Free Credit Score Services in Canada
| Service |
Credit Bureau |
Score Type |
Cost |
Updates |
| Borrowell |
Equifax |
Free |
$0 |
Weekly |
| Credit Karma |
TransUnion |
Free |
$0 |
Weekly |
| Mogo |
Equifax |
Free |
$0 |
Monthly |
| Equifax Canada |
Equifax |
Paid/Free |
$0-20/mo |
Per request |
| TransUnion |
TransUnion |
Paid/Free |
$0-20/mo |
Per request |
How to Check Your Credit Score
Method 1: Borrowell (Equifax Score)
| Step |
Action |
| 1 |
Go to borrowell.com |
| 2 |
Create free account |
| 3 |
Verify identity (SIN, questions) |
| 4 |
View Equifax score instantly |
| 5 |
Get weekly updates |
Pros: Free Equifax score, credit monitoring, personalized recommendations
Method 2: Credit Karma (TransUnion Score)
| Step |
Action |
| 1 |
Go to creditkarma.ca |
| 2 |
Create free account |
| 3 |
Verify identity |
| 4 |
View TransUnion score |
| 5 |
Get weekly updates |
Pros: Free TransUnion score, score simulator, fraud monitoring
Method 3: Direct from Credit Bureaus
| Bureau |
Free Option |
Paid Option |
| Equifax |
Free report (mail) |
$16.95+ online |
| TransUnion |
Free report (mail) |
$14.95+ online |
Free mail request: Once per year, takes 10-15 days
Understanding Your Credit Score
Credit Score Ranges
| Range |
Rating |
Loan Approval |
| 800-900 |
Excellent |
Best rates, all products |
| 760-799 |
Very Good |
Excellent rates |
| 725-759 |
Good |
Good rates |
| 660-724 |
Fair |
Standard rates |
| 560-659 |
Below Average |
Limited options, higher rates |
| 300-559 |
Poor |
Difficult to get credit |
What Affects Your Score
| Factor |
Weight |
How to Improve |
| Payment history |
35% |
Always pay on time |
| Credit utilization |
30% |
Keep under 30% of limit |
| Credit age |
15% |
Keep old accounts open |
| Credit mix |
10% |
Have variety (card, line, loan) |
| New credit |
10% |
Limit applications |
Why Scores Differ
Equifax vs TransUnion
| Reason |
Explanation |
| Different data |
Not all lenders report to both |
| Different models |
Calculation formulas vary |
| Timing |
Updates at different times |
| Score ranges |
Both 300-900 but may differ |
Typical difference: 10-50 points between bureaus
Which Score Do Lenders Use?
| Lender Type |
Typical Bureau |
| Big 5 banks |
Both or Equifax |
| Credit unions |
Varies |
| Auto loans |
Often TransUnion |
| Mortgages |
Both |
| Credit cards |
Varies by issuer |
How Often to Check
| Situation |
Frequency |
| Monitoring |
Monthly |
| Before major purchase |
3-6 months ahead |
| After negative event |
Monthly until resolved |
| Identity theft concern |
Weekly |
| Normal ongoing |
Monthly |
Common Credit Score Myths
| Myth |
Reality |
| Checking hurts your score |
Soft inquiries don’t affect score |
| You only have one score |
You have multiple scores |
| Closing cards helps |
Often hurts (reduces credit age) |
| Income affects score |
Not directly β but affects approval |
| Paying minimums is fine |
Better to pay in full |
| Carrying balance builds credit |
No benefit β pay in full |
What’s in Your Credit Report
| Section |
Contents |
| Personal info |
Name, address, SIN, employer |
| Credit accounts |
Cards, loans, lines of credit |
| Payment history |
On-time, late, missed |
| Public records |
Bankruptcies, judgments |
| Inquiries |
Hard and soft pulls |
| Not Included |
| Income or salary |
| Bank account balances |
| Investment accounts |
| Utility payments (usually) |
| Rent payments (usually) |
| Criminal history |
Improving Your Credit Score
Quick Wins (1-3 months)
| Action |
Impact |
| Pay down credit cards |
Lower utilization |
| Become authorized user |
Piggyback good history |
| Dispute errors |
Remove inaccurate negatives |
| Pay collections |
May help score |
Medium-Term (3-12 months)
| Action |
Impact |
| Never miss payments |
Build positive history |
| Keep utilization under 30% |
Sustained improvement |
| Limit new applications |
Fewer hard inquiries |
| Let accounts age |
Credit age improves |
Long-Term (1-2+ years)
| Action |
Impact |
| Maintain perfect payment history |
Major positive factor |
| Keep old accounts open |
Maximize credit age |
| Diversify credit types |
Improve credit mix |
| Keep inquiries minimal |
Small but helpful |
Credit Monitoring Benefits
What Services Alert You To
| Alert Type |
Why It Matters |
| New account opened |
Identity theft warning |
| Hard inquiry |
Unauthorized application |
| Address change |
Potential fraud |
| Payment missed |
Payment reminder |
| Score change |
Track progress |
Free Monitoring Options
| Service |
Alerts |
Score Updates |
| Borrowell |
Yes |
Weekly |
| Credit Karma |
Yes |
Weekly |
| Banking apps |
Some |
Varies |
If You Find Errors
Common Errors
| Error Type |
Example |
| Wrong personal info |
Incorrect address |
| Accounts not yours |
Identity mixed with someone |
| Incorrect balance |
Old balance reported |
| Wrong payment status |
Paid shown as late |
| Duplicate accounts |
Same debt twice |
How to Dispute
| Step |
Action |
| 1 |
Identify error in report |
| 2 |
Gather supporting documents |
| 3 |
File dispute with bureau |
| 4 |
Bureau investigates (30 days) |
| 5 |
Receive results |
| Bureau |
Method |
| Equifax |
Online, phone, mail |
| TransUnion |
Online, phone, mail |
Protecting Your Credit
Fraud Alerts
| Type |
Duration |
Purpose |
| Initial alert |
90 days |
Temporary protection |
| Extended alert |
6 years |
Fraud victims |
| Credit freeze |
Until lifted |
Maximum protection |
Best Practices
| Practice |
Benefit |
| Check score monthly |
Catch issues early |
| Review full report yearly |
Detailed check |
| Use fraud alerts |
Extra verification |
| Strong passwords |
Protect accounts |
| Monitor bank accounts |
Spot unauthorized activity |