How to Check Your Credit Score in Canada
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Your credit score is one of the most important numbers in your financial life. If you want to check your credit score in Canada, you have several free and secure options available. Understanding where to look and how often to monitor your credit profile can help you make better decisions about loans, the best credit cards in Canada, and other financial products.
Checking your credit score regularly helps you spot errors, track your progress, and catch potential fraud early. Related: get a free credit score, check via your RBC online banking, or compare TransUnion vs Equifax scoring. In Canada, two main credit bureaus track your borrowing and repayment history.
What Is a Credit Score?
A credit score is a three-digit number that reflects your ability to pay loans, bills, and other commitments on time. Lenders use this number to decide whether to approve you for credit and what interest rate to offer.
In Canada, credit scores range from 300 to 900. A higher score signals to lenders that you are a lower risk. The score is based on your credit history, which includes how you have borrowed money and paid it back over time.
Your credit score is not static. It changes as you use credit, make payments, apply for new accounts, or close old ones. This is why regular monitoring can help you stay informed.
Canada’s Two Credit Bureaus
In Canada, two private companies collect and maintain your credit information: Equifax Canada and TransUnion Canada. These credit bureaus gather data from banks, credit card issuers, collection agencies, and public records.
Each bureau uses its own formula to calculate your score. This means your Equifax score may differ slightly from your TransUnion score. Both are valid, and lenders may check one or both when you apply for credit.
The bureaus update your credit report regularly as new information arrives from creditors. They track things like payment history, outstanding balances, credit inquiries, and public records such as bankruptcies or judgments.
Free Ways to Check Your Score
You do not need to pay to check your credit score in Canada. Several free services and mobile apps allow you to view your score and monitor changes over time.
Free Credit Score Apps
Borrowell is one of the most popular platforms in Canada. It provides your Equifax credit score for free, with weekly updates. The service also offers credit monitoring alerts and personalized tips to improve your score.
Credit Karma Canada offers free access to your TransUnion credit score and report. The platform provides alerts when changes occur and suggests financial products based on your profile.
ClearScore is another free service that uses TransUnion data. It provides monthly score updates and personalized insights to help you understand your credit health.
Mogo combines free credit score monitoring with identity fraud protection tools and budgeting features. KOHO offers credit monitoring alongside spending tracking and credit-building programs.
Bank and Credit Union Apps
Many Canadian banks now offer free credit score access directly in their mobile apps. TD Bank provides the TransUnion CreditView Dashboard in the TD app, with weekly score updates and fraud alerts.
BMO offers Credit Coach, a free tool powered by TransUnion. It is available to BMO customers through the mobile banking app or online banking platform.
Scotiabank and RBC also offer credit score tools to their customers. Check with your financial institution to see if this feature is available in your account.
| Service | Credit Bureau | Update Frequency | Cost |
|---|---|---|---|
| Borrowell | Equifax | Weekly | Free |
| Credit Karma | TransUnion | Weekly | Free |
| ClearScore | TransUnion | Monthly | Free |
| TD CreditView | TransUnion | Weekly | Free |
| BMO Credit Coach | TransUnion | Regular | Free |
How Credit Scores Are Calculated
Credit bureaus do not publish their exact formulas, but several key factors influence your score. Understanding these factors can help you improve your credit profile over time.
- Payment history: This is typically the most important factor. It shows whether you pay your bills on time, make at least the minimum payment, and how recently you made payments.
- Credit utilization: This measures the total amount of credit you have available compared to the balances you carry. Lower utilization is better for your score.
- Length of credit history: How long you have had credit accounts matters. Older accounts with good payment history can boost your score.
- Credit mix: Having different types of credit accounts, such as credit cards, loans, and lines of credit, can add diversity to your profile.
- Recent inquiries: Applying for new credit triggers inquiries. Too many hard inquiries in a short period can lower your score.
- Derogatory marks: Public records like bankruptcies, collections, tax liens, or judgments can significantly harm your score.
Each factor carries a different weight. Payment history and credit utilization are generally the most influential. Missing payments or carrying high balances can cause your score to drop.
What Is a Good Credit Score?
According to Equifax, a good credit score in Canada is usually between 660 and 724. A score between 725 and 759 is considered very good. A credit score of 760 and above is generally considered excellent.
Scores below 660 may be classified as fair or poor. Lenders may view lower scores as higher risk, which can result in higher interest rates or declined applications.
| Credit Score Range | Rating |
|---|---|
| 760-900 | Excellent |
| 725-759 | Very Good |
| 660-724 | Good |
| 560-659 | Fair |
| 300-559 | Poor |
A higher credit score can help you qualify for better interest rates on mortgages, car loans, and credit cards. It can also make it easier to rent an apartment or set up utilities without a deposit.
If your score falls below the good range, focus on making payments on time, reducing balances, and avoiding new credit applications for a while. Small improvements can add up over time.
Soft vs Hard Credit Checks
When you check your credit score in Canada, it is important to understand the difference between soft and hard inquiries. Only hard inquiries can affect your score.
Soft Inquiries
A soft inquiry occurs when you check your own credit score or when a company checks your credit for purposes other than a lending decision. Soft inquiries do not affect your credit score in any way.
Examples of soft inquiries include checking your own score through Borrowell or Credit Karma, employer background checks, insurance quotes, and pre-approved credit offers.
Hard Inquiries
A hard inquiry happens when a lender performs a full credit check after you apply for a loan, credit card, or mortgage. Hard inquiries appear on your credit report and can lower your score slightly.
The impact of a single hard inquiry is usually small and temporary. However, multiple hard inquiries in a short period can signal to lenders that you are taking on too much new debt, which may lower your score more significantly.
Why Monitor Your Credit?
Regular credit monitoring helps you stay on top of your financial health and catch issues before they become problems. Here are some key reasons to check your credit score regularly.
- Spot errors: Credit reports can contain mistakes, such as accounts you did not open or payments marked late when you paid on time. Catching these errors early allows you to dispute them.
- Detect fraud: If someone opens an account in your name, it will appear on your credit report. Monitoring your score helps you catch identity theft quickly.
- Track progress: If you are working to improve your credit, regular checks let you see how your efforts are paying off. Watching your score climb can be motivating.
- Prepare for applications: Before applying for a mortgage or loan, checking your score helps you understand where you stand and whether you need to take steps to improve it first.
- Understand your profile: Free credit score services often provide insights into what is helping or hurting your score, which can guide your financial decisions.
You can request a free copy of your full credit report from Equifax and TransUnion once per year. The free report does not include your score, but it shows all the information the bureaus have about you.
For ongoing monitoring, using a free app like Borrowell or Credit Karma gives you regular updates and alerts. Many Canadians use both services to track scores from both bureaus.
Who Can Check Your Credit?
In Canada, certain organizations can check your credit report, but they must have a valid reason. This is called a permissible purpose. In most cases, they need your permission.
Banks and lenders can check your credit when you apply for a loan, credit card, line of credit, or mortgage. Companies you already owe money to may review your report, and collection agencies can check it if they are trying to collect a debt.
Landlords may check your credit to see if you pay bills on time. Some employers, especially for jobs involving money, may ask to check your credit with your written permission.
Phone and utility companies may check your credit when you sign up for a new plan or service. In some provinces, businesses only need to inform you that they are checking your credit. In others, they need written consent.
Canadian privacy law protects you. It is illegal for someone to access your credit report without permission or a permissible purpose. You have the right to dispute unauthorized checks.
Bottom Line
Checking your credit score in Canada is free, easy, and important for your financial health. Services like Borrowell and Credit Karma provide instant access to your score with no impact on your credit rating. Many banks also offer free credit monitoring through their mobile apps.
Your credit score ranges from 300 to 900, with scores above 660 considered good. Equifax and TransUnion are the two main credit bureaus in Canada, and they may calculate slightly different scores.
Monitoring your credit helps you spot errors, detect fraud, and track your progress. Before applying for a credit card or loan, checking your score can help you understand your options and improve your chances of approval with better terms.
Stay informed about your credit profile by signing up for our newsletter to receive tips and updates on managing your finances in Canada.
Check Credit Score Canada – FAQ
How can I check my credit score for free in Canada?
You can check your credit score for free using services like Borrowell, Credit Karma, or ClearScore. Many Canadian banks also offer free credit score access through their mobile apps, such as TD’s CreditView Dashboard or BMO’s Credit Coach.
Does checking my own credit score lower it?
No. Checking your own credit score is a soft inquiry and does not affect your score in any way. You can check as often as you like without any negative impact on your credit rating.
What is a good credit score in Canada?
According to Equifax, a good credit score in Canada is between 660 and 724. Scores between 725 and 759 are considered very good, and scores of 760 and above are excellent.
Who are the credit bureaus in Canada?
Canada has two main credit bureaus: Equifax Canada and TransUnion Canada. These private companies collect, store, and share information about how you use credit.
How often should I check my credit score?
You should check your credit score at least once every few months. Regular monitoring helps you spot errors, track your progress, and detect potential fraud early. Many free services update your score weekly or monthly.
What is the difference between a soft and hard credit check?
A soft credit check, such as checking your own score, does not affect your credit rating. A hard credit check occurs when you apply for credit and can lower your score slightly. Hard inquiries appear on your credit report.
Can I get my credit report for free in Canada?
Yes. You can request a free copy of your credit report from Equifax and TransUnion once per year by mail. Free credit score services like Borrowell and Credit Karma also provide access to parts of your credit report online.
What factors affect my credit score in Canada?
Key factors include payment history, credit utilization, length of credit history, credit mix, recent inquiries, and derogatory marks like bankruptcies or collections. Payment history and credit utilization typically have the most impact.
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