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A credit report is a detailed record of a borrower’s credit accounts, payment history, balances, and public records, compiled by a credit bureau — in Canada, primarily Equifax Canada or TransUnion — and pulled by lenders to assess mortgage risk.
A credit report lists each credit account a borrower has held (credit cards, lines of credit, auto loans, prior mortgages), the balance and limit on each, and a payment history showing whether payments were made on time. It also includes hard inquiries — records of who has pulled the report — and any public records such as collections or bankruptcies.
Lenders and underwriters use the report to calculate a borrower’s existing debt obligations for the Total Debt Service ratio, and to review the payment history behind a borrower’s credit score. A thin file (very little credit history) or a report showing late payments can affect which lenders — A lenders versus B lenders — are realistic options.
Two main bureaus: Equifax Canada and TransUnion Canada are the primary sources lenders and brokers pull credit reports from.
Governed by privacy law: the collection, use, and storage of credit report data by brokers and lenders falls under PIPEDA.
Consumers can request their own: Canadians can request a copy of their credit report directly from Equifax or TransUnion to review before applying.
Feeds the score, not the same thing: the report is the underlying record; the Beacon score is a number calculated from it.
Definitions reflect Canadian federal and provincial rules as of the “Updated” date above. Not advice for any specific file.
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