Below are important credit score statistics in Canada for 2020, as compiled by the Simple Rate research team.
650
The average credit score in Canada
61%
Canadians with credit scores of 750+
21%
Canadians with credit scores from 680-749
3%
Canadians with credit scores below 520
Quebec
Province/territory with highest percentage of Canadians with credit scores above 750
Nunavut
Province/territory with highest percentage of Canadians with credit scores below 520
Age 65+
Age group with highest percentage of Canadians with 750+ credit scores
Age 25 & Under
Age group with highest percentage of Canadians with below 520 credit scores
56%
of Canadians have never checked their credit scores
14%
of Canadians only check their credit scores once per year
NOTES:
650 is the average credit score in Canada.
61% of Canadians have a credit score above 750. A score above 750 is considered the safest rating.
21% of Canadians have a credit score ranging between 680-749. This range of credit score is considered an average risk rating.
3% of Canadians have a credit score below 520, an extreme risk rating.
Quebec has the highest percentage of Canadians with credit scores above 750, and Nunavut has the highest percentage of Canadians with credit scores below 520.
Canadians in the age bracket 65+ had the best credit scores (above 750). Canadians aged 25 and under had the highest percentage of scores under 520.
Surprisingly, 56% of Canadians have never checked their credit scores, and 14% only check their scores once per year.
SOURCES: Government Of Canada, Statcan, Canadian Bankers Association, RBC, TD Plus, MBNA, Scotiabank, BMO, CIBC and National Bank, Equifax, The Globe And Mail, CPA Canada
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