TransUnion is one of the two major credit bureaus in Canada that offer a seamless and efficient way to access your credit status, providing regularly updated credit scores and credit reports for both consumers and lenders.
Getting your TransUnion credit score and report in Canada can give you insights into how potential lenders view your financial stability. To get your credit score, you can sign up on TransUnion, you must sign up and pay at least $19.95.
In this blog post, we will comprehensively explain how to get a TransUnion credit score and report in Canada. Our commitment to delivering accurate and reliable content on TransUnion means you can rest assured that you have the knowledge and tools to make informed financial decisions.
How to Get a Free TransUnion Credit Score
When it comes to accessing your credit score for free, TransUnion might not be the best option. Signing up for their service will cost you $19.95 per month.
However, alternative companies, like Credit Karma Canada, offer your credit score for free. Credit Karma uses the same CreditVision scoring model as TransUnion, providing you with monthly updates to your credit score and credit report, all at no cost.
If you’re interested in your Equifax credit score, Borrowell is a reliable channel to obtain it. You can find more information in our Borrowell review. Additionally, we’ve compiled a detailed comparison of Borrowell vs Credit Karma to help you make an informed decision.
Remember that your TransUnion and Equifax credit scores may differ due to various factors, including variations in proprietary scoring models.
Check out our comprehensive analysis for more insights and reviews on Borrowell, Credit Karma, and Mogo.
TransUnion Credit Score Range
In Canada, credit scores range from 300 to 900. A higher credit score reflects better creditworthiness, making lenders more willing to offer you lower interest rates.
Conversely, a low credit score indicates poor creditworthiness, making it challenging to obtain credit.
The TransUnion credit scores come in the following classes:
- Excellent TransUnion credit score = 800-900
- Very Good TransUnion credit score =720-799
- Good TransUnion credit score = 650-719
- Fair TransUnion credit score = 600-649
- Bad credit score = 300-599
Paying your bills early and right on time can help to boost your credit score. Other ways of boosting your credit include:
- keeping below 30% credit utilization i.e. using not more than 30% of your total available credit
- reducing your amount of credit applications
How to Get a Free TransUnion Credit Report
Obtaining a free credit report from TransUnion is a straightforward process that can be done once a month. The document you need to request is called the Consumer Disclosure, and you have multiple options for ordering it: online, by mail, by phone, or in person.
1. Order Online:
- Visit the TransUnion website and provide your details, including address, name, date of birth, and social insurance number.
- You might need to answer a few identity validation questions.
- Once your identity is confirmed, you can access your credit report.
2. Order by Mail:
- Download the request form from the TransUnion website.
- Fill out the form and send it by mail to the Consumer Relations Centre at 3115 Harvester Road, Suite 201, Burlington, Ontario L7N 3N8.
- Remember to attach a copy of a government-issued identification document, such as your passport, driver’s license, or birth certificate.
- Also, include a document that proves your current address, like a credit card statement, utility bill, notice of assessment, or T4 slip for the present year.
3. Order by Phone:
- Contact TransUnion at 1-800-663-9980.
- Follow the instructions provided by the automated interactive response.
4. Order In-Person: Visit TransUnion’s provincial offices in Newfoundland, Nova Scotia, Prince Edward Island, or Ontario.
Alternative Option: Credit Karma, a fintech company operating in the United States and Canada, offers another free way to access your TransUnion credit report. You can obtain your credit report and credit scores from TransUnion through Credit Karma.
How to Read Your TransUnion Credit Report
Your TransUnion credit report is a vital document that reveals the history of your interactions with credit providers. It contains valuable information, including:
- Sensitive Personal Information: This includes your past and present addresses, Social Insurance Number (SIN), name, employers, and date of birth.
- Payment History: Your credit report shows your history of settling debts, such as outstanding amounts and credit card usage.
- Lenders’ Inquiries: It lists the hard inquiries lenders make when assessing your credit profile.
- Financial Events: This section covers consumer proposals, liens, collections, bankruptcies, court judgments, and other relevant financial events.
Your credit score is heavily influenced by the data in your credit report, as it gives lenders insight into your financial reliability.
What Is a Credit Score?
A credit score is a three-digit number, typically 300 to 850, reflecting your creditworthiness and the probability of timely bill payment. It is calculated based on information from your credit report, including your payment history, outstanding debts, credit history length, and loan types.
A higher credit score indicates responsible credit behaviour, making lenders more inclined to offer you loans at lower interest rates. This is because your credit history demonstrates a strong likelihood of timely repayment.
Your credit score is a key factor in determining your eligibility for various financial opportunities. Understanding its significance can open doors to better loan terms and increased financial stability.
What Is Considered a Good Credit Score?
Credit scores range from 300 to 900, with higher scores indicating better creditworthiness. As your credit score improves, so does your credit rating.
A credit score above 660 is generally considered good, very good, or excellent. Credit bureaus typically view a good credit score as falling within the range of 660 to 724.
A score between 725 and 759 is considered very good, while a credit score of 760 and above is considered excellent.
Related: What is a Good Credit Score? Everything You Need to Know
Final Thoughts on TransUnion Credit Score and Report
Understanding your financial health has never been more accessible, thanks to TransUnion credit score and report services. With TransUnion, you can gain valuable insights into your credit standing, enabling you to make informed decisions and take control of your financial future.
Whether you aim to improve your creditworthiness, guard against identity theft, or secure better loan rates, TransUnion has your back. Take charge of your financial destiny by accessing your TransUnion credit score and report today!
FAQs on TransUnion Credit Score and Report
What is Credit Monitoring?
This service alerts you with a notification when there is an activity like credit file updates (credit inquiry, for example). Credit bureaus TransUnion and Equifax, financial institutions, and issuers of credit cards provide credit monitoring.
Getting a credit monitoring service could be really helpful for those who want to keep their credit safe from fraud or security breaches.
If an unauthorized person attempts to apply for credit with your name, credit monitoring will notify you of their activity. Most platforms and bureaus that provide this service often charge for it.
How Often Should You Check Your Credit Report?
We recommend asking for your report from one of the credit bureaus. After that, wait for a period of six months, the place another order from the other credit bureau. It is easier and quicker to sense problems when you space out your requests.
