Why your credit report matters
If you’re concerned about identity fraud, your credit report is one of the first places to check.
It shows financial activity linked to your name, including:
• Credit cards, loans, and mortgages
• Applications for credit
• Account updates from lenders
• Payment history
Unusual activity here could be an early warning sign of identity theft that needs verifying.
How to check your credit report in Canada
In Canada, there are two main credit reporting agencies:
- Equifax Canada
- TransUnion Canada
You can contact them directly to access your statutory credit report.
You can also use Credit Karma, which provides free access to your TransUnion credit report along with credit monitoring features. Not a member yet? Sign up for free to start monitoring your credit file today.
What is Credit Monitor?
Credit Monitor is a free feature available within your Credit Karma account under the “Credit” tab.
It shows the latest updates reported to TransUnion by lenders and other providers.
When a new alert appears on your account, you’ll be asked if you recognize it. This helps you keep track of expected and unexpected changes quickly. Learn more here.
Does checking your own credit affect your score?
No. Viewing your credit report through services like Credit Karma does not affect your credit score. This is known as a soft check you can check as many times as you want without any impact.
What if you don’t recognize something on your credit report?
If you see an alert or entry you don’t recognize:
- Review the details carefully
Click into the alert to understand what it relates to.
- Contact the lender
If needed, reach out directly to the company linked to the entry.
- Raise a dispute
You can ask TransUnion to investigate if something appears incorrect or unfamiliar.
- Report the fraud
Contact Action Fraud and consider placing a protective registration on your credit file.
Taking these steps can help clarify whether it’s an error or something that needs further action. Learn more in our article here.
Why some updates may not appear straight away
Credit reports are updated based on information sent by lenders.
This means:
• Recent changes (like paying off a balance) may take time to show
• Not all updates appear immediately
• Different lenders report at different frequencies
If something is missing, it may simply not have been reported yet. You can learn more about how often data is updated on Credit Karma here.
Extra steps to stay informed and protected
Alongside checking your credit report, you might consider:
• Reviewing your credit report regularly with Credit Karma’s free credit monitoring service
• Using strong, unique passwords and two-factor authentication
• Monitoring your bank statements for unfamiliar transactions
These habits can help you spot identity fraud early and take action quickly.
Bottom line
If you’re concerned about identity fraud, checking your credit report is a practical first step in protecting your financial identity.
Tools like Credit Karma make it easier to monitor your TransUnion credit report for free, spot unusual activity early, and understand changes to your credit file, all without impacting your score.
Staying informed and reviewing alerts regularly can help you detect fraud early and take action if needed.
Ready to get started? Join Credit Karma today.