What is the average Canadian credit score?

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Most Canadians have an average credit score between 660 and 725, which is quite solid. However, different models like FICO and data from Borrowell show variations, with FICO averaging 760 and Borrowell at 672. Scores can differ based on age and location. A longer credit history generally boosts scores over time. Reach out via phone, text, or live chat if you have any questions.

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_{Canada’s average credit score ranges from 660 to 725.}

Average Canadian Credit Score Question

What is the average Canadian credit score? DEBT INSIDERS I recently checked my credit score and want to know how it compares to the national average in Canada.

From: Anonymous Question
Location: Nanaimo, British Columbia (BC)
Category: credit rebuilding

Average Canadian Credit Score Answer

You might be surprised to learn that most Canadians have a credit score hanging around the 660 to 725 mark, which is pretty darn good. But keep in mind, there’s a dizzying array of scoring models out there. Take FICO, for example, which pegs the average up at a robust 760 thanks to its rigorous criteria. Meanwhile, our friends at Borrowell paint a slightly less rosy picture, reporting an average of 672 from their consumer surveys. These variations are all part of the scoring rollercoaster, each credit bureau like Equifax and TransUnion taking a different route to their ratings. Fun fact: your age and where you live can throw your score a curveball. Typically, the older you get, the higher your score climbs because you’re scoring points for a longer credit history.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

If you’re thinking about declaring bankruptcy in Canada, it’s essential to understand the various options available, such as a Consumer Proposal. This option can help you manage debt while protecting your credit. It’s crucial to learn about the implications of a consumer proposal on your credit score and understand how it compares to other solutions like personal bankruptcy.

From: OSB Helper

Related Questions to Average Canadian Credit Score

Here are the top 5 most frequently asked questions related to the average Canadian credit score, along with brief answers:

1. What is the average credit score?

The average credit score typically hovers around 660 to 725, with a national average of 760 according to FICO as of November 2024[1][5].

2. How does the average credit score vary by age?

The average credit score increases with age, ranging from 692 for those aged 18-25 to over 750 for those aged 65 and above[3][5].

3. How does the average credit score vary by province?

Average credit scores vary by province, with higher scores in provinces like Ontario and British Columbia (around 686 and 694, respectively) and lower scores in provinces like New Brunswick and Nova Scotia (around 649 and 664, respectively)[1][5].

4. What is considered a good credit score?

A good credit score is generally considered to be between 660 and 724, while very good scores range from 725 to 759, and excellent scores range from 760 to 900[1][3][5].

5. How can I improve my credit score?

Improving your credit score involves maintaining a credit utilization below 30%, making timely payments, and building a long credit history, among other factors[1][3][5].

If you have a question about debt see our debt questions or ask your own debt related question.

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