Average Credit Score in Canada: Where You Stand and What It Means

The average credit score in Canada is 760, per FICO's November 2024 data — placing the typical Canadian in the "excellent" range on the standard 300–900 scale. That number has edged down from 762 in 2022–2023, reflecting real financial pressure many households are feeling right now.

What Is the Average Credit Score in Canada?

760. That's the national average as of November 2024, according to the Fair Isaac Corporation (FICO) — the scoring company whose model is used by roughly 90% of top Canadian lenders and credit unions.

Worth noting: a 2022 survey by Borrowell, a Canadian fintech company, put the average considerably lower at 672 across its two million members. That gap isn't a contradiction — it reflects two genuinely different things. FICO and Borrowell use different scoring models, pull from different data sources, and represent different population samples.

Neither figure is wrong. They're just measuring different things with different tools.In practice, the score your bank or mortgage lender actually sees is most likely a FICO Score — not the number showing on your banking app or a free monitoring service.

Also Read: How to Check and Understand Your Credit Score

What Do Credit Score Ranges Mean in Canada?

Canada's credit score scale runs from 300 to 900. The two main credit bureaus — Equifax and TransUnion — use different range thresholds for the same ratings. Here's how they compare:

So where does 760 land? On Equifax's scale, it sits at the bottom of the Excellent band. On TransUnion's scale, it falls in the Very Good tier. Same number, different label — which is part of why people find credit scores confusing.

What's often overlooked is that 660 is the more practical threshold for most Canadians. Anything above that is generally enough to qualify for mainstream credit products. You don't need a perfect 900.

Average Credit Score in Canada by Age

Scores tend to rise with age — and there's a straightforward reason for that. Credit history length is a direct input into how scores are calculated. The longer you've had accounts open and managed them responsibly, the more data lenders have to work with, and the better your score tends to look.

The table below is based on Equifax data from 2018. It's the most detailed age-segmented breakdown available, though it should be read as directional rather than current.

Younger Canadians scoring in the 690s isn't a sign of poor financial behaviour — it largely reflects the fact that they haven't had time to build the kind of credit history that pushes scores higher. A 23-year-old with a 695 and two years of clean payment history is in a stronger position than these numbers alone suggest.

Average Credit Score in Canada by Province

Provincial averages vary more than most people expect. The figures below come from Borrowell's 2022 survey of two million members — they're the most geographically detailed data publicly available, though they reflect conditions from a few years ago.

Alberta, Saskatchewan, and New Brunswick sit noticeably lower than BC and Ontario. Regional economic conditions — cost of living, employment stability, average household debt — all factor into this, though no single cause fully explains the gap. These are population-level patterns, not predictions about any individual.

Has the Average Credit Score in Canada Changed Over Time?

Yes — and the trend is worth understanding.The pandemic era produced an unusual spike. Government support programs, reduced consumer spending, and lender payment deferrals pushed the national average from 753 in April 2020 up to 761 by April 2021.

Scores held relatively steady through 2022 and 2023 at 762, before dipping two points to 760 in 2024.That two-point drop is modest on its own. What matters more is what's driving it.

What Is Pushing Scores Down?

FICO's 2024 data points to four concrete trends:

• Rising delinquencies. The share of Canadians 90+ days past due on credit obligations increased 9.6% year-over-year. Auto loan delinquencies rose 12.5%; real estate loan delinquencies rose 14.2%.
• Higher credit card balances. Average balances are up 4.9% versus April 2023 and 14.4% versus the pandemic lows of April 2021. According to data from Statista, credit card ownership in Canada remained among the highest in the world through this period — meaning more Canadians are carrying balances on those accounts.
• More new credit applications. 33.5% of Canadians opened at least one new account in the past year — nearly back to pre-pandemic levels — suggesting some households are using new credit to manage existing debt.
• Mortgage renewals at higher rates. 290,000 mortgages renewed at significantly higher rates in the first half of 2023 alone, with millions more expected to reset through 2024 and 2025.

Personal insolvencies also hit a four-year high in Q2 2024, up 12.4% compared to the same quarter in 2023. These are stress signals — not a crisis, but not noise either.

Why Your Credit Score Looks Different on Different Apps

This confuses a lot of people. You check your score on your bank's app, then check it on Borrowell, and the numbers don't match. Neither is lying to you.

Equifax vs TransUnion vs FICO — The Actual Difference

There are two credit bureaus in Canada: Equifax and TransUnion. They collect credit data independently. Not every lender reports to both, so the underlying data can differ. Each bureau also applies its own scoring model, which weighs factors slightly differently.

As noted in Wikipedia's overview of credit scoring, Equifax Beacon and TransUnion Emperica scores both run on the 300–900 scale in Canada, but the models behind them are separate and independently maintained.FICO is a separate company that builds its own scoring models using bureau data.

The FICO Score is what most major Canadian lenders use for credit decisions but it's typically not the score shown on consumer-facing apps or free monitoring tools.So when a mortgage lender pulls your credit, they're likely seeing a different number than what appears on your phone.

That's not a system flaw — it's just how multiple independent models working from partially overlapping data sets behave.

What Credit Score Do You Need in Canada?

The short answer: it depends on the product and the lender. There are no universal cutoffs, but industry practice generally shows these rough thresholds:

These are starting points, not guarantees. Lenders also weigh income, employment history, and existing debt — your score is one input, not the whole picture.

How to Improve Your Credit Score in Canada

The mechanics of credit scoring aren't a mystery. Five factors drive your score, and two of them  payment history (35%) and amounts owed (30%) — account for nearly two-thirds of the total calculation.

In practice, people who focus on consistent on-time payments and low utilization typically see meaningful score movement within three to six months. If you're also working on reducing overall debt, creating a structured budget can help you track spending and allocate payments more deliberately which directly supports lower utilization over time.

How to Check Your Credit Score in Canada for Free

Checking your own score does not affect it. That's a soft inquiry — only hard inquiries from lenders leave a mark.

Your options:

• Equifax Canada — free access to your credit score when you create an online account
• TransUnion Canada — free credit scores for Quebec residents; paid subscriptions elsewhere
• Borrowell and ClearScore — free Equifax-based scores, account sign-up required
• Your bank's app — many major Canadian banks now show credit scores directly in online banking

At minimum, check your full credit report once a year. If you're actively building credit, recovering from a missed payment, or preparing to apply for a mortgage, checking monthly is reasonable.

Conclusion

The average credit score in Canada sits at 760 — excellent by most measures, though slowly declining. Scores vary meaningfully by age, province, and which model is used. Above 660, you're in workable territory for most lenders. Above 725, you're in good shape for competitive rates.

Frequently Asked Questions

Is 700 a good credit score in Canada?

Yes. A score of 700 falls in the Good to Very Good range depending on the bureau. It's above the 660 threshold most lenders use as a baseline and should qualify you for most standard credit products, though not necessarily the best rates.

Why does my credit score differ between apps?

Equifax and TransUnion collect data independently and use different models. FICO is a third scoring system used by most lenders but rarely shown to consumers. Reporting timing differences add to the variation.

What credit score do I need for a mortgage in Canada?

Most insured mortgages require a minimum score of 680. Conventional mortgages generally look for 720 or higher, though lenders also weigh income, employment, and debt levels alongside your score.

Does checking my credit score lower it?

No. Checking your own score is a soft inquiry and has no effect on your score. Only hard inquiries — from lenders reviewing a credit application — cause a temporary dip.

How long does it take to improve a credit score?

It varies. Consistent on-time payments and reduced utilization typically show measurable improvement within three to six months. Recovering from a missed payment or collections account takes longer — often one to two years of clean history.