In this article, I will show you two ways to get your Equifax credit score for free!
Your credit score and report provide an assessment of your creditworthiness, and combined, they can impact your ability to apply for credit.
Equifax and TransUnion are the two main credit bureaus in Canada. These two companies use information from various financial institutions to compute your credit score.
The details of the data they receive from banks are compiled in what’s generally referred to as a credit report.
A $19.99 fee applies if you want to request your credit score and report combo from Equifax using its credit monitoring monthly subscription product.
How To Get a Free Equifax Credit Score
Equifax now provides your credit score free of charge. You can apply for it here.
You can also check your Equifax credit score by signing up for one of their monthly packages, including:
- Equifax Complete Premier: $19.95 per month
- Equifax Complete Friends and Family: $29.95 per month
So, how else can you get your free Equifax score? These two financial technology companies below offer them for free:
1. Borrowell
Borrowell was the first company in Canada to offer free credit scores. More than one million Canadians use their platform to monitor their credit and access other financial resources.
The credit score check is 100% free, and you get free weekly updates. Learn more about what they offer in this Borrowell review.
2. Loans Canada
This company offers access to your credit score (Equifax) on its website. You can also use the platform to compare loan rates at multiple lenders with no obligation to apply for a loan.
This Loans Canada review goes into greater detail about its service offerings.
What Makes a Good Credit Score?
A good to excellent credit score makes it easy for you to qualify for loans at a competitive interest rate.
Various credit bureaus use proprietary models to compute your score, leading to differences in your score from TransUnion and Equifax.
In Canada, you can rank your credit score as follows:
- Poor credit score: 300-559
- Fair credit score: 560-659
- Good credit score: 660-724
- Very good credit score: 725-759
- Excellent credit score: 760-900
The main factors influencing your credit score include your payment history, credit utilization, length of credit history, number of recent inquiries, etc.
Learn more about how your credit score is calculated.
How To Get a Free Equifax Credit Report
You can request your free Equifax credit report alongside your credit score on their website.
Here are other ways to request it:
A. Reach them by phone at 1-800-465-7166. The automated phone service collects the information required, including personal details such as your name and Social Insurance Number (SIN).
Your credit report is then processed and mailed to you via Canada Post within 5-10 days.
B. Visit their website to download the Request Form. After completing the form, mail it to: National Consumer Relations, P.O. Box 190, Station Jean-Talon, Montreal, Quebec, H1S 2Z2.
You will need to attach copies of at least two government-issued IDs (e.g. Driver’s license and passport). You can also fax the documents to 514-355-8502. Your credit report is sent via postal mail within 5-10 days.
C. Request your credit report in person at one of four Equifax locations in Canada – Toronto, Montreal, Halifax, and Charlottetown.
Make sure to bring along at least one photo ID and proof of your address (e.g. bank statement or utility bill). The proof of address document must be less than 90 days old and should have been received by mail.
You can also request your free credit report from Borrowell.
What Goes into your Credit Report?
Your credit report is a snapshot of your credit activity over the years. It includes:
- Your personal information
- A list of your credit accounts, e.g. credit cards and loans
- Public records and collections
- Inquiries from lenders
- Court judgements and liens
If you find errors on your credit report, you can dispute them.
Conclusion
Keeping tabs on your credit score and report can help improve your financial habits and alert you to fraudulent activity or identity theft quickly.
With a free credit check service, you can monitor your credit profile without paying $20 or more every month.
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