Average Credit Score in Canada (2026): What It Is, How You Compare, and What It Means for You

The average credit score in Canada is 760, according to the Fair Isaac Corporation (FICO) as of November 2024 — down two points from 762 in 2023. That single number, though, doesn't tell the whole story of where most Canadians actually stand financially.

What Is the Average Credit Score in Canada Right Now?

The short answer: 760, based on FICO's most recent data. But that figure comes with important context that most people overlook.

The 2024 National Average — Straight Answer

FICO, whose scoring model is used by 90% of top Canadian lenders and credit unions, placed the average Canadian credit score at 760 in November 2024. That puts the average Canadian squarely in the "excellent" range — which sounds encouraging, but also means a large portion of the population scores meaningfully below that figure.

Why Different Sources Show Different Numbers

Search for "average credit score in Canada" and you'll find two very different numbers floating around. FICO says 760. Borrowell, a Canadian fintech company, reported an average of 672 in a 2022 survey of two million of its members. That's an 88-point gap — and it's not a mistake.

FICO Reports 760 — Here Is What That Means

FICO's figure is drawn from credit bureau data across the full Canadian credit-active population. It uses FICO Score 10, a widely adopted scoring model built specifically for the Canadian lending market.

Borrowell Reports 672 — Why the Gap Exists

Borrowell's data comes from its own user base — people who actively signed up to check their credit score. That group likely skews toward individuals who are more credit-conscious, which may include a higher proportion of people actively working to rebuild or establish credit. Different sample, different result.

Which Number Should You Pay Attention To?

Both are informative, just for different purposes. FICO's 760 gives you the population-level benchmark. Borrowell's 672 may more closely reflect the scores of people who actively monitor their credit. For a lender's perspective, FICO is the relevant standard.

Average Credit Score by Source — Comparison Table

Source	Reported Average	Year	Sample	Scoring Model
FICO	760	November 2024	Full credit-active population	FICO Score 10
Borrowell	672	2022	~2 million Borrowell members	Equifax-based model

The Score You See vs. The Score Lenders Actually Use

This is one of the most misunderstood parts of credit in Canada. Worth reading carefully.

Why Your Free Credit Score and Your Lender's Score Are Often Different

When you check your credit score through a bank app, Borrowell, or ClearScore, you're typically seeing a consumer-facing score — useful for general tracking, but not necessarily the same number a lender pulls when you apply for a mortgage or car loan.

What FICO Scores Are and Why 90% of Canadian Lenders Use Them

FICO Scores are calculated using credit bureau data from Equifax and TransUnion, but the scoring model itself is developed by FICO.

The score consumers see on free platforms is often an Equifax or TransUnion proprietary score — calculated differently. In practice, this means your free score and your lender's score can differ, sometimes by 20–40 points in either direction.

What This Means Practically When You Apply for Credit

Don't assume your free score is what a lender sees. It's a useful directional indicator — if it's rising, your FICO Score is likely rising too — but the actual number a lender uses during underwriting may differ. This is why some applicants are surprised when they're declined despite a "good" score on their app.

How Has the Average Canadian Credit Score Trended Over Time?

The 2024 average didn't arrive in isolation. It reflects years of economic shifts — pandemic-era financial support, followed by rising rates and growing debt.

Year-by-Year Score Trend: 2020–2024

Year (April)	Average FICO Score	Key Context
2020	753	Pre-pandemic baseline
2021	761	Pandemic stimulus, reduced spending
2022	762	Post-pandemic levelling off
2023	762	Held steady
2024	760	Two-point decline; financial pressure mounting

The score rose sharply in 2020–2021 — an unusual pattern driven by government stimulus payments, reduced discretionary spending, and lender relief programs that temporarily helped Canadians manage their debt. That effect has steadily unwound since.

What Is Driving the 2024 Decline?

Rising Delinquency Rates

As of 2024, the percentage of Canadians who were 90 or more days past due on credit obligations in the prior six months stood at 3.4% — a 9.6% year-over-year increase. Auto loan delinquencies rose 12.5% relative to 2023. Real estate loan delinquencies increased 14.2% over the same period.

Mortgage Renewals at Higher Rates

290,000 mortgages renewed at significantly higher interest rates in the first half of 2023 alone, with millions more expected to reset through 2024 and 2025.

According to reporting from Bloomberg, Canada's banking regulator flagged this mortgage payment shock as among the most important risks in the financial system — a concern that has since translated directly into rising delinquency rates and mounting household stress.

Growing Credit Card Debt and Insolvencies

Average credit card balances among Canadian borrowers were up 4.9% relative to 2023 and 14.4% above early pandemic lows. Personal insolvencies rose 12.4% in Q2 2024 compared to Q2 2023 — sitting at a four-year high at the time of writing.

What These Trends Mean for Everyday Canadians

Interestingly, the 760 average masks a widening gap underneath. Lower-scoring borrowers — particularly those in the 550–650 range — have seen more volatility in their scores over the past few years than higher-scoring Canadians. The average looks stable, but the picture below it is more uneven.

Credit Score Ranges in Canada — What Each Band Actually Means

The 300–900 Scale Explained

All Canadian credit scores fall between 300 and 900. The higher the number, the lower the perceived risk to a lender. A score of 900 is technically achievable but genuinely rare — most credit professionals treat anything above 760 as a strong, functional ceiling for practical purposes.

Equifax vs. TransUnion Score Range Comparison

The two main credit bureaus in Canada use slightly different ranges and labels for the same underlying quality bands. Here's how they compare:

Rating	TransUnion Range	Equifax Range	What It Means
Poor	300–692	300–559	Approval unlikely; high rates if approved
Fair	693–742	560–659	Some approvals possible, but costly
Good	743–789	660–724	Considered a reliable borrower
Very Good	790–832	725–759	Strong approval odds; competitive rates
Excellent	833+	760–900	Best rates and terms available

One thing worth noting: a score that reads as "good" on TransUnion may fall in the "fair" band on Equifax. This is why your scores can look meaningfully different depending on which bureau is being referenced.

Where Does 760 Sit on the Scale?

On the Equifax scale, 760 sits at the entry point of "Excellent." On TransUnion's scale, 760 would sit in the "Very Good" category. Either way, it represents a strong position — and it's the national average, which means roughly half of Canadians score below it.

What Scores Do You Need for Key Financial Products?

These are broadly understood thresholds in the Canadian lending market. Individual lender criteria will vary.

Mortgage

Most institutional lenders in Canada look for a minimum score of around 620–680 for a conventional mortgage. For insured mortgages (under $1 million with less than 20% down), a minimum of 600 is typically required. The better your score above those thresholds, the better the rate you're likely to be offered.

Car Loan

A score above 650 is generally sufficient for standard auto financing. Scores below 600 may still qualify but often at noticeably higher interest rates through specialized lenders.

Credit Card Approval

Entry-level and secured credit cards are accessible with scores as low as 300–500. Premium cards — those with travel rewards, higher limits, or concierge perks — typically require scores of 700 or above.

Average Credit Score in Canada by Age Group

Age-Based Score Breakdown

Note: This data comes from Equifax and was reported in 2018. More recent age-segmented data is not publicly available at the time of writing. Treat these figures as directional rather than current benchmarks.

Age Group	Average Credit Score
Young Adults (18–25)	692
Adults (26–35)	697
Middle-Aged Adults (36–45)	710
Pre-Retirement (46–65)	718
Seniors (65+)	750

Why Credit Scores Rise With Age

It's not just about being financially responsible for longer. Credit scoring models explicitly reward length of credit history — it accounts for 15% of a FICO Score. Someone who has held the same credit card for 20 years and paid it reliably will score higher on that factor alone than someone with a three-year credit history, even if their recent behaviour is identical.

What Younger Canadians Can Do About a Short Credit History

The most practical first step is to open a credit product early — even a basic, low-limit credit card — and use it lightly and consistently. The clock on credit history starts the moment an account is opened, not the moment someone decides to care about their score.

Average Credit Score in Canada by Province and City

Provincial and City Averages

Note: This data is from Borrowell's 2022 survey of its member base. It reflects Borrowell users specifically and may not represent the full provincial population. Treat as approximate.

Province / City	Average Credit Score
British Columbia	694
Vancouver	705
Ontario	686
Toronto	696
Quebec	678
Montreal	687
Alberta	658
Calgary	667
Saskatchewan	658
Manitoba	661
Nova Scotia	664
New Brunswick	649

Why Scores Differ Across Provinces

Regional income levels, housing costs, and debt-load patterns all play a role. Provinces with higher average household debt — particularly those with competitive real estate markets — tend to show higher credit utilization rates at a population level, which can pull average scores down.

This doesn't mean residents are less financially responsible; it often reflects structural economic conditions more than individual behaviour.

What Affects Your Credit Score in Canada?

Understanding the mechanics matters. A credit score isn't a judgment of character — it's a mathematical output based on five specific inputs.

The Five Factors and Their Exact FICO Weightings

As documented in credit history research on Wikipedia, the FICO scoring system is the standard model used in Canada — and its five factors carry fixed percentage weights that determine how your score is calculated:

Factor	FICO Weight	What It Tracks
Payment History	35%	On-time vs. missed/late payments
Amounts Owed (Utilization)	30%	How much of your available credit you're using
Length of Credit History	15%	Age of your oldest and average accounts
New Credit Inquiries	10%	Recent hard checks from new applications
Credit Mix	10%	Variety of credit types held

Payment History (35%)

The single largest factor. One missed payment won't destroy a strong score, but a pattern of late payments — or anything sent to collections — causes lasting damage that takes time to reverse.

Amounts Owed and Credit Utilization (30%)

Using more than 30% of your total available credit is widely understood to start negatively affecting your score. In practice, most credit professionals suggest keeping utilization below 10% if you're actively trying to raise your score.

Length of Credit History (15%)

What's often overlooked is that this factor isn't just about your oldest account — it also factors in the average age of all your accounts. Opening several new accounts at once pulls that average down, even if each individual account is eventually managed well.

New Credit Inquiries (10%)

Each hard inquiry — triggered when you formally apply for credit — causes a small, temporary dip. Multiple hard inquiries in a short window, such as shopping for mortgages, are typically treated as a single inquiry by scoring models if they occur within a 14–45 day window. Soft checks, like checking your own score, have no impact at all.

Credit Mix (10%)

Having both revolving credit (credit cards, lines of credit) and installment credit (car loans, mortgages) signals to lenders that you can handle different types of debt. That said, taking on debt you don't need purely for credit mix reasons isn't advisable — the other four factors carry significantly more weight.

How to Check Your Credit Score in Canada for Free

Equifax and TransUnion — Direct Access Options

Both Equifax Canada and TransUnion Canada allow consumers to access their credit reports for free at least once per year under Canadian consumer protection legislation. This gives you the underlying report — account history, payment records, public records — but not always a score alongside it.

Third-Party Tools

Several third-party platforms offer free, ongoing access to credit scores in Canada:

Borrowell — provides Equifax-based scores, updated weekly
ClearScore — provides Equifax-based scores
Bank apps — several major Canadian banks, including RBC and Scotiabank, provide credit score access within their mobile banking platforms

Soft Check vs. Hard Check — Clear Explanation

Check Type	Triggered By	Impact on Score
Soft Check	Checking your own score, pre-approval screenings	None
Hard Check	Formal credit applications (mortgage, car loan, credit card)	Small temporary dip

Checking your own score never affects it. This is one of the most persistent myths in Canadian personal finance — and it causes some people to avoid monitoring their credit out of unnecessary caution.

How to Improve a Below-Average Credit Score

There's no shortcut here. Score improvement is a function of consistent, sustained behaviour over time. What changes fastest is utilization; what takes longest is rebuilding a history of missed payments.

Actionable Steps

Step	Why It Matters	Realistic Impact
Pay every bill on time	Payment history is 35% of your score	High — single biggest lever
Keep utilization below 30%	High balances signal risk to lenders	Medium-High — visible within 1–2 billing cycles
Don't close old accounts	Preserves length of credit history	Medium — protects existing score
Limit new credit applications	Each hard check causes a small dip	Low-Medium — avoid bunching applications
Check your report for errors	Incorrect entries can drag your score unfairly	Varies — disputes can take 30–90 days to resolve

Realistic Timeline — How Long Does Score Improvement Take?

This depends heavily on what's dragging the score down. A high utilization ratio can improve within one to two billing cycles once balances are paid down. A missed payment stays on your credit report for up to six years in Canada. Bankruptcies remain on file for six to seven years depending on the bureau.

In practice, most people working consistently on all five factors can expect to see meaningful improvement — 30 to 50 points — within 12 to 18 months, assuming no new negative events. It's not fast, but it is predictable.

Building a Credit Score in Canada as a Newcomer

Why Newcomers Start Without a Score

Credit history in Canada doesn't transfer internationally. A newcomer arriving with decades of responsible credit use in another country starts with no Canadian credit file at all — which is functionally different from having a bad score, but practically creates similar challenges when applying for credit products.

Practical First Steps to Establish Credit in Canada

Apply for a secured credit card — you provide a deposit as collateral, which reduces the lender's risk and makes approval accessible without a credit history

Look into newcomer banking programs offered by major Canadian banks, which often include credit products designed for those without a Canadian credit file

Pay every bill on time from day one — the file starts thin, but what goes into it early carries disproportionate weight

Consider a credit-builder loan offered by some credit unions — these are specifically designed to help establish a payment history

The absence of a score is temporary. In practice, most newcomers who use a secured card consistently for 12 months find their score reaches a functional range (above 600) within that window.

Conclusion

The average credit score in Canada is 760 as of 2024 — a useful benchmark, but one that sits above where many Canadians actually land. Understanding your score, which source reported it, and what factors drive it is more actionable than the number alone.

Frequently Asked Questions

Is 760 a good credit score in Canada?

Yes. On the Equifax scale, 760 is the entry point for "Excellent." It's also the national average, meaning it positions you well for most financial products. Anything above 660 is generally considered acceptable by most Canadian lenders.

What credit score do I need to get a mortgage in Canada?

Most lenders require a minimum of 600–680 depending on the mortgage type. Higher scores above 720 typically qualify for the most competitive rates. Individual lender thresholds vary.

Why is my credit score different on Equifax vs. TransUnion?

Each bureau uses a slightly different scoring model and may have different information on file, since not all lenders report to both. A gap of 10–30 points between the two is common and expected.

Does checking my own credit score lower it?

No. Checking your own score is a soft inquiry and has zero impact on your score. Only hard inquiries — triggered by formal credit applications — cause a temporary dip.

Can a newcomer to Canada build credit with no prior history?

Yes. A secured credit card or a newcomer-specific banking product is the most accessible starting point. Consistent on-time payments over 12 months typically bring a score into a functional range.