Want to access your credit score for free? There are now multiple ways to achieve that in Canada. While our neighbours down South have had access to free credit scores for more than a decade, it was only recently that Canadians could boast of having the same resource available to them.
Gone are the days when you needed to pay $20 or more to TransUnion or Equifax to see your credit score. Through the resources I have listed below, you not only get your credit score for FREE, but it gets even better: you can have access to quarterly, monthly or even weekly credit score updates, all at no cost!
The companies offering this free service have other services they promote including credit cards, personal loans, etc. However, you are under no obligation to subscribe to any of their other offerings or services.
What Is A Credit Score And Why Is It Important?
A credit score is a three-digit number between 300 and 900 that serves as a snapshot of your creditworthiness i.e. the level of risk a lender has to assume when they lend you money.
In general, credit scores may be ranked as follows:
760 – 900 → Excellent
725 – 759 → Very Good
660 – 724 → Good
560 – 659 → Fair
300 – 559 → Poor
A very good to excellent credit score means that you can qualify for the best rates on loans, mortgages, lines of credit, and other financial products. Click here for tips on how to improve your credit score.
Getting Your Free Credit Score in Canada
These four companies will provide your credit score for free:
Borrowell: They offer access to free monthly credit scores and credit reports (Equifax). There are no fees and your credit score and report are updated on a monthly basis. Learn more about them in this Borrowell review.
Credit Karma: They offer access to free credit scores (TransUnion). Your credit report is also provided.
Ratehub: Access to a one-time free credit score (Equifax).
Bonus: Residents of the U.S. can obtain their FREE credit score from Credit Sesame.
How to Apply for a Free Credit Score
Applying for your credit score online is an easy process.
Simply visit their website and enter your basic personal details. Your social insurance number or credit card details are not required.
You may be asked to answer a few questions to validate your identity. Afterwards, your credit score becomes available online. The entire process takes 3 minutes or less.
Also, checking your credit score using these online portals is considered a “soft inquiry” and does not adversely affect your score in any way.
It is advisable to check both your Equifax and TransUnion credit scores. Sometimes, lenders report to one and not the other and your credit scores may vary.
Get Your Free Credit Report in Canada
Your credit report gives more details about your credit history and can be obtained free of charge from the credit bureaus, including Equifax and TransUnion.
Borrowell provides a free Equifax credit report.
For a TransUnion credit report, you can access your report online and download it. For Equifax, you can simply make a request by calling them at 1-800-465-7166.
It’s a good idea to keep tabs on both your credit score and credit report. That way, you can quickly identify any errors, and also track improvements in your credit profile over time.
- How Credit Scores Are Calculated
- A Complete Guide To Credit Scores in Canada
- TransUnion and Equifax Credit Scores
- IntelliMortgage: Find the Best Mortgage Rates