,” a credit report is a history of how consistently you pay your financial obligations. A credit report is created when you first borrow money or apply for credit.

On a regular basis, the companies that lend money or issue credit cards to you (banks, finance companies, credit unions, retailers, etc.) send credit reporting agencies specific and factual information about their financial relationship with you. In other words, they’ll let the credit reporting agencies know when you opened up your account, if you make your payments on time, if you miss a payment and if you have gone over your credit limit.

What’s in a Credit Report?

The major sections found on a credit report are as follows:

  • Personal identification, which includes key identification information such as your name, address, date of birth and Social Insurance Number (SIN).
  • Consumer statement, which allows you, the consumer, to add a brief comment about any information in your report.
  • Credit information shows if payments are being made on time.
  • Banking information, which includes information on your bank account and NSF (insufficient funds) cheque history.
  • Public record information, which contains information about secured loans, bankruptcies and/or judgments.
  • Third-party collections, which contains information about any involvement with a collection agency trying to collect on a debt.
  • Inquiries, which includes all organizations or individuals that have requested a copy of your credit report in the past three years.

Credit Counselling

Credit Canada, recommended by the provincial and federal government, is dedicated to helping individuals and families who are struggling with debt.