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In the past, getting access to your credit score used to be complicating and expensive to check frequently. There were only a few services available and you had to pay a fee of around $20 to Equifax or TransUnion each time you wanted to access your score.
Canada’s credit score system ranges between 300 to 900, and is an indicator of how responsible you’ve been with your debt. Your credit score affects everything from getting a loan to renting an apartment so it’s important to stay on top of your score. Fortunately today, there are many different tools available to Canadians that allow you to check your credit score completely for free and updates you monthly.
The best apps to get your free score in Canada
The following apps are the best in Canada for finding your free credit score. But before we look at the tools, it’s important to understand what scores each app gives you.
There are two different credit agencies in Canada: Equifax and Transunion. It is important to check your scores with both companies, and not just one of them, since they will report different items. Oftentimes, lenders will only report to one agency. Therefore, you might have a great credit score with one agenciy, but find that you have many outstanding debts when you check the other.
Luckily, all of the services below are completely free so signing up costs nothing. There are no hidden fees, so you don’t need to worry about any upsells or charges on the back end. The way that these companies make money is by recommending financial products to you based on your score. It is completely optional if you decide to sign up to them or not.
Get your free credit score from Equifax
Borrowell is the best free credit score tool in Canada to check your Equifax credit score. You’ll also get a full monthly report.
Mogo is a newer player on the block and they also allow you to check your Equifax score for free. Like Borrowell, they’ll also give you access to a full monthly report where you can see a detailed analysis of your current credit state. Mogo also gives you additional services like identify fraud protection all within the same app.
Get your free credit score from Transunion
Credit Karma is the best credit score app for checking your Transunion credit score. You’ll get a full monthly report.
How to get your free credit report in Canada
Signing up to the tools is fast and simple. The process is similar to going directly to Equifax and Transunion and checking your score. You’ll need to input some personal information like your birthday and SIN number. They’ll also ask for some details about your credit history such as what credit cards you currently carry, or where you’ve worked in the past. These questions are mainly to verify your identity.
Which companies should you sign up for?
You should sign up to all of them. They’re all completely free and ideally you want to check your score from both credit bureaus. You should check your credit score around once a month to see what’s being reported and to check for any errors or false items, which happens more frequently than you might think.
Get your score directly from Equifax and TransUnion
The tools we listed above have a much simpler sign up process and user experience than going directly to Equifax and TransUnion, so we recommend that route if you’re checking your score for the first time.
Is there any difference between a paid credit report and getting it for free?
The only difference is that with the paid credit reports, you’ll get more options such as more extensive customer support, deeper monitoring, more analysis, and identity protection. These aren’t mandatory and are only for those who want extreme protection and notifications for their credit scores.
For the majority of people, a general overview of your score and reported items will be enough.
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