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How to Check Credit Score in Canada

Loan Express | May 24, 2021

Loan express does not require credit checks, decline a loan based on a credit check, or affect the loan’s approved amount. The following article is purely for educational purposes.  

Introduction of Credit Score

Do you know what a credit score is? Everyone has one, and you should be checking it at least once a year! 

A credit score is a 3-digit number (between 300-900) that shows lenders if you run the risk of defaulting on a loan. Your score is generated from your credit report, which summarizes your financial history. If you have a high credit score, you are seen as a low-risk borrower and ideal for a lower-interest-rate offer.

Canada has two national credit bureaus, Equifax and TransUnion, which create credit scores and credit reports based on data about each borrower (you) from their past and current lenders.

Introduction of Credit Score

In general, credit scores are ranked as:

760 – 900 → Excellent

725 – 759 → Very Good

660 – 724 → Good

560 – 659 → Fair

300 – 559 → Poor

How to Check Your Credit Score from Your Bank for Free

One of the easiest ways to get your credit score is from your bank through their online banking platforms. While not all banks offer this service, large banks in Canada such as RBC, BMO and CIBC do. The process to receive your credit score will vary. 

How to Check Credit Score with RBC Bank?

If you have an online baking account with RBC, you can access the TransUnion Credit Dashboard. It is available to all clients with no additional charge and has no impact on your credit rating as it is a soft inquiry. Simply sign in to your RBC Online Banking account, click the “View Your Credit Score” link, agree to the terms, and you will have immediate access to your credit score dashboard.

How to Check Credit Score with BMO Bank?

BMO rolled out their free credit score service recently that is accessible directly from their banking app. Simply click on the “more” menu and tap on the “My Credit Score.” Like RBC, this is a soft inquiry and will not affect your credit rating. For a comprehensive tutorial, visit the BMO Digital Banking Demo.

How to Check Credit Score with CIBC Bank?

CIBC also offers a free credit score service to all of their account holders. CIBC clients can see their credit score instantly using the CIBC Mobile Banking App. It is a soft inquiry and will automatically update every three months to track your credit score process.

How to Check Credit Score with TD Bank?

TD Bank has services, resources, tips and tools to help you track your credit score. However, they do not currently offer a service to check your credit score through their online platform. They suggest obtaining your credit report plus your credit score through Equifax Canada or TransUnion Canada.

How to Check Your Credit Report in Canada Using Credit Bureaus?

Another way of obtaining a copy of your credit report is through Equifax Canada or TransUnion Canada. Ordering your credit report through mail, fax, telephone or online does not affect your credit score. Note that Equifax Canada refers to your credit report as “credit file disclosure,” and TransUnion Canada refers to your credit report as “consumer disclosure.”

Equifax

To obtain a credit report from Equifax, you have a few options. 

You can get free Equifax credit reports at annualcreditreport.com, or through your myEquifax account (paid service). You can also order by mail or fax here.

If you are more comfortable completing your credit report request over the phone, you can call Equifax at 1-800-465-7166 and follow the instructions.

TransUnion

To obtain your credit report from TransUnion, you can fill out their online form here. However, your TransUnion Credit Score & Credit Report is a part of their subscription-based credit monitoring service, which costs $19.95 a month plus taxes. To obtain a free credit report from TransUnion, visit annualcreditreport.com. You can also order by mail or fax here.

If you are more comfortable completing your credit report request over the phone, you can call Equifax at 1-800-663-9980 (except Quebec)

or 1-877-713-3393 (Quebec residents) and follow the instructions.

TransUnion vs. Equifax Credit Scores

The Differences Between TransUnion vs. Equifax Credit Scores in Canada

If you’ve received a credit score from both TransUnion and Equifax, you may have noticed that they gave you two different credit scores. There are many reasons why they can differ.

  1. TransUnion and Equifax use their own scoring models based on the same or similar determinants that can weigh factors differently.
  2. Some lenders may report information to all three big credit bureaus, while others may only report to one or two.
  3. Some lenders may report updates at different times.
  4. You may be seeing credit scores from different dates.

How Often Should I Check My Credit Scores?

If you are currently working to improve your credit score, the Canadian Government suggests, “requesting your report from one bureau, then wait six months before you order from the other bureau. By spacing out your requests, you may be able to detect problems sooner.” You can also utilize your banking app to make a soft inquiry that does not alter your score. 

What Are the Risks of Checking Your Credit Score?

Many people are afraid to request a copy or check their credit scores as they think it can negatively affect them. Fortunately, when you check your credit score, it doesn’t impact it at all. It’s an important way to ensure your personal information is correct and can even detect signs of identity theft! 

Definition of Soft Inquiry for a Credit Check

Soft inquiries are when you request a copy of your credit report or check credit scores. Companies that send you credit card offers and existing lending account reviews can also perform soft inquiries on your credit scores. Soft inquiries do not affect credit scores and are not visible to potential lenders. They are visible only to you.

Definition of Hard Inquiry for a Credit Check

Hard inquiries occur after applying for a loan or a credit card, and the potential lender reviews your credit history. These will affect your credit score, but if you are buying a house or shopping around to secure a mortgage, multiple hard inquiries over a given time are generally treated as one. However, this recurring hard inquiry exception does not apply to credit cards.

Apply for Loan Without Any Credit Check? Visit Loan Express Today

Need a loan and don’t want to go through a credit check? Use Loan Express! No. We never conduct credit checks when you apply for a payday loan, meaning everyone is eligible, regardless of their credit score. We will never decline an application based on your credit history or credit score. 

If you want to do a credit check, you can choose to do one during the application process. The result will never cause you to get less money or be declined, but it may allow you to get more money!