How to Fix an Error on Your Canadian Credit Report

Your credit score is one of the most important numbers in your financial life. When you apply for a mortgage, lenders scrutinize your credit history to determine if you are a reliable borrower and what interest rate you qualify for. But what if the information they’re looking at is wrong?

Studies have shown that a surprising number of Canadian credit reports contain errors. A single mistake—a late payment that was actually on time, an incorrect balance, or an account that doesn't even belong to you—can unfairly lower your score. This can be the difference between a mortgage approval and a denial, or the difference between getting a prime interest rate and a high rate that costs you thousands of dollars.

You have the legal right to a fair and accurate credit report. This guide will serve as your clear, step-by-step action plan to take control of your financial data. We will explain how to get your official credit reports, how to spot common errors, and the exact process for filing a dispute with both Equifax and TransUnion in Canada.

Step 1: Getting Your Official Credit Reports

Before you can find an error, you need to get your official records. In Canada, your credit history is maintained by two separate, independent credit bureaus: Equifax and TransUnion.

Why You Need Both Reports

It is essential that you get a copy of your report from both bureaus. Lenders and creditors do not always report to both Equifax and TransUnion. It's entirely possible for an error to exist on one of your reports but not the other. To get a complete picture of what lenders see, you must review both.

How to Get Your Reports for Free

Every Canadian is entitled to receive a free copy of their full credit report from both bureaus by mail. This is often called a "consumer disclosure." You can request this online through their official portals, and they will mail a physical copy to your home address within a couple of weeks. This is an excellent, no-cost way to perform a detailed annual checkup on your credit health.

The "Instant" Paid Option

If you are in the middle of a mortgage application or need the information immediately, both Equifax and TransUnion offer paid services on their websites. For a small fee, you can get instant online access to your full, detailed report and your current credit score. As brokers, we also pull your credit report as part of the mortgage pre-approval process and will always review it with you.

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Step 2: Reviewing Your Report & Spotting Errors

Once you have your reports, it's time to be a detective. Go through them line by line with a highlighter. Don't just glance at the score; the details are what matter.

How to Read Your Credit Report

Your report is typically broken down into four main sections:

Personal Information: Your name, address, date of birth, SIN, and employment history.

Credit Accounts: A detailed list of all your credit products (credit cards, loans, mortgages), including the lender, balance, credit limit, and a month-by-month payment history.

Public Records: Information from public sources, such as a bankruptcy or a consumer proposal.

Inquiries: A list of every time a lender has made a "hard inquiry" on your file when you applied for credit.

Common Errors to Look For

Here is a checklist of the most common—and often most damaging—errors to hunt for:

Incorrect Personal Information: Check for misspelled names, old addresses you don't recognize, or an incorrect birth date. These can sometimes be signs of crossed files or fraud.

Accounts That Aren't Yours: This is the most serious red flag and a potential sign of identity theft. If you see a credit card or a loan from a lender you've never done business with, you need to take immediate action.

Incorrect Account Status: Look closely at your payment history for each account. Is there a "late payment" reported for a month you know you paid on time? Is an old account you paid off and closed still showing as open with a balance? Is an account wrongfully listed as being "in collections"?

Duplicate Accounts: Check to ensure the same debt (e.g., a student loan) is not listed twice. A duplicate account can negatively impact your score by making it appear you have more debt than you actually do.

Incorrect Balances or Credit Limits: Verify that the reported balances and credit limits are accurate. A balance that is incorrectly reported as being higher, or a credit limit reported as being lower, will increase your credit utilization ratio and lower your score.

Step 3: Filing an Official Dispute

If you find an error, you have the right to challenge it through a formal dispute process.

The Dispute Process Explained

When you file a dispute, you are formally requesting that the credit bureau investigate the accuracy of an item on your report. The bureau's legal obligation is to contact the creditor (the bank, credit card company, etc.) that originally reported the information. The creditor must then investigate their own records and either verify that the information is correct or instruct the bureau to update or delete it.

How to File a Dispute with Equifax

Equifax encourages consumers to file disputes online or by mail. The most effective way is to use their official Dispute Form.

Be Clear and Concise: Clearly state which item on the report is inaccurate and exactly why you believe it is an error.

Provide Proof: Your dispute will be much stronger if you include copies of any supporting documents you have. For example, if you are disputing a late payment, include a copy of the bank statement that shows the payment was made on time. Never send original documents.

How to File a Dispute with TransUnion

TransUnion's process is very similar. They also have a specific Investigation Request Form that you can complete online or mail in. The same principles apply: be clear about the error and provide as much documentary evidence as possible to support your claim.

The Investigation Timeline

Once your dispute is submitted, the credit bureau typically has 30 days to investigate and resolve the issue with the creditor. It's important to be patient during this period. Once the investigation is complete, the bureau will mail you a letter explaining the results. If a change was made to your report, they will include a free, updated copy for your records. If the creditor verifies that the information is correct, it will remain on your report.

Fixing Your Canadian Credit Report

Your credit report is your financial resume. It’s one of the most important documents in your life, and you have the right to ensure it is 100% accurate and fair. Finding and fixing errors is a proactive and empowering step that can have a massive, positive impact on your credit score, your mortgage eligibility, and the interest rate you are offered. It is a critical part of preparing for a successful home purchase.

Don't let someone else's mistake hold you back from your financial goals. Before you apply for a mortgage, a thorough credit review is essential. Contact our brokerage today, and we can help you pull your reports, identify any potential issues, and build a plan to present the strongest possible application to lenders.

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