Updated on July 18th, 2021
Update December 2017. In Canada To apply for credit, such as mortgages, credit cards, mobile phone services, company or bank will credit ratings agencies in the query. Canada has two credit rating agencies, one is Equifax, one is TransUnion. These two ratings agencies both associativity (all granted credit are presented to the two institutions), but also the independence of the (record queries only appear in the credit rating agencies). For example, someone wants to apply for a credit card RBC Bank, RBC will query the TransUnion credit, the English called Hard Pull this record will stay in TransUnion files which according to the information provided by that person.When RBC awarded credit card, the credit card information will also report to Equifax and TransUnion.
To understand why companies and banks that use credit scoring inter-agency, because Hard Pull short-term negative impact on the credit branch, and some companies are sensitive to Hard Pull, such as MBNA, within six months if the applicant has been five times Hard Pull record, then re-apply for MBNA credit card will be automatically rejected. Therefore, a clear understanding in advance is necessary.
|Bank of Montreal||x|
|Canadian Tire (CTFS)||x|
|Coast Capital Savings||x|
|National Bank of Canada||x|
|TD Canada Trust||x|
- AMEX sometimes check Equifax, usually it occurs many times AEMX apply for credit card applicants short term.
- MBNA sometimes check to confirm Equifax Credit Information.