Equifax Canada free credit report request
Canadian residents are entitled to free credit reports from both bureaus on request. Order by mail, phone, or online.
Equifax Canada →Stage · Paying down debt in Canada
Triage: what you actually owe
Before any strategy, build the list. Every debt, every rate, every minimum payment. Without this list you are guessing at payoff order, borrowing cost, and which path fits. This stage is administrative, not financial.
What to do this week
- Pull your free credit report from Equifax and TransUnion. You are entitled to both at no charge. Compare to make sure no account is missing.
- Build a spreadsheet with columns: creditor, current balance, interest rate, minimum payment, due date, account type (secured or unsecured).
- Sum your monthly income after tax and your required monthly debt payments. The ratio tells you if you have a cash flow issue before a debt issue.
What to avoid
- Skipping one credit bureau. Accounts can appear on one and not the other.
- Ignoring small debts that are in collections. Each one is a lawsuit risk and drags your credit.
- Borrowing to pay minimums before you have a written plan. It is the fastest way to compound the problem.
Calculators for this stage
Forms to file at this stage
TransUnion Canada free credit report
Request through the online portal. The free version is mailed; the paid version is instant.
TransUnion Canada →Frequently asked
Do credit checks hurt my score?
Soft checks (you checking your own, pre-approved offers) do not affect your score. Hard checks (loan, credit card, rental application) lower your score by a few points for a few months. Both bureaus list recent hard checks on your report.
Is my credit score the same at Equifax and TransUnion?
No. Scores usually differ by 10–50 points because lenders report to one or both bureaus, and each bureau uses slightly different formulas. A large gap can signal missing or inaccurate information, investigate both.
Should I cancel credit cards I've paid off?
Usually no. Closing an account reduces your total available credit, raising your utilization ratio, which can lower your score. Keep old no-fee cards open, zero balance, for the credit-history length.
What is a 'utilization ratio' and why does it matter?
It is your total credit card balances divided by your total credit card limits. Under 30% is healthy; under 10% is ideal. It is the second-largest factor in your credit score after payment history.
Next stage
Pick the right path →