Credit reporting agencies or credit bureaus, collect information about consumers' financial affairs and sell that information to their business members, such as mortgage brokers, credit grantors, employers and insurance companies.  The credit bureaus charge annual fees as well as a fee for each credit report requested by members.

In Canada, there are 2 major credit bureaus: Equifax Canada and TransUnion Canada.

Most national and international creditors, such as banks and retail stores, are registered with both bureaus, so the chances are good that whatever shows up on one credit report will also appear on the other.  This makes it simple for you to check your history. You need only to check one of your bureau's records.

When applying for credit such as a mortgage or loan, one and sometimes both of your credit bureaus will be checked to obtain your credit score & repayment history.

The Canadian Privacy Act assures that your permission is required to access your credit bureau.  QRM adheres to this right to your privacy, and your mortgage specialist will always ask permission before accessing your bureau.