How To Get Your Credit Score For Free In Canada

Checking your credit score regularly is good financial practice. It can help you understand your credit health before applying for credit products. Plus, checking your credit report will allow you to identify suspicious activity and inaccuracies that may be affecting your credit score or putting you at risk of fraud or identity theft. The question is, can you get a free credit score in Canada? Or will you have to pay every time you check your score? 

Key Points

Can You Check Your Credit Score For Free In Canada?

Yes, you can get your credit score for free in Canada. Several sources are available that offer credit scores to Canadians, many of which do not charge a fee. These include credit bureaus, banks, and even several online resources.

Where Can You Get Your Free Credit Score In Canada?

Canada has two credit bureaus: TransUnion and Equifax. Both offer Canadians a way to access their credit scores for free. 

Equifax 

Equifax offers all Canadians free access to their credit scores and credit reports. You can get your free Equifax credit score for free online by creating an Equifax account. Equifax credit scores are updated once a month.

How To Check Your Credit Score For Free In Canada Using Equifax

TransUnion 

You cannot get your credit score for free with TransUnion. However, if you purchase the bureau’s credit monitoring service for $24.95 per month, you’ll gain unlimited access to your credit report and credit score for free. 

If you don’t want to pay anything, you can opt for your Consumer Disclosure, though this will not include your credit score. 

If you live in Quebec, you can get your Consumer Disclosure and credit score for free with TransUnion thanks to a new law in the province called the Quebec Credit Assessment Agents Act  (“CAAA” or “Act”). 

How To Check Your Credit Score For Free In Canada Using TransUnion

Quebec consumers can get their TransUnion Consumer Disclosure with their credit score for free by mail or in person. 

Can You Get Your Credit Scores For Free In Canada From Third-Party Providers? 

The most common way to get your credit report and score has always been directly from Equifax and TransUnion. But, that is no longer the case. 

Over the last few years, third-party companies have changed the way Canadian consumers interact with their credit history, credit reports, and scores. These companies partner with Equifax and TransUnion to provide their clients with access to their credit scores and sometimes reports as well. 

Checking your credit regularly should be a financial goal for all consumers, and the following companies have made it significantly easier with their online platforms. Check out our top choices for accessing your credit scores for free in Canada.

	Cost	Credit Score	Credit Report
	Free	Yes	Yes	Visit Site
	Free	Yes	Yes	Visit Site
	Free	Yes	Yes	-

*certain conditions may apply

CompareHub

By registering and becoming a member of Loans Canada’s CompareHub, you can get your free credit score in Canada. Plus, you’ll get access to multiple learning resources and be able to compare lenders and loan products to see where the best deals are. 

Borrowell 

Borrowell is a financial services company that offers personal loans, credit cards, mortgages, credit building services, and insurance to its over one million users. It offers its clients services and products to help them better manage their credit and achieve their financial goals. 

Several years ago, Borrowell partnered with Equifax. Thanks to this partnership, Borrowell now offers its users their credit scores for free and access to their credit report and advice from their AI-powered credit coach, Molly. 

Credit Karma

With Credit Karma, you’ll have access to your credit report and scores for free. One of the most interesting features that Credit Karma offers is the ability to check your credit scores from both Equifax and TransUnion. Most other resources only allow you to check your credit score with just one credit bureau.

Credit Karma also offers tools to help manage your credit, including a credit score simulation tool so you can see how specific actions may affect your score.

Credit Verify

Our final option is an honourable mention, as it is not a free service. For consumers who are serious about improving their credit scores, the variety of tools and services that Credit Verify offers makes their monthly fee well worth it. 

Credit Verify has partnered with TransUnion to provide Canadians with their credit reports and scores. When you choose Credit Verify, you will also have access to their credit monitoring service. This extra service helps protect you from credit and identity fraud. 

In addition, users will also be able to access the Credit Verify score simulator tool. This tool provides insight into how certain credit actions (ie. taking out a loan) may affect your credit scores. Users are required to create an account through the Credit Verify site and pay a monthly fee.

Can You Get Your Credit Scores For Free From Banks? 

Certain banks and credit unions have also been partnering up with credit bureaus and third-party services to offer Canadians a way to check their credit scores for free. All Big Five Canadian banks — including BMO, RBC, CIBC, Scotiabank, and TD Bank —  allow you to check your credit scores for free.

How To Get Your Credit Report From The Two Credit Bureaus

In Canada, you are entitled to a copy of your credit report from both credit bureaus once a year. 

Your credit report contains a summary of all your credit account information. This includes all your credit accounts, credit cards, credit limits, payment history and other pertinent information.  This information will typically stay on your credit report for up to 6 to 7 years.

Credit card companies, lenders, and certain service providers will usually request access to your credit report to help them determine whether they should extend you the credit or service. Even landlords and employers may request access to your credit report before offering you the lease or job. They do this to ensure you are responsible with your finances and will make your payments on time. 

Here are the ways you can get your free credit report from the credit bureaus in Canada:

Online

• Equifax online credit report portal
• TransUnion online credit report portal

By Phone

• Equifax number: 1-800-465-7166
• TransUnion number: 1-800-663-9980 or 1-877-713-3393 for those living in Quebec

By Mail

• Equifax: Complete the consumer request form and mail it (along with copies of 2 pieces of identification) to:
  • Equifax National Consumer Relations, Box 190, Station Jean-Talon, Montreal, QC, H1S 2Z2
• TransUnion: Complete the Consumer Request Form and mail it to:
  • TransUnion Consumer Relations Department, P.O. Box 338, LCD1, Hamilton, ON, L8L 7W2

Once you’ve received your free credit report in the mail, you should make sure that there are no errors in your report. Make sure that all the accounts listed belong to you. Any false information could negatively affect your credit score, which in turn could be preventing you from getting a loan. 

If there is any incorrect information, you’ll need to contact the credit bureau as soon as possible and fix the issue.

What Is A Good Credit Score In Canada?

A ‘good’ credit score in Canada is between 660 and 724. Credit scores in Canada range from 300 to 900. How your credit score is rated depends on where it falls within this range. Refer to the following chart to see how your credit score is rated in Canada:

How Are Credit Scores Calculated?

Credit scoring models may differ slightly, but they all typically consider the following factors:

• ~35: History of bill payments. Timely payments will positively affect your credit while missing payments will do the opposite.
• ~30%: Credit utilization ratio, which measures the amount of credit you use relative to your credit limit. Ideally, this ratio should not exceed 30%.
• ~15%: Credit length, which refers to the age of your credit accounts.  
• ~10%: Credit inquiries, which typically occur when lenders and creditors pull your credit file.  
• ~10%: Public records, including bankruptcy, consumer proposals, and accounts in collections.

Why Should You Check Your Credit Scores? 

There are plenty of reasons why you should monitor your credit scores:

• To Access Credit – Your credit scores will generally impact your ability to qualify for different credit products, such as personal loans, mortgages, or car loans. Moreover, your credit scores can impact your ability to access lower rates.  
• To Prevent Potential Issues – Even if you’re not planning on making any important investments or purchases, checking your credit report and scores at least once a year will help eliminate any potential issues in the future, such as identity fraud. 
• To See If It Needs Improvement – If you notice your credit score is dropping, you can investigate to see what’s affecting it. Maintaining a good credit score is essential for accessing credit, renting, purchasing insurance, and even getting a job. 

Additional Reading

What To Do If You Have A Zero Credit Score?

Who Was The First Company To Offer Free Credit Scores In Canada?

Missed Payments And Your Credit Score

Bottom Line

Due to new laws and different credit score providers entering the market, getting your credit scores for free is relatively easy. Equifax currently offers all Canadians access to their credit score and credit report for free, while TransUnion offers their Consumer Disclosure for free. And if you’re in Quebec, you may also be able to get your TransUnion credit score for free. Considering how important your credit score is to your financial life, it’s highly recommended to check your score frequently and make improvements as needed. 

FAQs On Free Credit Scores