Your credit score shows lenders whether or not your spending habits can be trusted.
A person with a high credit score can expect to be given special treatment and be offered loans that you likely will not see anywhere else.
With that said, it can be challenging to figure out how best to raise your credit score if you have little experience reading your credit report.
Before committing to improving your credit score, it is crucial to determine how best to review it.
Here are a few free ways to check your credit score in Canada!
5 Ways To Check Your Credit Score For Free In Canada
While there are undoubtedly plenty of ways to check your credit score for free in Canada, it would be best to start with the numerous different types of online platforms that provide this service, like Borrowell and Credit Karma.
It often involves signing up for a free account, which requires you to provide details to help the service match up with the necessary bureau.
While it might not necessarily be the most orthodox of methods, using a platform outside the usual channels is still a safe and easy way to get a free credit report from credit-monitoring services.
TransUnion Free Credit Report
When it comes to obtaining a free report from TransUnion, there are four avenues to go:
- By phone. Fortunately, TransUnion makes it easy to get what you want by phone. All you have to do is call TransUnion at 1 (800) 663-9980. The automated system will ask you which service you wish to choose, and, as of the writing of this article, the correct option is number one.
- By mail. While not quite as convenient as e-mail, many prefer receiving their reports the old-fashioned way. If you would like to receive your comprehensive report through mail, all you have to do is print out the necessary form and send it to one of two addresses:
TransUnion Consumer Relations Department
P.O. Box 338, LCD1
Hamilton, ON L8L 7W2
Centre de relations aux consommateurs TransUnion
CP 1433 Succ. St-Martin
Laval, QC H7V 3P7
Afterward, waiting for the credit report to arrive in your mailbox means waiting.
- Online. The most convenient method is heading to TransUnion’s website to get an in-depth look at the state of your credit score.
- In-person. Last but not least, you can receive the report from one of TransUnion’s offices. You will need to provide two pieces of valid identification along with your name, birth date, current address, and signature.
Equifax Free Credit Report
You also have Equifax as a viable option when it comes to obtaining a credit report in three different ways:
- By phone. Using Equifax’s unique Interactive Voice Response system, you can call 1-800-465-7166 to begin the process. You will also have to input your social insurance number during the call. Once the call has been processed, you can expect the credit report to arrive through mail within ten days.
- By mail or fax – Similar to TransUnion, the process to receive Equifax’s credit report via mail involves downloading and printing a form to submit to either 514-355-8502 for fax or to this address:
National Consumer Relations
P.O. Box 190 Jean-Talon Station
Montreal, Quebec H1S 2Z2
Remember that there are a few necessary documents, which you shall find in the instructions when you download the form.
For example, photocopies of two valid Canadian government-issued I.D.s are required.
- In-person. Getting your free credit report in Equifax is similar to TransUnion. Bring the documents stated in TransUnion’s instructions to one of Equifax’s offices.
Online Banking Apps
Banking apps have the added feature of providing a free credit score.
The best examples include RBC, CIBC, and Scotia Bank.
Online banking apps are more accessible than ever to navigate, meaning no matter which bank you use, you must open the app from your phone, desktop, or tablet and search for the credit check.
How Can You Improve Your Credit Score?
While it is one thing to check for a free credit score, it is another to make an effort to improve your score.
Whether you already have an excellent rating or have a less-than-ideal score, it is recommended to always work toward improving it, no matter the scenario.
A few tips include:
- Regularly review your credit report for any irregularities. If you happen to see anything strange, contact your credit reporting agency to have it corrected.
- Pay your debts in a timely fashion.
- Avoid the closure of any banking account under your name
- Stay below your credit limit when using your credit card
- Ensure that any non-mortgage debt is dealt with as swiftly as possible
Of the tips above, perhaps the most crucial rule is ensuring that your debts are paid on time.
Lenders will seek the one thing when you apply is your integrity when paying on time.
It cannot be stressed enough just how much of a difference paying your debts on time can make!
Fortunately, there are plenty of ways to receive your credit report – online or offline.
If it comes through Equifax, TransUnion, third-party companies, or anywhere else, the tips above are more than enough to help you see where you stand.
Conclusion On Checking Your Credit Score For Free In Canada
In conclusion, checking your credit score for free in Canada is essential for managing your finances and improving your credit health.
You can obtain a free credit report once a year by using government-approved credit bureaus, such as Equifax and TransUnion.
Additionally, you can use free online resources and tools, such as Credit Karma or Borrowell, to regularly monitor your credit score and get tips on improving it.
It’s essential to check your credit score regularly to ensure that your credit report is accurate and to catch any potential errors or fraud early on.
You can make informed financial decisions and achieve your financial goals by taking control of your credit score.