Banks That Let You See Your Credit Score

Banks That Let You See Your Credit Score

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated November 24, 2021

Knowing what your credit score is will give you valuable insight into your financial health. In fact, your credit score can play a key role in your ability to get a loan, mortgage, or credit card. It might even be a factor in your ability to secure a cell phone contract or lease an apartment.

Clearly, your credit score is important.

Luckily, checking your credit score is incredibly easy, and banks are making the process even easier with their online and mobile options. 

Can I Check My Credit Score Through My Bank?

The following financial institutions give clients direct access to their credit information through their online platforms:

PlatformFrequencyCostImpact to Score
CIBCCIBC Free Credit Score Service
(via CIBC Mobile Banking App)
Updated every 3 monthsFreeNone
RBCTransUnion CreditView Dashboard
(via RBC online banking)
Updated once a month
BMOTransUnion CreditView Dashboard
(via BMO online banking or mobile app)
Updated once a monthFreeNone

Why Should You Check Your Credit Score?

There are several benefits to pulling your credit report and checking your credit score every so often.

Get Insight Into Your Current Credit Health

If you don’t know what our credit score is, you won’t have a clear understanding of how strong your credit profile is when you apply for loan or credit products. Your credit history is essential to your overall financial health, and by reviewing your credit report, you’ll be better able to understand your current credit situation.

Know What Lenders See

When you apply for a loan, the lender will likely pull a copy of your credit report to assess your financial wellbeing and help determine the type of borrower you would be. 

A low credit score might mean you’d be a high-risk borrower, in which case the lender may not be willing to approve a loan. But a high score likely means you’re responsible with your finances, and as such, the lender may be more open to approving you for a loan. Ultimately, lenders use credit scores to make lending decisions, so it helps for you to know what they’re seeing.

Just keep in mind that you have multiple credit scores and the one that lenders and creditors check is different from the one you will see. 

Spot Discrepancies

It’s possible for there to be errors on your credit report that may be unfairly pulling your credit score down. But you won’t know if there are any mistakes if you don’t check your credit report once in a while. If you do notice any errors, be sure to have them investigated and fixed right away.

Ward Off Identity Theft

A great way to protect yourself from identity theft is to check up on your credit report. This will give you the chance to see if any information on your credit report is the result of fraud. If so, you should get in touch with the company reporting the information to the credit bureau and tell them that there may be fraudulent activity occurring. 

Difference Between A Credit Score And Credit Report

Your credit report provides an overview of your credit history and credit health. When you first apply for a loan or credit product, your credit report is created. 

Lenders look at your credit report when you apply for a loan. They also send information about your credit and loan accounts to the credit bureaus, who then update your report accordingly.

Your credit score is a number that is calculated using a formula based on the information contained within your credit report. The higher the score, the better. 

You can increase your credit score by using your credit responsibly, paying your bills on time, and avoiding applying for too many loans in a short period of time. But your score can decrease if you don’t manage your credit well and have a habit of missing bill payments. 

Does Checking Your Credit Score With Your Bank Affect Your Credit?

Some people fear that requesting a copy of their credit report will negatively impact their credit score. But this is not true. Checking your own credit report does not affect your credit score.

Soft Inquiries

When consumers request a copy of their own credit report, this is referred to as a soft inquiry, which does not have any effect on credit scores. Other examples of a soft inquiry include when companies send promotional credit card offers or when companies that you have an account with, review your existing lending accounts. 

Hard Inquiries

While a soft inquiry does not affect your credit score, a hard inquiry will. These occur when a lender requests a copy of your credit report after you apply for a loan product. The lender will want to review your credit history in order to determine your creditworthiness before agreeing to approve your loan application.

Why Does My Credit Score Differ With Different Banks? 

In Canada, everyone has multiple credit scores for a few reasons. There are a variety of reasons why this occurs. 

Some Lenders Don’t Report To Both Bureaus

In Canada, there are two major credit bureaus, TransUnion and Equifax. But not every lender necessarily reports their information on borrowers to both of these entities. Some may report to one or the other, while others may not report at all. 

Different Credit Scoring Models

There are different ways to calculate credit scores. Factors that affect credit scores include:

  • Payment history
  • Length of credit history
  • Amount of debt
  • Amount of available credit being used
  • Bankruptcies and other public records 

Different credit scoring models may place a slightly different amount of weight on each factor, and as such, credit scores differ. 

Variations In The Type Of Data Included

While there are basic fundamental factors that are considered when calculating a credit score, some credit score models may include other variables, such as mobile phone payment data or mortgage information, while others won’t.

Other Services To Check Your Credit Score For Free

In addition to accessing your credit score through your financial institution’s banking platforms, there are other ways to check your credit score for free:

How to check your credit score with Mogo?

In addition to its personal loans, mortgages, prepaid Visa credit card, and identity fraud protection products, Mogo also offers credit score viewing through Equifax for clients. You can keep tabs on your credit score with free monthly monitoring with Mogo for 90 days. And with a Mogo Visa Platinum Prepaid Card, you can continue monitoring your score on an ongoing basis. 

How to check your credit score with Credit Verify?

Check your credit score and get access to your credit report through Credit Verify. As a premium member, you’ll also have access to other features, including alerts of any changes to your credit report, personal finance educational tools, and tips on how to improve your credit health. 

How to check your credit score with Borrowell?

As a member of Borrowell, you can access your credit score for free, plus receive personalized tips, financial tools, and personalized financial product recommendations with bank-level security.

How to check your credit score with Credit Karma?

By signing up with Credit Karma, you’ll benefit from access to your credit score and report for free, as well as complimentary credit monitoring and educational articles to help keep your financial health in check.

CostCredit ScoreCredit AlertsLink
FreeYesYesVisit Site
(with credit monitoring)
YesYesVisit Site
FreeYesNoVisit Site

Credit Score FAQs

Why do I have more than one credit score?

Different lenders may not report to the same credit bureaus. And calculations may also differ, which is why you may find your credit score differs from one provider to another.

Will my credit score fall if I check it? 

No, your credit score will not be affected if you check your own credit score. 

What is a “hard” versus a “soft” credit check?

A hard credit check occurs when a lender reviews your credit report when you apply for a loan product and can temporarily pull down your credit score. On the other hand, a soft credit check is one in which you check your own credit, which will not have any impact on your credit score. 

Final Thoughts

Maintaining a strong financial profile is important, and your credit score plays a key role. Given the importance of your credit score, it makes sense to check on it regularly. And there are several ways to review your credit report, whether through your bank’s online platform or through one of many free digital services. 

Rating of 5/5 based on 1 vote.

Lisa has been working as a writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same. She's used a variety of financial tools over the years and is currently growing her money with Wealthsimple, while stashing some capital in a liquid high-interest savings account so that she always has a financial cushion to fall back on. She's also been avidly using her Aeroplan TD credit card to collect as many Aeroplan points as possible to put towards her travels!

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