When you are done reading this review, getting your free credit score in Canada will be as easy as a Sunday morning.
With these numerous ways we have taken our time to thoroughly outline and explain, you can get your credit score safely and efficiently.
These traditional and new-age ways will be covered in this comprehensive article. A number of the platforms that offer free credit score services also provide personal loan products and credit cards.
Without further ado, let’s get right into it.
10 Ways to Get Your Free Credit Score in Canada
With your credit report, you get more information pertaining to your credit history. It can be gotten for free from TransUnion and Equifax (which are the major credit bureaus in Canada).
If you want a credit report from TransUnion, yours can be gotten online by downloading it online. If you want it from Equifax, just ask for your credit report by simply calling their number 1-800-465-7166.
We recommend knowing both your credit score and credit report situation because errors can be quickly spotted and rectified if you do. It also helps to know how much improvement you have made over time.
You can get your free credit score without much fuss if you use the banks and fintech platforms listed below:
With Mogo, you can get your free credit score if you put in an application for their prepaid card service. Monthly, the score is updated on the platform. This is definitely a way of getting your free credit score in Canada that you could consider.
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.
If you use RBC, you can get an update of your TransUnion credit score every month. It is a no-stress and no-hassle way of getting your free credit score in Canada.
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.
With CIBC, you get to apply for your Equifax credit score through your account dashboard.
It’s 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.
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.
If you use BMO, you will be able to get your TransUnion credit score through the platform’s mobile app or website. With promptness, the scores are updated on a monthly basis.
To get your credit score straight from the Transunion credit bureau, BMO is for sure an option available to you.
You can directly apply to Equifax to request your credit reports and credit scores.
This request can be done online or you can send a paper application by mail. There is also the option of calling them at 1-800-465-7166 (their phone number).
You can obtain your credit scores and credit reports directly from TransUnion by making your requests on the internet. There is also the option of mailing a paper application or ringing them up on 1-800-663-9980.
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:
Frequency of Update
Score and Report
What Is A Credit Score and How Does It Work?
Simply and succinctly put, a credit score is a number made up of three digits between 300 to 900 that gives an idea of your creditworthiness for credit products.
You could also think of it as the risk level a borrower has to take on when they lend money to you. The following is how credit scores are generally ranked:
- 760 – 900 = Excellent
- 725 – 759 = Very Good
- 660 – 724 = Good
- 560 – 659 = Fair
- 300 – 559 = Poor
An excellent or very good credit score is an indicator that you can be eligible for some of the best loan rates available, lines of credit, and mortgages, among other products out there.
How to Apply for a Free Credit Score in Canada
You shouldn’t have any problems applying for your free credit score if you know exactly what to do to get it.
First off, visit the website of the credit score provider and input your relevant personal details. Normally, your credit card info and social insurance number will not be needed.
Expect to be asked to confirm your identity with some questions that may be presented to you. Your credit score is shown to you when the process is completed. Within 2 to 3 minutes, the whole process should be wrapped up.
You do not have to worry about the possibility of checking your score online affecting your score. These checks do not have any influence on your credit score.
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 is 35%: Missed payments and late payments can badly affect your score, so borrowers often want to know if you pay your bills on time or not.
Amounts owed is 30%: This is simply the amount of your credit balance that is still in use. It’s also known as the credit utilization ratio.
Credit history is 15%: Always remember that a long credit history is an advantage to you. Keeping older credit accounts when you are closing some accounts could help you gain extra points.
Inquiries for new credit is 10%: Hard credit score inquiries being made multiple times in a short period may give lenders the impression that you are desperate for some money which implies you may struggle to pay back your loans. So, watch how often you apply for credit
Credit mix is 10%: Having various kinds of credit accounts could boost your profile of credit. It is often an indication of 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.
In order 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.
Conclusion on Free Credit Score in Canada
Getting your credit score shouldn’t be difficult in this day and age. There are several credit score providers in Canada who can get the job done for free, so you don’t have to ask and pay credit bureaus directly.
Credit bureaus like TransUnion Canada and Equifax Canada charge around $20 to give you your credit score, so it is in your interest to use any of the credit score providers discussed in this article who will get you your score free of charge.
So, study this article and pick the option that suits your needs and circumstances.
FAQs on Free Credit Score in Canada
What is a Good Credit Score in Canada?
What is a good credit score, you ask? Well, f 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.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.