How to Check Your Credit Score for Free in CanadaMay 25, 2021
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Your credit score ranges from 300 to 900 and is based on information from your credit report such as payment history, amount of debt, and mix of credit accounts. This three-digit number is important because it determines whether you get approved for certain loans and the interest rates you pay. The higher your credit score, the better credit terms you’ll get to take advantage of.
It’s a good idea to check your credit score and credit report at least once a year, and even more often if you’re planning on getting a loan or trying to improve your credit. Reviewing your credit report gives you a current and clear picture of your financial situation. It can also help prevent identity theft by showing you every inquiry that’s been made on your behalf.
How can I check my credit score for free in Canada?
You can check your credit score for free with Borrowell. The Canadian company has partnered with Equifax to offer free credit score and report monitoring so you can make smart decisions about credit. When you check your credit score on the website, Borrowell conducts a soft inquiry so it doesn’t impact your credit rating or show up on your report. To get started, sign up for a free account and access your credit score in just a few minutes. Rest assured, your personal details are protected thanks to bank-level 256-bit encryption security.
What information can I find in my credit report?
Once you’ve made an account, you’ll see your credit score on the dashboard and gain access to your Equifax credit report. Your credit report is updated every month and contains an in-depth summary of your financial history. When you apply for a mortgage, personal loan, or credit card, lenders look at your credit report to figure out how much money they can give you.
Your dashboard on Borrowell shows your credit score, your progress over the last few months, and personalized loan product recommendations.
If you click on your credit score in the dashboard, you'll be invited to download your credit report. The following information can be found in your credit report:
- Personal information: This section has your name, address, date of birth, credit score, and the date your credit file was created.
- Accounts: Your credit card, instalment loan, mortgage, and cellphone accounts are listed here, along with detailed information such as payment history, loan balances, account status, and more.
- Credit inquiries: Credit inquiries are when lenders, creditors, and other financial service providers request to check your credit. There are two types of credit inquiries: soft inquiries and hard inquiries. If you apply for a credit card or loan, your potential lender will make a hard inquiry and pull your entire credit report. Unlike soft inquiries, hard inquires may remain on your credit report for up to three years and can affect your credit score.
- Collections: Accounts that have been sent to a collection agency are shown here. Keep in mind collection accounts will have a great impact on your credit score.
- Legal items: This includes public records such as court judgements.
- Bankruptcies: When you file for bankruptcy, it stays on your credit report for six years after the discharge date. Consumer proposals are also part of this category.
If you discover any discrepancies in your credit report, it could be a sign of fraud or identity theft. Make sure to contact Equifax directly to launch an inquiry or dispute if you notice any suspicious activity.
What are the other benefits of using Borrowell?
Borrowell offers so much more than free credit reports. Canada’s leading credit education company also provides:
- Free credit coaching: Every Borrowell user can get helpful advice from their virtual Credit Coach. Powered by artificial intelligence, the Credit Coach can help you make sense of your credit rating by explaining what factors are impacting your score and the steps you can take to improve it. The useful feature also tracks your credit utilization and even notifies you if you’ve missed a payment.
- Personalized loan recommendations: Interested in getting a loan? Borrowell is a great place to start your search because it lets you compare financial products from more than 50 partners. When you make an account, you’ll receive custom recommendations based on your credit profile. This allows you to see the types of credit cards, personal loans, car loans, mortgages, and insurance plans you may be eligible for. Full disclosure: Borrowell will receive a referral fee if you take one of these recommendations.
You can easily track your credit utilzation with Borrowell
With Borrowell, you never have to guess what your credit score is or wonder about the kinds of financial products you could qualify for. Sign up for a FREE account to view your credit report and personalized credit recommendations in minutes!