How to read your credit report in Canada
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Knowing how to read your credit report matters more than knowing your score. The score is a single number, while the report shows every account, late payment, and lender inquiry behind it. If something on the report is wrong, the score is wrong too, and only the report tells you where to look.
This guide walks through each section of a Canadian credit report, explains the R1 to R9 rating codes, and lists how long Equifax and TransUnion keep each type of information, by province. All figures were checked with the Financial Consumer Agency of Canada (FCAC), Equifax, and TransUnion as of October 18, 2026. For more on scores, visit our credit score hub.
Get both reports first
Canada has two main credit bureaus, Equifax and TransUnion, and each keeps its own file on you. Both give you your report online for free, and both update it at least once a month, according to the FCAC.
Equifax shows your report and score free through a myEquifax account. TransUnion calls its free report a Consumer Disclosure and lets you download it every 30 days. TransUnion adds a score only for residents of Ontario and Quebec. Our guide on how to check your credit score in Canada shows each step.
Checking your own report never lowers your score. The FCAC states this plainly, so you can pull both files as often as the bureaus allow.
How to read your credit report, section by section
Most Canadian reports follow the same structure, even if the layout differs between bureaus. The FCAC lists the information a report may contain, and Equifax's dispute form uses similar categories. In practice, you will find six main sections.
1. Personal information
This section identifies you. According to the FCAC, it may include your name, date of birth, current and previous addresses, phone numbers, social insurance number, and current and previous employers.
Check every line. A wrong address or an employer you never worked for can mean another person's data has merged into your file, or that someone used your identity.
2. Credit accounts
This is the core of the report. Each credit card, loan, line of credit, mortgage, or retail card appears as a separate account, often called a tradeline. For each one, the FCAC says the report may show when you opened it, how much you owe, whether you pay on time, whether it went to collection, and whether you went over your limit.
Phone, internet, and utility accounts can also appear. The FCAC notes that home equity lines of credit may show up as part of your mortgage or as a separate account.
3. Inquiries
An inquiry is a record that someone pulled your file. A hard inquiry happens when you apply for credit and a lender checks your report. Too many in a short period can lower your score.
Soft inquiries, such as your own checks or a lender reviewing an existing account, appear on your personal copy but not on the version lenders see. TransUnion confirms that its Consumer Disclosure lists all inquiries, including account management and your own inquiries.
4. Public records and collections
This section holds the items lenders weigh most heavily. It can include bankruptcies, consumer proposals, court judgments, debts sent to a collection agency, and registered items such as a lien on a car.
Each entry has a date, and that date drives how long the item stays on your file. We cover the periods in the table further down.
5. Banking information
According to the FCAC, your report can include non-sufficient funds (NSF) payments and bad cheques. It can also include chequing or savings accounts closed for cause, for example because of money owing or fraud.
6. Consumer statements and alerts
The last section holds notes added to your file. These include consumer statements, fraud alerts, and identity verification alerts, which the FCAC lists as part of the report.
How to read one account entry
Each account entry packs several facts into a few lines. Read them in this order:
- Creditor and account type: who reported the account, and whether it is a card, a loan, or a mortgage.
- Opened date: when the account started. Older accounts help the length of your credit history.
- Credit limit or original amount: the ceiling on a card or line, or the amount borrowed on a loan.
- Balance: what you owed on the last reporting date, not today.
- Payment status and history: whether payments arrived on time, often shown month by month.
- Rating code: a short code such as R1 or I1 that sums up the account.
Compare the balance with the limit. Using a large share of your available credit can weigh on your score even if you never miss a payment. The FCAC gives the example of someone who regularly owes $4,500 on a $5,000 limit, whom lenders may see as higher risk than someone who owes $1,000.
What R1 to R9 and I1 to I9 mean
Many Canadian reports summarize each account with a letter and a number. The letter gives the type of credit. The number gives how well you pay.
The letter: type of account
- R (revolving): credit you can reuse up to a limit, such as a credit card or a line of credit.
- I (instalment): a loan with fixed payments over a set term, such as a car loan or personal loan.
- O (open): an account you must pay in full each month.
- M (mortgage): a home loan, on reports that show mortgages separately.
The number: how you pay
The number runs from 0 to 9. A 1 is the best rating for an active account, and a 9 is the worst. So R1 means a credit card paid as agreed, while I9 means a loan written off or sent to collection.
| Rating | What it usually means |
|---|---|
| 0 | Too new to rate, or approved but not used |
| 1 | Paid as agreed, within 30 days of the due date |
| 2 | 30 to 59 days late |
| 3 | 60 to 89 days late |
| 4 | 90 to 119 days late |
| 5 | 120 days or more late, not yet rated 9 |
| 7 | Paying through a formal arrangement, such as a consumer proposal or debt management plan |
| 8 | Repossession |
| 9 | Bad debt, placed for collection, moved without a new address, or included in a bankruptcy |
How long items stay on your report
Positive history stays for years and helps you. Negative items drop off after a set period, and some periods depend on the bureau and the province. The table below uses figures from the FCAC, the Equifax dispute page, and the TransUnion FAQ, all read on October 18, 2026.
| Item | Equifax | TransUnion |
|---|---|---|
| Positive account history | While the account is open; closed accounts up to 10 years | Up to 20 years |
| Late payments and adverse accounts | 6 years from date of last activity | 6 years after the date of default |
| Collections | 6 years from first delinquency | 6 years after default with the original creditor |
| Hard inquiries | 3 years | 6 years |
| Debt management plan | 2 years after paid in full, or 6 years after the start (first to occur) | 2 years after completion, or 6 years after default (first to occur) |
| Consumer proposal | 3 years after paid, or 6 years after filing (first to occur) | 3 years after completion, or 6 years after default (first to occur) |
| Single bankruptcy | 6 years after discharge | 6 years; 7 years in NL, ON, PE and QC |
| Two or more bankruptcies | 14 years after each discharge | 14 years after each discharge |
| Judgments | 6 years after filing | 6 years; 7 years in NL, ON and QC; 10 years in PE |
| Negative chequing or savings info | 6 years from the date reported | Not specified in TransUnion FAQ |
Provinces with longer periods
TransUnion keeps a bankruptcy for 7 years after discharge in Newfoundland and Labrador, Ontario, Prince Edward Island, and Quebec, instead of 6. It also keeps judgments for 7 years in Newfoundland and Labrador, Ontario, and Quebec, and 10 years in Prince Edward Island. Equifax uses 6 years for both across the country.
If an item stays past its limit, you can dispute it. The FCAC lists "negative information about accounts that still appear after the maximum amount of time" as one of the errors to look for.
What to check line by line
Set aside time to read both reports with your own statements in hand. Then go through this checklist.
- Personal details: your name, date of birth, addresses, and employers are correct.
- Unknown accounts: every account belongs to you. An account you never opened can be a sign of identity theft.
- Payment history: no payment is marked late when you paid on time.
- Balances and limits: they match your latest statements, give or take the reporting date.
- Inquiries: each hard inquiry matches an application you made.
- Old negative items: nothing appears after the maximum period for its type and province.
- Both bureaus: the same accounts appear on your Equifax and TransUnion files.
Your report vs your score
Your report and your score are two different products. The report lists facts. The score is a number a formula calculates from those facts, and the FCAC notes that the score you see may differ from the one a lender sees.
Because of that, fixing a report error can move your score, but you cannot dispute the score itself. TransUnion says plainly that it cannot accept a dispute about a credit score. If your score dropped and you don't know why, our guide on why a credit score drops covers the usual triggers.
Late payments carry the most weight. If balances are the issue, our debt payoff calculator shows how long it takes to bring them down.
Conclusion
Reading your credit report takes a few minutes per bureau once you know the six sections. Start with your personal details, then read each account entry, its rating code, and its history. Finish with inquiries, public records, and alerts.
Do it for both Equifax and TransUnion, since each keeps its own file and its own retention rules. When you find a mistake, dispute it with the bureau that shows it. To raise your score once the file is clean, see our guide on how to increase your credit score.
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Frequently asked questions about reading a credit report
What does R1 mean on a credit report?
R1 means a revolving account, such as a credit card or line of credit, that you pay as agreed. The R stands for revolving and the 1 for the best payment rating on an active account. Most people with good credit see R1 on every card. If you see a higher number, check the dates and compare them with your statements. Our guide to good credit scores explains how ratings feed the score.
Is R9 the worst credit rating?
Yes. A 9 is the lowest rating on the scale and usually means a bad debt, an account placed for collection, or a bankruptcy. An R9 or I9 weighs heavily on your score. Negative account information generally stays for up to 6 years, according to the FCAC. If you think an R9 is wrong, dispute it with the bureau that reports it.
How long does a late payment stay on my credit report?
The FCAC says information about late or unpaid credit cards and loans can stay for up to 6 years. TransUnion keeps accounts with adverse history for 6 years after the date you defaulted. Equifax purges credit history 6 years after the date of last activity. A single late payment fades in weight over time, especially if every later payment is on time.
Why don't I see a credit score on my TransUnion report?
TransUnion's free Consumer Disclosure includes a score only if you live in Ontario or Quebec, where the law requires it. Elsewhere, you get the full report without a score. Equifax gives a free score in every province. See our TransUnion credit score guide for the options.
Can I remove accurate negative information from my report?
No. TransUnion states that only inaccurate information may be removed, and accurate negative information stays as long as the law allows. Paying a debt in full does not erase its history, but the account then shows as paid. Be wary of companies that promise to delete accurate items for a fee, since a bureau investigates a dispute the same way whether you file it yourself or not.
How often should I read my credit report?
The FCAC recommends reviewing your report regularly from both bureaus. A good rhythm is a few times a year, plus before any large application such as a mortgage or car loan. Read it right away if you lose your wallet or get a data breach notice. Our free credit score guide lists free ways to monitor both files.
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