Jun 19, 2026
Imagine someone applying for a credit card or a car loan in your name — and getting approved. By the time you notice the unfamiliar account on your credit report, the damage is done. And this isn’t just a hypothetical cautionary tale: Identity fraud is now the highest-volume cybercrime type in Canada in 2024, with 9,683 reports filed, according to the Canadian Anti-Fraud Centre (CAFC). And researchers estimate that only 5% to 10% of fraud victims ever report their losses — meaning the actual scale is far larger.
Now there’s a tool to help stop this kind of fraud before it starts — but it’s only available to residents in Ontario.
What is a credit lock — and what does it actually do?
A credit lock (also called a credit freeze) places a digital barrier on your credit file. Once it’s in place, Equifax Canada is legally prohibited from providing your credit scores and personal information to lenders — effectively blocking anyone from opening new credit in your name without your knowledge.
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Credit Lock will be available to all residents of Ontario on July 1, 2026, in line with Ontario’s Better for Consumers, Better for Businesses Act (Bill 142).
The best part is that the service is free.
Until now, if you wanted to restrict access to your credit file, your options were largely limited to paid monitoring subscriptions, which tell you after someone has already tried to use your identity, not before.
While Ontario residents are now getting access to this protection tool, Quebec residents have had access to free credit lock since February 2023 under that province’s Credit Assessment Agents Act. Ontario is only the second province to provide this protection service.
Are you protected against the latest digital threats? Find a bank that offers real-time fraud alerts and multi-factor authentication — and keep your money safe.
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What the numbers say about the risk
The fraud landscape in Canada has worsened significantly in recent years, and the financial losses are substantial. According to a TransUnion survey, 13% of Canadians reported losing money due to digital fraud — including identity theft, phishing and account takeover — with a median reported loss of $1,301.
A separate Equifax Canada fraud survey showed that nearly 3 in 10 people (28%) say the daily volume of fraud attempts has become a “manageable annoyance,” while more than a quarter feel numb to suspicious messages and simply delete them without reviewing them. That kind of fatigue is exactly what fraudsters count on.
How to use Ontario’s new credit lock
The Credit Lock service is completely free and does not affect credit score calculations. Ontarians can set, remove or suspend the lock immediately through the myEquifax platform, or by phone or mail.
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A few practical points worth knowing before you activate:
- It only covers Equifax. Ontario’s law applies to both Equifax and TransUnion, but TransUnion has an extra year — until July 1, 2027 — to meet the security freeze suspension requirements. For full protection today, lock your Equifax file now and revisit TransUnion when its freeze becomes available.
- A lock doesn’t freeze your existing accounts. Creditors you already have a relationship with can still access your file and report activity. A credit lock only blocks new inquiries from new lenders.
- You can lift it temporarily. If you’re planning to apply for a mortgage, car loan or new credit card, you can suspend the lock, apply, then re-lock your file.
- Monitoring is still a good idea. Equifax Canada recommends checking your credit report regularly to detect any suspicious activity as quickly as possible. If you find inaccurate or incomplete information, you can file a dispute online or by mail.
Start banking with confidence. Explore our list of the best banks in Canada to find your perfect match for both growth and iron-clad security.
Is this right for you?
A credit lock is not a perfect shield. It won’t protect against fraud involving accounts you already hold, and it requires you to manage the lock actively when you legitimately need new credit. But for most people — particularly those who aren’t planning to apply for new credit in the near term — the cost-benefit math is clear: it’s free, takes minutes to set up and makes it dramatically harder for someone to open fraudulent accounts in your name.
“In a climate of evolving threats, Credit Lock is one of the ways to help protect yourself from identity theft and fraud,” said Julie Kuzmic, head of consumer advocacy and compliance at Equifax Canada, in the company’s June 11 announcement.
If you live in Ontario, use July 1 as your go-date. Create an Equifax account, so you’re ready to go should a concern arise.
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Romana King, Senior Editor at Money.ca, also writes for various North American publications and the RKHomeowner blog. Her book, House Poor No More, is an Amazon bestseller and five-time award winner, including the 2022 New York CPA Society's Excellence in Financial Journalism (EFJ) Book Award.
