The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
Latest News
Bank fees: Everything you need to know before switching to a no-fee account Jul 29th
With the recent news that bank fees have increased during the pandemic and challenger banks like Neo Financial promising no fees on accounts, switching banks may be at the forefront of your mind. But having a good understanding of bank fees—what they are, how they’re determined and the kind of s.... More »
Best No-Fee Bank Accounts in Canada + MORE Oct 6th
Tired of paying monthly fees when you bank? If so, you may want to consider switching to a no-fee bank account. Unfortunately, Canada’s big banks offer little in the way of free chequing accounts, unless you can maintain a high balance in your account each month.
If you’re willing to con.... More »
The best GIC rates in Canada for 2024 May 28th
Investing
The best GIC rates in Canada for 2024
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Find the best rate
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The best high-interest savings accounts in Canada for 2023 + MORE Jun 15th
Save
The best high-interest savings accounts in Canada for 2023
Here are the accounts offering the highest interest rates and lowest fees.
Compare now
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The rates i.... More »
The best travel credit cards in Canada for 2024 Jul 12th
Credit Cards
The best travel credit cards in Canada for 2024
From points to perks, a good travel credit card can make your trip more affordable, more comfortable and even more secure.
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What Is a Credit Bureau? Important Information for Canadian Consumers
– canadianfinanceblog.com
Whether we realize it or not, credit bureaus have a significant impact on our financial lives. The information they provide to lenders can determine mortgage rates, lending amounts, and credit card approvals. But what exactly is a credit bureau, and what can you do with their information?
What Is a Credit Bureau?
A credit bureau, also known as a credit reporting agency, is a company that collects information from banks or other financial institutions about your credit and lending history. Lenders use this information when making lending decisions to determine your creditworthiness.
The following is information reported to a credit bureau:
What Is a Credit Bureau?
A credit bureau, also known as a credit reporting agency, is a company that collects information from banks or other financial institutions about your credit and lending history. Lenders use this information when making lending decisions to determine your creditworthiness.
The following is information reported to a credit bureau:
Personal/demographic information
Credit account information
Credit inquiry information
Collections information and public records (e.g., bankruptcy)
The 3 Major Credit Bureaus in Canada
There are 2 major consumer credit bureaus in Canada, Equifax, and Transunion. Both are public, independent, privately-owned companies traded on the New York Stock Exchange…
