Average Credit Score in Canada: What It Is and What It Means for You

The average credit score in Canada is 760, based on FICO's most recent data from November 2024 — down two points from 762 in 2023. That places the typical Canadian in the "excellent" range on Equifax's scale, though as you'll see, that number comes with important context.

Why Different Sources Show Different Averages

Here's something that trips a lot of people up. FICO reports an average of 760. Borrowell — a Canadian fintech that tracks scores for its users — reported an average of 672 in a 2022 survey of two million members. That is an 88-point gap, and both numbers are technically accurate.

The difference comes down to three things: the scoring model used, who is included in the data, and which credit bureau feeds the calculation. FICO's figure draws from a broad, lender-facing population.

Borrowell's reflects its own user base, which skews toward people actively monitoring or trying to build their credit — often younger Canadians or those working through financial challenges.

What's often overlooked is that the score you see on a free app may not be the score a lender pulls when you apply for a mortgage. Roughly 90% of top Canadian lenders use FICO Scores specifically — and those aren't always visible to consumers through free tools.

Credit Score Ranges in Canada — What the Numbers Actually Mean

Canada uses a credit score scale of 300 to 900. Higher is better. As noted in Wikipedia's overview of credit scoring, both Equifax and TransUnion operate in Canada and use this range — though they define score categories slightly differently, which is why you might get conflicting reads on whether your score is "good" or just "fair."

The practical floor most Canadian lenders work with is 660. Below that, options narrow. Above 760, most doors open. Anything in between is genuinely workable — just not always at the best terms.

What Actually Determines Your Credit Score

Before comparing your number to the national average, it helps to understand what is driving it. FICO's model — the one most lenders rely on — breaks it down into five weighted factors.

Payment history carries the most weight by a significant margin. Miss payments consistently, and no other factor compensates for it. Credit utilization — how much of your limit you are using — is the second-biggest lever. Keeping that below 30% of your total limit is a widely cited guideline for good reason.

In practice, credit counsellors commonly report that clients are often surprised to learn how much a single missed payment can linger on a report — typically up to six years in Canada — long after the financial situation that caused it has resolved.

Soft Inquiry vs. Hard Inquiry — A Quick Distinction

Checking your own score does not affect it. That is a soft inquiry. When a lender checks your credit as part of an application, that is a hard inquiry — it causes a small, temporary dip. Multiple hard inquiries in a short period can compound that effect, so spacing out credit applications is a reasonable habit.

Average Credit Score in Canada by Age

Scores tend to rise with age. That is not a coincidence — it reflects how credit scoring actually works. Older Canadians have longer credit histories, more varied account types, and more years of consistent repayment on record. Younger Canadians are simply earlier in that process.

The figures below come from Equifax's 2018 data — the most recent publicly available age-based breakdown. Treat them as directional rather than precise current figures.

If you are in the 18–25 range and your score feels frustratingly low, that is normal. A score of 692 at 22 is not a failure — it is a starting point. The scoring system rewards time and consistency, and both take years to accumulate.

Average Credit Score in Canada by Province and City

Provincial averages vary more than most people expect. British Columbia and Ontario sit at the higher end. Atlantic and Prairie provinces tend to score lower — though attributing that to any single cause would be oversimplifying.

The data below is from Borrowell's 2022 survey. It reflects their user base rather than the full Canadian population, so treat it as an indicator rather than a definitive ranking.

Urban centres consistently score higher than their provincial averages — likely reflecting higher incomes, greater access to financial products, and more established credit histories in dense population centres.

How the Average Canadian Credit Score Has Changed Over Time

The 760 figure did not appear out of nowhere. It is part of a longer trend worth understanding, especially given recent economic pressures.

During the early pandemic, scores rose — driven by government stimulus payments, reduced consumer spending, and lender accommodations like payment deferrals. As those supports wound down, the underlying financial strain began to show.

By 2024, 90-day delinquency rates were up 9.6% year over year. Auto loan delinquencies rose 12.5%. Real estate loan delinquencies climbed 14.2%.

Average credit card balances were up 4.9% compared to 2023 — consistent with what Bloomberg reported based on Equifax Canada data, which showed Canadian credit card balances reaching their highest level on record since the agency began collecting data in 2007. Personal insolvencies hit a four-year high in Q2 2024, up 12.4% versus the same quarter the previous year.

The two-point drop from 762 to 760 sounds minor. In the context of those underlying numbers, it signals something more meaningful is shifting beneath the surface.

How Your Credit Score Compares to the Canadian Average

If Your Score Is Above 760

You are at or above the national average and sitting in the excellent range. Most lenders will offer you competitive rates, and premium credit products — better rewards cards, lower mortgage rates — are generally accessible.

If Your Score Is Between 660 and 759

This is a wide band, and it is far from a bad place to be. You qualify for most mainstream financial products. Rates may not be at their lowest, but you are not being turned away either. In practice, most Canadians navigating the housing market or applying for personal loans fall somewhere in this range.

If Your Score Is Below 660

Options narrow here. Some lenders will still work with you, but often with stricter conditions or higher rates. This is not a permanent state — it is a signal to act on. Addressing the specific factors pulling your score down tends to produce results faster than people expect, especially if the issue is high utilization rather than missed payments.

What the 760 Average Actually Tells You

Averages can be misleading. A national average of 760 does not mean most Canadians are comfortably in the excellent range. High scorers pull averages up. FICO's own distribution data shows that a meaningful share of Canadians score below 760 — being below average does not automatically mean being in trouble.

Why Your Credit Score Matters Beyond Just Loans

Most people think about credit scores in the context of mortgages or credit cards. Fair enough — those are the highest-stakes applications. But the score shows up in other places too.

Landlords in Canada increasingly run credit checks as part of rental applications. A low score can result in rejected applications or requests for larger deposits. Phone carriers and utility providers may also check credit before setting up service — a poor score can trigger upfront deposits that catch people off guard.

There is also a negotiation angle. Borrowers with strong scores sometimes have more room to push back on rates or terms, particularly with smaller lenders or credit unions. It is not guaranteed, but it is a real dynamic that mortgage brokers and financial advisors commonly observe in practice.

If You Are New to Canada

Newcomers face a specific challenge: foreign credit history typically does not transfer to the Canadian system. Even someone with an excellent 10-year credit history in another country usually starts from scratch here.

The practical starting points are a secured credit card — where you deposit funds as collateral and build a repayment record — or becoming an authorized user on a trusted person's account.

Some Canadian financial institutions also offer newcomer-specific products designed for exactly this situation. Building from zero takes time, but the path is straightforward if you stay consistent.

How to Check Your Credit Score in Canada

You have several options, and the most useful ones are free.

Through the credit bureaus directly:
Equifax Canada offers free score access through an online account. TransUnion provides free scores to Quebec residents; elsewhere, it requires a paid subscription. Under Canadian law, you have the right to request your full credit report — not just the score — for free once per year from each bureau.

Through your bank or third-party platforms:
Several major banks provide credit score access to account holders at no charge. Platforms like Borrowell and ClearScore offer Equifax-based scores for free after signing up. Keep in mind these may not match the FICO Score a lender sees.

Credit Report vs. Credit Score — Not the Same Thing

A credit report is your full history: every account, every payment, every inquiry on record. A credit score is the three-digit number derived from that report. Both are useful — the report shows you the detail, the score gives you the summary. Checking either one yourself does not affect your score.

How to Improve Your Credit Score in Canada

The Financial Consumer Agency of Canada (FCAC) offers free, unbiased guidance on credit reports, credit rights, and access to non-profit credit counselling — a resource worth knowing about if you are trying to rebuild.

In practice, people who focus on two things — paying on time and getting their utilization down — tend to see measurable score improvement within three to six months. It is not instant, but it is more predictable than most people expect.

Conclusion

The average credit score in Canada sits at 760 as of November 2024. It is a useful benchmark — not a personal target. What matters more is understanding your own range, knowing which factors are affecting your number, and taking consistent, specific action. Check your score, read your report, and focus on the variables within your control.

Frequently Asked Questions

What is the average credit score in Canada in 2024?

According to FICO, the average credit score in Canada was 760 as of November 2024 — two points lower than the 762 average recorded in 2023.

What is considered a good credit score in Canada?

A score of 660 or above is generally considered good by most Canadian lenders. Scores of 725–759 are very good, and 760 or above is considered excellent on Equifax's scale.

Why does my credit score look different on different platforms?

Different platforms use different scoring models and pull from different bureaus. The score you see on a free app may not match the FICO Score a lender checks when you apply for credit.

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

Most lenders look for a minimum of 680. Some insured mortgage products may accept lower scores, but terms and conditions typically become more restrictive below that threshold.

How long does it take to improve a credit score in Canada?

It depends on the cause. Consistent on-time payments and reduced utilization typically produce visible improvement within three to six months. Recovering from serious issues like bankruptcy takes longer — often several years.