Fraud Alerts and Credit Monitoring in Canada: What They Do
Worrying that someone might use your information is unsettling. A few calm steps can help you feel back in control.
Quick Answer
A is a note on your asking lenders to confirm your identity before approving in your name. alerts you to certain changes on your report, like a new credit inquiry. The Financial Consumer Agency of Canada says monitoring may help you spot early.
FCAC recommends reviewing your credit report regularly from both Equifax and TransUnion, so you may catch problems sooner. Look for:
- Mistakes in your personal information, like a wrong address or date of birth.
- Accounts you didn't open, which might be a sign of identity theft.
- Payments marked late that you paid on time.
Our free credit report guide explains how to get both reports.
FCAC lists fraud alerts among the notes that can appear on your credit report. A fraud alert tells lenders to contact you and confirm it's really you before approving an application, which helps protect you if someone tries to apply for credit in your name.
To add one, you contact each credit bureau. Current fees, how long an alert lasts, and the exact steps at each bureau: not stated, needs verification. Check directly with Equifax and TransUnion.
According to FCAC, credit monitoring alerts you to certain changes in your credit report and score, such as a new credit inquiry. FCAC says you may want to consider it if you think someone has stolen your identity.
Some monitoring is free and some is paid. Monitoring tells you about changes; it doesn't stop them from happening. Read what's included before signing up for a paid plan.
- Contact the lender or company that opened the account.
- Contact both credit bureaus to report the fraud and ask about a fraud alert.
- Dispute any wrong items using our Equifax or TransUnion letter template.
- Report it to the Canadian Anti-Fraud Centre and your local police.
Fraudsters sometimes pretend to be a bank or a credit bureau. Be cautious with unexpected calls, texts or emails asking for your card number, PIN or social insurance number. See common loan scam red flags.
What to do now
Take these at your own pace. There's no deadline here.
- 1
Get both of your credit reports and read them line by line.
Free credit report guide - 2
If anything looks wrong, a plain-language dispute letter is free to send.
Equifax dispute letter - 3
Take one small step at a time. Rebuilding is steady work, and it does add up.
Back to Credit Reports and Disputes
Educational only, not financial advice.