Ever tried checking your credit score, only to come up empty?
Many consumers check their credit scores through the two credit bureaus in Canada — TransUnion and Equifax — while others may use third-party services or banks that provide access to their credit scores for free or for a low fee.
Unfortunately, there are some instances where your credit scores might not show up when you check them, and several reasons may explain why this happens.
Key Points
- Your credit score should be generated once you’ve used credit products for a few months.
- If you notice that you don’t have a credit score, it could be because you haven’t used credit long enough for a score to be generated.
- You can check your credit score from various sources, including credit bureaus, banks, and third-party online resources.
Why Aren’t My Credit Scores Showing Up?
Although everyone’s credit profile is somewhat different, here are some common reasons why your credit scores might not show up when you check it:
There’s Little Information On Your Credit Report
If your credit report is too thin, then the credit bureau won’t have enough information on you to be able to generate your credit scores. This can happen due to a lack of reporting, whether it’s because you simply don’t have any credit products or because your lender is not reporting information to the credit bureaus.
When taking out a credit product, it’s important to ask your lender if they report to both the credit bureaus. If they only report to one, it can result in you having a credit score with one credit bureau but not the other.
Closed Accounts Disappeared From Your Report
Information on your credit report stays on your file for a certain period of time before disappearing. Closed accounts can stay on your file for up to 7 to 10 years, but after that, they disappear. This can affect the amount of information on your credit report, and in turn, the credit bureau’s ability to calculate your credit scores.
You Haven’t Used Credit Yet
In general, credit bureaus require at least six months of information on your first credit product before a credit score can be generated. If you’re a young credit user or have simply never used credit before, you may need to use your credit product for a few more months before the credit bureaus can calculate your credit scores.
You’re New To Canada
If you recently moved to Canada, you may have mistakenly believed that your credit profile from your home country follows you to Canada. However, this is not the case. Once you move to Canada, you’ll need to start building your Canadian credit score from scratch.
The Credit Bureau Made An Error
Credit report errors can hurt your score if left alone. If you check your credit with Equifax or TransUnion, it’s possible your score might not show up due to a glitch in their system or an error on your credit reports, such as the wrong address or Social Insurance Number (SIN).
Though it doesn’t happen often, another report might also have been opened in your name accidentally. Any of these incidents may prevent the bureau from creating your score, so it’s important to inform both bureaus immediately if you discover one.
You can file disputes with Equifax and TransUnion and have them resolved to ensure your credit report reflects your true financial behaviour and protects your credit score.
| Credit Score Ranges Credit scores are 3-digit numbers that range between 300 to 900. The number represents your likelihood of paying your bills on time, with 300 being very unlikely and 900 being very likely. Generally, those with credit scores below 560 are considered to have poor credit and those with 760 and above have excellent credit. Learn more: Credit Score Range In Canada: What It Really Means |
Why Doesn’t My Equifax Credit Report Show All My Accounts?
There could be a couple of reasons why certain accounts aren’t showing up on your Equifax credit report:
- Your Lender Doesn’t Report To Equifax: Not every lender reports to all major credit bureaus. Some may only report to one, or none at all. To confirm, you can contact your creditors and ask which agencies they share information with.
- The Account Naturally Disappeared: Accounts that were closed a long time ago may have naturally aged off your credit report. Credit information isn’t kept forever, and how long it stays depends on the type of account and its history.
Why Do I Have An Equifax Credit Score But Not A TransUnion Credit Score?
Again, not all lenders report to both credit bureaus. Some may only share your credit information with Equifax and not TransUnion.
TransUnion may also not have enough data about your credit profile to generate a score if your credit history is limited or missing from their records. To check or build your TransUnion credit profile, you can request a report directly and ensure your accounts are being reported.
Is A Zero Credit Score A Bad Credit Score?
A zero credit score isn’t necessarily a negative mark. Instead, it usually means you haven’t built enough credit history to calculate a score.
That said, a zero credit score leaves lenders without any information needed to assess your reliability as a borrower. In other words, they can’t tell how likely you are to repay loans on time.
If you have no credit, your best bet is to take steps right away to build a credit profile, which you can do by taking the following steps:
- Apply for a secured credit card and make timely payments.
- Use a credit-building product, like Nyble or KOHO.
- Use a rent reporting service to have your rent payments reported to the credit bureaus.
Learn more: https://loanscanada.ca/credit/what-to-do-if-you-have-a-zero-credit-score/
How Long Does It Take To Get A Credit Score?
Generally speaking, it takes about 3 months of active credit use, like making credit card or loan payments, for enough data to build a credit profile. Since lenders typically report activity to the credit bureaus about a month after they occur, it could take a few months from your first credit transaction before a score is generated and appears on your credit report.
The key is to be consistent with your financial habits and be patient while your credit history starts to build.
How Are Credit Scores Calculated?
Credit bureaus typically focus on five main factors to calculate your credit score, each of which carries a different weight:
- Payment History (~35%). One of the most important factor used in the calculation of your credit scores is your payment history. This includes when you make your payments on time and when you miss payments.
- Credit Utilization (~30%). Your outstanding credit balances compared to your available credit is referred to as your credit utilization ratio. So, if you max out your credit card every month or are constantly carrying a high balance on credit, your credit utilization will be high, which can negatively affect your credit score. Keeping this ratio as low as possible can have a positive impact on your score.
- Credit History (~15%). When you first start using credit, you’ll usually have a lower credit score, partly because you don’t have a long credit history. While everyone’s credit scores react differently, typically the longer you use credit products responsibly, the healthier your scores will be.
- Credit Inquiries (~10%). Hard inquiries can impact the calculation of your credit scores in a negative way, though the effects are typically short-lived.
- Public Records (~10%). A public record could include a bankruptcy, consumer proposal, account in collections, liens, or lawsuits. This type of information could negatively impact the calculation of your credit scores.
How To Build A Credit Score
If you find that your credit score either isn’t showing for a strange reason or you simply don’t have enough on file to generate a credit score, there are a few things you can do:
Build Credit From Scratch
If you don’t see your credit score simply because you have not yet started building a credit profile, now’s the time to begin. Whether it’s because you’re a newcomer to Canada, a student just graduating, or even someone who has simply never used credit before, establishing credit is important.
You can start building credit from scratch by using the following products:
| Secured Credit Cards | Secured credit cards require a refundable deposit, which acts as your credit limit and reduces the lender’s risk. By using the card responsibly and making on-time payments, your activity is reported to credit bureaus, helping you build a positive credit history. | Learn More |
| Credit Building Products | Credit building programs, like KOHO and Spring Financial’s The Foundation, work by reporting your consistent payments to the credit bureaus. This helps establish or improve your credit history over time. | Learn More |
| Rent Reporting Services | Rent reporting services, like City Lending Centers and Landlord Credit Bureau (LCB), help you build credit by sending your monthly rent payments to the credit bureaus. This adds positive payment history to your file and can strengthen your credit profile over time. | Learn More |
Where Can You Find Your Credit Scores?
There are a few ways you can check your credit scores in Canada. No matter which method you choose, it’s best to regularly check your credit scores to make sure there are no issues affecting them.
Credit Bureaus
Canadians can get their credit scores online from TransUnion and Equifax.
- Equifax: Canadians can get their Equifax credit scores and credit report for free by simply creating an account online.
- TransUnion: When you purchase TransUnion’s credit monitoring service, you’ll also be able to access your credit scores for free. However, if you live in Quebec, you can get your credit scores for free from TransUnion by requesting a copy of your Consumer Disclosure by mail or in person.
Banks
Many banks and credit unions have also been offering their clients a way to check their credit scores. BMO, CIBC, Scotiabank, and RBC allow their clients to check their TransUnion credit scores from the credit bureau’s CreditView Dashboard through online or mobile banking. TD Bank allows their clients to check their Equifax credit scores through the Interac verification service.
Third-Party Services
A number of third-party services are available online that provide access to your credit scores. Depending on the service, you may be able to obtain your credit scores for free.
| Cost | Credit Score | Credit Report | ||
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | - |
Final Thoughts
When it comes to checking your credit scores, it’s important to create a habit out of it. Checking at least once a year can help you track your credit health and prepare your finances for future events, like purchasing a home. Furthermore, when you check your credit on a regular basis, you can catch errors and issues and report them to the appropriate bureau.
