Credit Verify is a credit monitoring and identity theft protection service in Canada. It is powered by TransUnion.
The last few years have been rife with several major data breaches resulting in the exposure of personal credit, social insurance numbers, bank accounts, and other identifying information for millions of people in North America.
Two recent examples are the Equifax and Capital One data breaches, and there are several others.
These incidents have led to an increase in the demand for credit monitoring and anti-identity theft services.
Update: This review of Credit Verify is for informational purposes only. Based on reader feedback about this service, I do not recommend signing up. You can check out other options, including credit monitoring services provided directly by TransUnion and Equifax.
Credit Monitoring and Identity Theft Protection Canada
Credit monitoring can help you keep track of your credit score and reports, alert you to potentially fraudulent activity, and help you restore your credit if you become a victim.
Canadians have two main options for monitoring their credit.
Option 1
The credit bureaus, Equifax and TransUnion, are obliged to provide you with one free copy of your credit report every year upon request. You can review this free credit report for any errors or suspicious entries.
In addition to reviewing your report, you can also obtain your check your credit score for free and use both to manually gauge if someone has stolen and is utilizing your credit profile.
Option 2
You can automate the credit monitoring process by signing up for a service that provides daily monitoring of your credit file (24 hours a day and seven days a week).
It will cost you a monthly fee; however, you can rest easy knowing that you will be notified if bad actors steal your information and try to use it for fraudulent purposes.
Who is Credit Verify?
Credit Verify offers credit reports, credit scores, and credit monitoring services in all provinces except Quebec. They are owned by Credique LLC, a company based out of California, U.S.
In addition to its base offering, Credit Verify provides resources that help its customers improve their credit scores, a real-time credit score simulator, and access to credit cards, loans, debt assistance, and rewards.
How It Works
To sign up for this credit monitoring service, you must be the age of the majority in your province, i.e. at least 18-19 years old.
Following the 7-day trial period, a $19.95 subscription fee is charged every month if you choose to continue.
What Do You Get?
A Credit Verify subscription gets you the following benefits:
- A daily credit monitoring service that puts you in the driver’s seat. This service is powered by the credit bureau, TransUnion
- Unlimited access to your credit report and score
- Alerts when there are changes to your report
- Debt and credit analysis resources
- Real-time credit score simulator
Is Credit Monitoring Worth It?
Monitoring your credit for breaches or fraudulent activity is important. Whether you do it manually by requesting your free credit report and score on a routine basis or opt for an automated 24/7 service, it is crucial that you remain on guard at all times.
The sooner you realize you have been compromised, the easier it is to limit any potential damage.
If you are not aware that your identity has been breached, a hacker or scammer can go ahead to create financial accounts in your name, open bank accounts, apply for a credit card, or purchase a vehicle.
Does credit monitoring guarantee you will not be defrauded?
No, it does not necessarily stop someone from trying to defraud or impersonate you.
What it does is alert you so you can take steps right away to prevent or limit the damage. For example, you can ask credit bureaus to freeze your credit (U.S.). In Canada, you can place a Potential Fraud Alert on your consumer credit file.
Conclusion
Credit monitoring services offer a service that provides additional protection against fraud and unauthorized changes or credit inquiries to your credit file. If you want the extra peace of mind that comes from automating your credit monitoring, you can give them a try.
Make sure to read online reviews and ratings, as other customers have voiced complaints about Credit Verify and the difficulties with cancelling your subscription.
Related:
- 10 Steps For Getting Out of Credit Card Debt
- Best and Free Cash Back Apps in Canada
- Personal Loans for Bad Credit Canada
- Best Personal Loan Options in Canada
- How To Get Your TransUnion Credit Score
Credit Verify Review: Credit Monitoring in Canada
Overall
Summary
Are credit monitoring and identity theft protection services in Canada worth it? This Credit Verify review covers their daily credit monitoring service offering and how to protect yourself from identity fraud.
Pros
- Regular credit score updates
Cons
- Can check your credit score for free using other services
- Poor customer support
Arnaque, Même chose je cherche à annuler et ils prennent 2 paiements sur ma carte de crédits le 15 de chaque mois, un paiement de 35$ et un de 18$ pour vérifier mon crédits, annuler toute inscription
@Stephanie: Cela semble être un problème populaire!
These people are just scammers and thieves. I am a disabled senior andI have sent numerous emails and my bank has sent contact to stop them from taking money from my account. They don’t comply or listen. BEWARE! DON’T GIVE THEM ANY INFORMATION. STAY OFF THEIR WEBSITE.
I have a similar experience and I am now trying to cancel my subscription
Anyone know how I can report them or make them unable to take my money from my cart ?
My wife & I were on the transunion website trying to verify our personal information that they have on us. Somehow we must have unknowingly ended up on the creditverify website. Next thing we know we are getting billed on our credit card for a monthly credit monitoring service that we did not sign up for. By the time we got the first unauthorized billing on our credit card a second billing had already been posted. We called Credit Verify to get our money back. At first they offered $7 but after we told them that we were going to dispute the billing with our credit card company they offered to refund the second billing charge but only if we did not dispute the first charge. We refused this blackmail & they then refused to refund the second billing. They did agree to cancel our “subscription” but we don’t trust them so we decided to also cancel our credit card to be safe. We will proceed to dispute the charges with our credit card company. Why would anyone pay about $40 Cdn. per month to monitor your credit? I think VISA, Mastercard & American Express etc. should refuse their business.
A bad experience with non professional and misleading agents, cost me at the end 40$, ended up with no credit report which was the reason I signed up for what supposed to be a 1$ charge service. After several calls and speaking to many agents asking to fix the issue of not receiving a user name and temporary password while signing up even though I received confirmation, but 2 deductions from my credit card of more than the amount promised. Yet with all these deductions still did not get a credit report in return. This lead me to cancel my account which they recommended I do and to get a refund since they can not be fixed as they After I had done that I still didn’t receive the money, so I called again to ask why my money wasn’t refunded as promised? I was told by the new agent that the agent who canceled my account was terminated from the agency due to the false statements she was giving to the guests. However, even though these mistakes we’re on their end and I did not ask to be given fake information instead of still receiving compensation for the lack of professionalism through a refund, I still did not get one. Now even with no refund they still didn’t give me the credit report I payed for instead of the refund. So all I was left with was a useless sorry and a 40$ loss for this inconvenience. And of course no credit report.
this has happened to me and i am now trying to cancel my account. will phone but have also sent email.
how do i contact government of canada to report this fraudulent company
a charge in my checking account suddenly appeared ($19.95) on the 23rd of every month and i have finally found out who threy are.
thanks for all your honest comments. i hope you will be able to resolve this also.