Equifax, one of the leading global analytics and data companies, is one of the two main credit bureaus in Canada.
Upon request, this company provides an individual’s credit information to eligible lenders or creditors to determine whether the individual has a good enough credit score to obtain financial products such as loans, mortgages, or credit cards.
This article covers all the banks that use Equifax, including lenders that utilize both Equifax and TransUnion when assessing someone’s creditworthiness.
Key Takeaways
- The major banks that use Equifax include BMO, TD, Scotiabank, CIBC, Desjardins, Tangerine, National Bank, and the Meridian Credit Union.
- The credit bureaus that banks or lenders choose are often based on their preferences. Many primarily stick to one, but some alternate between credit bureaus.
- Banks that also use TransUnion, another key credit bureau in Canada, alongside Equifax, include Tangerine, BMO, National Bank, Scotiabank and HSBC.
Equifax Overview
Initially founded as the Retail Credit Company in the U.S. in 1899, Equifax is now a renowned global credit referencing agency that operates in over 20 countries worldwide.
Since its expansion in Canada in 1919, it has emerged as one of the two major credit bureaus in the country, monitoring individuals’ financial data, such as payment history and credit accounts, to calculate a credit score tailored to their financial profile.
Equifax Canada releases your credit report, formally referred to as a Credit File Disclosure, upon request to lenders or other entities who request them as either soft or hard credit inquiries.
These Are The Banks That Use Equifax
These are currently the banks that use Equifax to assess credit reports.
BMO
BMO’s CreditView, which offers consumers free and instant access to their credit scores, reports to and pulls credit information from Equifax. Checking CreditView doesn’t impact your credit score, and this tool updates credit scores monthly.
TD
Every financial transaction you make at TD Canada Trust is reported to Equifax, and likewise, TD pulls credit reports from Equifax to determine your creditworthiness.
Scotiabank
Scotiabank redirects consumers who want to check their credit scores to Equifax Canada. To ensure you’re always up to date with the changes in your credit report, the bank recommends protecting your credit rating through the Equifax Credit Watch.
CIBC
CIBC continuously exchanges information about your financial standing with Equifax to determine your creditworthiness and influence your credit score based on how you manage your CIBC financial products.
Desjardins
The cooperative financial group Desjardins also relies on Equifax to obtain and influence credit reports and provide credit monitoring services to its customers.
Tangerine
Tangerine, a digital bank operated by Scotiabank, also pulls credit reports from Equifax to check your payment standings and credit obligations.
National Bank
National Bank uses Equifax to check your credit score and also guides consumers to use the credit bureau’s resources to check their credit files online, by phone, or by mail.
Meridian Credit Union
The Meridian Credit Union pulls credit information from and reports to Equifax. It recommends visiting Equifax Canada directly if you want to check your credit report personally.
List of Banks That Use Both Transunion and Equifax
Although some banks only report to one credit reporting agency, others prefer reporting to both the major Canadian credit bureaus to provide a comprehensive view of your creditworthiness.
Here are the banks that use both Equifax and TransUnion:
- Tangerine
- BMO
- National Bank
- Scotiabank
- HSBC
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