If you are looking to check your credit score and report in Canada, you can easily access it online from the major credit bureaus in Canada, TransUnion and Equifax. Equifax and TransUnion update your credit report monthly and allow you to access it online.
However, these credit bureaus may charge you a fee to access your credit score and credit report. Fortunately, there are other platforms in Canada that allow you to check your free credit score in Canada, with the added convenience of choosing weekly, monthly, or quarterly updates.
In this blog post, we will highlight 8 platforms in Canada that allow you to check your credit score for free in Canada. Several of these platforms offer free credit score services as well as personal loan products and credit cards.
8 Ways to Get Your Free Credit Score in Canada
Your credit score is a 3-digit number that lenders use to determine the likelihood that someone will repay the money they borrow and your credit report gives you more information about your credit history.
It can be free from TransUnion and Equifax, the two major credit bureaus in Canada. If you want a credit report from TransUnion, you can download it online or call 1-800-663-9980. But if you want it from Equifax, ask for your credit report by simply calling their number: 1-800-465-7166.
Here are 8 platforms in Canada that offer free credit scores and reports in Canada:
1. Mogo
With Mogo, you can get your free credit score if you apply for their prepaid card service. The score is updated monthly on the platform. This is definitely a way of getting your free credit score in Canada that you could consider.
2. Borrowell
You get access to a free-of-charge credit report and credit score from Borrowell. In addition to the fact that you will not pay any fees, your credit report and credit score are updated weekly.
3. Credit Karma
With Credit Karma Canada, you can get your free credit score from TransUnion. In addition, you also get your credit report.
4. RBC
If you use RBC, you can get monthly updates on your TransUnion credit score. It is a no-stress and no-hassle way of getting your free credit score in Canada.
5. Scotiabank
If you bank with Scotiabank, you can check your TransUnion credit score with the help of the bank’s mobile app or website. Definitely worth a try if you ask me.
6. CIBC
With CIBC, you can apply for your Equifax credit score through your account dashboard.
It’s as simple as ABC if you know your way around it. This is definitely a viable option for getting your credit score for free in Canada.
7. Desjardins
Desjardins offers you access to a free TransUnion credit report and credit score look-up every month. So, not only do they have a cool exotic name, but they also pull their weight around.
8. BMO
If you use BMO, you can get your TransUnion credit score through the platform’s mobile app or website. With promptness, the scores are updated monthly.
To get your credit score straight from the Transunion credit bureau, BMO is for sure an option available to you.
How the Providers of Free Credit Scores in Canada Compare
The following is a table of the top free credit score providers in Canada and the features that set them apart from each other:
Financial Institution Credit Bureau Frequency of Update Score and Report Borrowell Equifax Weekly Yes Mogo Equifax Monthly Score only Credit Karma TransUnion Weekly Yes TransUnion TransUnion Monthly Yes Equifax Equifax Monthly Yes RBC TransUnion Monthly Yes Scotiabank TransUnion Monthly Yes CIBC Equifax 3 months Score only BMO TransUnion Monthly Yes Desjardins TransUnion Monthly Yes
What Is A Credit Score, and How Does It Work?
A credit score is a three-digit number ranging from 300 to 900 that provides insight into your creditworthiness when it comes to various credit products. Essentially, it signifies the level of risk lenders undertake when extending you a loan.
In Canada, credit scores are commonly structured as follows:
- 760 – 900 = Excellent
- 725 – 759 = Very Good
- 660 – 724 = Good
- 560 – 659 = Fair
- 300 – 559 = Poor
Attaining an excellent or very good credit score indicates you’re eligible for favourable loan rates, credit lines, mortgages, and other financial offerings.
However, it’s important to note that your credit score, while providing a quick overview of your
How to Apply for a Free Credit Score in Canada
To get your credit score for free in Canada, go to the website of the credit score provider and provide your necessary personal information. Your credit card details and social insurance number are usually not required.
Once you enter your information, you might be prompted to verify your identity through a set of questions. Once this step is completed, your credit score will be displayed. The entire process is designed to be swift, taking only 2 to 3 minutes to finalize.
One crucial aspect to understand is that checking your credit score online will not impact your actual score. These checks are considered soft inquiries and do not affect your credit standing.
We recommend that you look up your TransUnion and Equifax credit scores. This is because borrowers send reports to one of them at a time, so your credit score on one may be different on the other.
What Makes Up Your Credit Score?
The following are the factors that make up your credit score and the percentage of each factor:
- Payment history (35%): Missed and late payments can badly affect your score, so borrowers often want to know if you pay your bills on time.
- Amounts owed (30%): This is simply the amount of your credit balance that is still in use. It’s also known as the credit utilisation ratio.
- Credit history (15%): Always remember that a long credit history is advantageous. Keeping older credit accounts when you are closing some accounts could help you gain extra points.
- Inquiries for new credit (10%): Hard credit score inquiries made multiple times in a short period may give lenders the impression that you are desperate for some money, implying you may struggle to pay back your loans. So, watch how often you apply for credit
- Credit mix (10%): Having various kinds of credit accounts could boost your credit profile. It often indicates your expertise and how well you manage all your credit accounts.
How Often Are Credit Scores Updated?
Credit scores are generally updated once every 30 days. It takes longer sometimes and can get up to every 45 days for an update to happen.
For credit bureaus (like Equifax and TransUnion) to update credit scores and reports, they need information from lenders.
Reporting this information may take them some time, so expect delays beyond the normal period of 30 days before account balance, payment history, changes to credit limit, delinquencies, and others are reported.
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Final Thoughts on Free Credit Scores in Canada
Getting your free credit scores in Canada is not only effortless but also a smart financial move. By staying informed about your creditworthiness, you empower yourself to make informed decisions about loans, mortgages, and credit applications.
Don’t miss out on this valuable opportunity to take charge of your financial future. Take the first step today towards financial clarity and security.
Get your free credit scores in Canada now and pave the way for better financial choices!
FAQs on Free Credit Scores in Canada
What is a Good Credit Score in Canada?
Well, if your credit score ranges between 660 and 720, you can consider your score a good one.
Can I Check My Credit Score Without Affecting the Score?
Yes, you can. Checking your credit score with the credit score providers discussed is called a soft inquiry. It has no impact on your score.
What Is Considered an Excellent Credit Score in Canada?
As from 860, your score is strongly above average and can be considered an excellent credit score.
