How do I fix a mistake on my Canadian credit report?
Credit scores feel mysterious, but a wrong balance or an account you never opened is a fixable problem. The trick is to find it, prove it, and send the proof to the right places.
Step 1: Pull both reports
Equifax and TransUnion both offer free online access to your report, which you can download or print, and it is updated monthly. You can also request it by mail or phone. The FCAC lists Equifax at 1-800-465-7166 and TransUnion at 1-800-663-9980. The FCAC states that checking your own report or score will not affect your credit rating. If you worry about that, read does checking your credit lower it.
Look at both reports, since each bureau can hold different information. Scores usually range from 300 to 900.
Step 2: Know what to look for
- Wrong name, address or other personal details
- Credit cards or loans you do not recognise
- Late payments that were actually on time
- Wrong balances or limits
- Debts sent to collections that you do not owe
- Lender inquiries you never authorised (reports show inquiries from the last 3 years)
Why a wrong balance matters
The FCAC lists how close you are to your credit limit among the habits that affect your score. Here is how a reporting mistake can distort that picture, using made-up numbers.
| Example (illustrative) | Balance | Limit | Share of limit used |
|---|---|---|---|
| Your real balance | $500 | $5,000 | 10% |
| Balance wrongly reported | $2,500 | $5,000 | 50% |
Same card, same limit, but the report makes you look five times closer to maxed out. That is worth fixing.
Step 3: Dispute the error
- Collect statements, receipts and any letters as proof.
- File the dispute with Equifax and with TransUnion using their forms. The FCAC says the bureau checks with the lender. If the lender confirms the error, it is corrected. If the lender says it is right, it stays.
- Contact the lender too, and ask it to verify its records and send updates to the bureaus. This can speed things up.
- If you are unhappy with the result, ask to speak to someone more senior. Federally regulated banks must have a complaint process.
- You can add a free consumer statement to your file explaining your side. Lenders may consider it.
If it might be fraud
Contact the lender, ask both bureaus to place a fraud alert, and report it to the National Fraud Reporting System. A fraud alert means lenders must confirm your identity before approving credit. The bureaus may ask for ID and may charge a fee. For charges on your accounts, see what to do about transactions you did not make.
Keep it clean
After the fix, keep an eye on your report every few months. Our guides on what a good score looks like and how to build credit cover the habits that help.
Looni is being built to scan your statements for hidden fees, forgotten subscriptions and junk charges, and show you what to fix first. Canadian-built, launching soon.