Last Updated on January 7, 2022 by Yetty Akindele
In recent times, a couple of platforms have been established that allow for free ways to get your credit score, report, and some other perks in Canada.
One common saying of mine is that “your credit score is a deal-breaker in Canada”. Almost everything you do is tied to this single financial metric.
Take, for instance, you want to rent a house; the agency could pull your credit history prior to approval. You need financing on a new mobile device, your credit score is checked. You need a loan, having a good to excellent credit score gives you the best rates!
It should be clear now, how your credit score goes a long way to influence your financial health and I dare say a large number of non-financial decisions as well.
In Canada, there are 2 main credit reporting bureaus- Equifax and TransUnion.
A couple of years back, checking your credit score and getting access to your credit report from any of these 2 bureaus would have cost you some amount of money.
This could be as high as $20. Additionally, this was restricted access, not available to you at any point in time- you have to make a request to get it.
Nowadays, this is not the case. You can access both your Equifax and TransUnion credit scores for free right this minute.
Additionally, there are options for you to get weekly and monthly updates of your credit score.
One thing you should note is that with the platforms listed here, you are performing a soft inquiry when you check your credit score yourself.
Hence this does not qualify as a factor that affects your credit score in any way.
There are 4 different platforms currently offering your credit score for free.
Additionally, some of these platforms also have additional perks such as free credit reports, loan offers, and ID fraud protection.
It is not mandatory for you to subscribe to these other services before getting access to your free credit score.
Related:
How To Get Your Credit Score For Free In Canada
Borrowell
The first to offer Equifax free credit score and report in Canada. Borrowell is definitely a leader when it comes to companies that offer free access to your credit score and report (Equifax).
What I like about Borrowell is their weekly credit score and report update. This has helped me stay on top of my credit score and report.
I know almost immediately if I take any actions that impact my credit score (positive or negative). This is because I do not have to wait till the end of the month before getting access to my credit score.
As a result, I am able to make needed adjustments so I am on track.
Signing up on Borrowell is easy and doesn’t require you to provide your SIN. The platform also has a friendly user interface and protected with bank-level security.
You can read my detailed Borrowell review here.
Mogo
The selling point for me with Mogo in addition to their monthly free credit score and update is their free ID Fraud Protection (MogoProtect). I mean it is totally for free, you only need to order the free Mogo Visa* Platinum Prepaid Card. This free ID Fraud Protection is a service that could cost you up to $20 monthly with typical credit alert providers.
Not to digress, when you open a MogoAccount, and order the free Mogo Visa* Platinum Prepaid Card. (takes 3 minutes!) you get access to your free Equifax credit score. No access to credit report with Mogo. However, the free ID fraud protection is one good reason to sign up for the services of Mogo.
You can read my detailed Mogo Review here.
Credit Karma
Credit Karma Canada gives you free access to your TransUnion credit score and report. The platform also gives access to personal loan offers and Mortgage rate offers.
For US residents, you can access your free credit score and report (TransUnion) via Credit Karma and Credit sesame.
Canadian Banks
Some Canadian banks give you free access to your credit score via their mobile app or online banking app. 3 banks currently offer this service in Canada. They are CIBC, Scotiabank and RBC.
With CIBC, you get access to your free credit score only. However, the downside to this is that the credit score is updated once every 3 months.
Scotiabank and RBC both offer access to your credit score if you bank with them. With these banks the credit score is updated monthly.
Considering how important your credit score is in Canada, it is advisable for you to keep a close eye on it. Look for ways to boost your credit score so you are sure to get the best when it comes to accessing financial needs.