Many places in the world monitoring creditworthiness by way of a credit report. Canada is no exception. In fact, two of the three bureaus that operate in the U.S. also operate here.
Experian is not operating in Canada any more. However, TransUnion and Equifax still do. The credit report Canada standards are very similar to that of the United States. One of the most significant similarities is that they use a FICO numerical score that is very similar to the one in the U.S.
The Canadian scoring system ranges from 300 to 900. This is a bit different than in other places of the world such as the U.S. where the range is only as high as 850. However, the concept is still very much the same.
Credit Report Canada eligibility criteria for car and home loans, credit cards and unsecured financing is very much the same. The standards for obtaining an apartment or seeking cell phone service are also very similar.
Regarding these standards, you need to verify who you are and whether or not you can afford to repay money owed. At the same time you need to take steps to verify your identity.
In order to understand the credit report, Canadian agencies and governing bodies provide access to free literature. This literature helps people learn how to understand their credit score as well as how to understand their credit report.
Efforts are being made as well to educate people about identity theft. Furthermore, information on how to improve or repair creditworthiness is also provided. This information is supplied by the Financial Consumer Agency of Canada.
Paper copies can be requested for free at any time. The best thing to do if regulations are affecting you is to take advantage of government and private agencies offering advice. They are there to help you make smart financial decisions
There is one vary important difference about Canadians and the receipt of a credit report. Canadian law allows a person to receive this information as many times during the year as necessary. This is vastly different than in the United States.
However, in this country a printed copy has to be requested to be sent by mail. There is no online option so the process is quite a bit slower than in the U.S.