How To Check Your Credit Score For Free In Canada

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How To Check Your Credit Score For Free In Canada


TORONTO – Credit scores are designed to predict whether consumers will pay their bills on time and the higher the number, the better the risk to a potential lender.
If you wanted to know your credit score, in the past you would have to pay around $ 30 to a credit reporting agency, but now they will be available for free.

“This is great news for all consumers,” said Adriana Molina, director of communications at Credit Canada.

The Quebec government passed legislation last month to better protect consumers against fraud and identity theft.

Equifax and TransUnion are now required by law to allow Quebecers to check their credit reports and scores online free of charge.

Equifax has decided to go one step further and provide all Canadians with free access to their credit information online.

“You can access your credit report and credit score online for free on the Equifax website,” said Julie Kuzmic, director of consumer advocacy at Equifax Canada.

“Under the new Credit Assessment Officers Act, TransUnion is required to provide a free credit score upon request to Quebec consumers. This service is only available to Quebec consumers at this time, ”TransUnion told CTV News Toronto in a statement.

“In keeping with TransUnion’s commitment to customers and consumers, we have been granting several of the rights set out in the new legislation to all Canadian consumers for years, including explanatory notes and safety alerts. Additionally, all Canadian consumers continue to be able to access their consumer disclosure free of charge – to do so, please visit transunion.ca. ”

To get your free credit information through Equifax, go to their home page and scroll down to get my free Equifax score and online report.

You will need to answer a few questions and realize that listing your Social Insurance Number is optional.

In less than ten minutes, you will have your credit score.

Credit scores are between 300 and 900.

A higher score means you are at good risk, while a lower score means that you may have missed payments or taken on too much credit could be seen as problematic for lenders.

Some banks have recently allowed their customers to access their credit scores and some websites have offered them free along with other services, but this is the first time that the scores have been offered free by Equifax to the public.

Credit Canada, which provides credit counseling, says that if people can check their scores, they can try to improve their financial situation.

“What you don’t check isn’t fixed so if you can monitor your credit score and see it for free that’s fantastic because if there is a problem you will know it and start taking steps to correct it. whatever your credit problems, ”Molina said.

Equifax says that each lender uses different criteria to determine a credit score so the numbers may differ.

If you see an error on your credit report, you need to take action to correct it.

“There’s a lot of information out there to let you know that if something doesn’t look right on your record, contact us and we’ll open an investigation and work with you to figure out what’s going on,” Kuzmic said.

You should check your credit score at least once a year to see if your number is increasing and not.

Equifax said that when a person checks their own credit information, there is no impact on their score.

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