This section explains how Canadian credit-reporting language works in practice. It covers the report itself, the role of the credit bureaus, the account and inquiry records that appear on a file, and the terms readers encounter when they review their own disclosure.
Readers usually land here after receiving an approval decision, pulling a consumer disclosure, checking for errors, or trying to understand what Equifax Canada or TransUnion Canada is actually reporting.
- Credit Report
A credit report is the bureau summary that shows a consumer's reported accounts, inquiries, and other file information.
- Credit Check
A credit check is a review of a borrower's credit file for a defined purpose such as lending, account review, or self-monitoring.
- Credit Bureau
A credit bureau is an organization that collects, maintains, and provides consumer credit-file information.
- Furnisher
Organization that supplies account or inquiry information to a credit bureau for inclusion in a consumer file.
- Equifax Canada
Equifax Canada is one of the main consumer credit bureaus Canadian borrowers encounter.
- TransUnion Canada
TransUnion Canada is one of the main consumer credit bureaus Canadian borrowers encounter.
- Hard Inquiry
A hard inquiry is a credit check linked to an application for new credit or another permission-based lending review.
- Soft Inquiry
A soft inquiry is a file review that is not typically tied to a new-credit application.
- Tradeline
A tradeline is the report entry for one credit account or reported borrowing relationship.
- Report Error
A report error is inaccurate, incomplete, outdated, or mixed-file information that appears on a credit report.
- Account Type on a Credit Report
Account type on a credit report is the tradeline field showing what kind of credit relationship the reported account represents.
- Derogatory Information
Negative credit-report information such as serious delinquencies, collections, or other repayment trouble.
- Closed Account on a Credit Report
A closed account on a credit report is a tradeline no longer open for new borrowing even though its history may still appear.
- Date Opened on a Credit Report
Date opened on a credit report is the field showing when a reported account relationship began.
- Public Record on a Credit File
Court-linked or insolvency-related entries that may appear on a Canadian consumer file.
- Date Closed on a Credit Report
Date closed on a credit report is the field showing when a reported account was closed in the bureau record.
- Last Reported Date
Last reported date is the field showing when a tradeline was most recently updated to the bureau.
- Past Due Amount
Past due amount is the unpaid amount that should already have been paid under the account terms.
- Address History on a Credit Report
Current and former addresses tied to a consumer file for identity matching and file review.
- Monthly Payment on a Credit Report
Monthly payment on a credit report is the tradeline field showing the scheduled payment amount for some reported accounts.
- Paid as Agreed
Paid as agreed is a report phrase showing that an account is being reported as current under its payment terms.
- Current Balance on a Credit Report
Current balance on a credit report is the amount a tradeline is showing as currently owed in the bureau record.
- High Balance on a Credit Report
High balance on a credit report is the historical peak balance field shown on some tradelines.
- Payment Rating
Payment rating is the report code family that shows how a Canadian tradeline is being reported for payment behaviour.
- Credit Limit on a Credit Report
Credit limit on a credit report is the limit field shown on a revolving tradeline, helping readers interpret available room and utilization.
- R Rating
R rating is the Canadian payment-rating code family commonly used for revolving accounts such as credit cards and lines of credit.
- I Rating
I rating is the Canadian payment-rating code family commonly used for installment accounts such as personal loans.
- O Rating
O rating is the Canadian payment-rating code family used on some open-account tradelines in bureau reporting.
- Payment History on a Credit Report
Payment history on a credit report is the tradeline record showing whether recent payments have been reported as current or late.
- Reporting Account Status
Tradeline status labels or codes showing whether an account is current, closed, delinquent, or otherwise reported.