In our last post, we outlined some tips and tricks on how to improve your credit score. To improve your credit score, you will need to monitor your credit score each month. In Canada, there are two credit agencies and those are Equifax and Transunion. These two companies are responsable for everything related to your credit file.
While you can check your credit score and report by subscribing to a plan on either Equifax.ca or Transunion.ca, you do not need to pay a hefty $15-30 per month for this service. There are many ways you can check your credit score and your credit report in Canada without paying anything. The list below provides you some ways to access these information. An important thing to note is that the institutions that provide this service only update it once a month. This means you might not always see your up-to-date score and report when accessing them through these services. Also note that your score will vary depending on the agency the institution has a deal with because each agency has a different formula for calculating the score.
1. Your Financial Institution
In Canada, many financial institutions provide access to your credit score and credit report free of charge. However many Canadians do not know they have access to this service. Major banks like RBC, CIBC, Scotiabank and Desjardins provide this service on their website and their mobile app. After you login on the website search for links in the sidebar most commonly named as “Your Credit Score” or “Check your Credit Score “. Upon clicking these links, you will be shown you score with Transunion or with Equifax. From experience, RBC and Scotiabank show the score with Transunion and CIBC and Desjardins with Equifax.
Borrowell is a private company located in Toronto, Canada. They provide you access to your credit report and your credit score however in exchange they would use the data to recommend you financial products such as credit cards and loans. Borrowell provide you access to your Equifax report and score and they will be updated once a month. You can download their mobile app and monitor your credit score and the report each month.
3. Credit Karma
Credit Karma is another company that provides access to your credit report. Credit Karma is an American company specialized in product recommendation similar to Borowell. Credit Karma has also a mobile app you can use to monitor you credit score.
Between these three options, we definitely recommend the first option that is your financial institution. The main reason is that you do not share your report with a third-party company. If your institution does not provide the credit service free of charge then you can choose between Borowell or Credit Karma.