How to Check Your Credit Score in Canada
You can check your own credit score by reaching out to one or both of Canada’s two credit bureaus, Equifax and TransUnion.
How to check your credit score
You can submit a request for a free Equifax credit score and credit report via an online form, as well as by phone or mail.
TransUnion only allows residents of Quebec to check their credit score for free. If you live in any other province, you’ll have to pay for monthly credit monitoring to get your TransUnion credit score. All Canadians can get a free credit report from TransUnion, which they refer to as a “consumer disclosure.”
You can also use one of the Canadian personal finance websites that offers free credit scores and reports to users who sign up with their email address, like Borrowell or ClearScore.
Some banks in Canada, such as CIBC and RBC, also provide free credit scores via their online banking platforms or mobile apps.
Your credit score is different from your credit report, sometimes referred to as credit history. Your credit score sums up the contents of your credit report in a three-digit number.
Why check your credit score?
A credit score is a number between 300 and 900 that tells potential creditors how likely you are to pay back debt. The higher your score, the less risk you present as a borrower.
Financial companies often check credit scores to determine your eligibility for a credit card, loan, or mortgage and at what interest rates.
The credit bureaus regularly update your credit score based on the information your creditors send them about payments you’re making on your loans and credit cards.
It’s important to check your credit score and report often to make sure there are no mistakes. A sudden, unexplained dip in your score could indicate something is amiss. Catching errors as soon as possible helps ensure they don’t negatively affect your credit score.
Even more importantly, checking your credit score and report helps prevent fraud or identity theft because you can see if anyone is fraudulently opening accounts under your name.
Why are TransUnion and Equifax scores different?
Your Equifax and TransUnion credit scores will likely be slightly different because credit bureaus don’t always prioritize the exact same metrics to determine your credit score.
Also, some creditors may decide to report your accounts to just one credit bureau rather than both, as there’s no law that account data must be reported to both Equifax and TransUnion. When deciding whether to extend credit to you, lenders will typically look at scores from more than one bureau.
What about foreign credit scores?
Your credit score as reported by Equifax or TransUnion applies only in Canada. If you are moving to Canada from another country, you will likely need to build a Canadian credit profile from scratch. Some lenders may be able to consider your foreign credit history, but it’s less common.
How to rebuild a low credit score
Here are a few suggestions to fix and rebuild a low credit score:
Bring your accounts into good standing. Delinquent accounts will continue to damage your credit score as long as they remain unresolved. Work with your creditors to develop a repayment plan. Once these accounts are up-to-date, you can begin rebuilding your credit.
Get a secured credit card. Because you have to supply a deposit, secured credit cards are much easier to get yet can still help increase your credit score when used responsibly.
Make your payments on time. Payment history is the most crucial factor in your credit score. (An overpaid credit card, one with a negative balance, will not have a negative impact on your credit score.)
Don’t cancel old credit card accounts. Even if you don’t use them anymore, it’s good to keep them open because credit history is also an important facet of your score. If you have to cancel your credit card, make sure you do so safely.
Frequently asked questions
How do I get a free copy of my credit report?
How do I get a free copy of my credit report?
You can access a free copy of your credit report through either of Canada’s credit bureaus: TransUnion and Equifax. Alternatively, you can use a Canadian credit monitoring site, like Borrowell, to access you credit score and report.
How do I check my credit score with RBC?
How do I check my credit score with RBC?
As an RBC customer, you can access your credit score through your online banking portal. Visit “My Services” and select “View Your Credit Score.” After you accept the legal disclaimer and the CreditView dashboard agreement, you’ll gain access to your credit score and various tools and calculators.
How do I check my credit score with TD?
How do I check my credit score with TD?
If you bank with TD, you can access your credit score using the Interac verification service. This is a third-party app you must download. Then, you can log in using your TD EasyWeb or TD Mobile app credentials. Once you agree to the terms and conditions, you can access your Equifax credit score.
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