Considering how important your credit score is to your financial health, it’s a good idea to know what your score is at any given time. But while you can check your credit score for free with Equifax, most Canadians may have to pay to obtain their TransUnion credit score. That is, unless you live in Quebec, thanks to a recently implemented law that allows Quebecers to get their credit score for free from TransUnion.
Key Points
- All Canadians can check their Equifax credit score for free online.
- Only Quebecers can check their TransUnion credit scores for free online thanks to a recent law.
- All other consumers who live outside of Quebec must pay a monthly subscription fee to access their TransUnion credit score online.
What Is The New Credit Assessment Agents Act?
On February 1, 2021, the Credit Assessment Agents Act took effect. As a result, the Autorité des Marchés Financiers (AMF) designated Equifax and TransUnion as credit assessment agents.
The Act gives consumers new rights when it comes to credit reports so they are in a better position to protect themselves against fraud and identity theft.
Who Are The Autorité Des Marchés Financiers (AMF)?
The role of the AMF is to oversee and regulate the activities of credit agents and help consumers and businesses when dealing with them as required. The AMF works alongside the Commission d’accès à l’information du Québec, an agency that is responsible for making sure that the privacy of personal information of Quebecers is upheld.
What Does The New Credit Assessment Agents Act Mean For Quebec Consumers?
The new changes mean that both credit bureaus, Equifax and TransUnion, must now allow Quebecers to pull their credit reports and check their credit scores online for free.
Equifax has taken things a bit further and allows all Canadians to check their credit information online at no charge. But with TransUnion, this complimentary service is currently only available to Quebec residents.
The Act will give consumers and businesses the ability to:
- Access their score.
- Have a security alert placed on their credit reports to help avoid identity theft.
- Add an explanatory statement to indicate their disagreement with what their credit reports contain.
- Add a security freeze, a feature that will be added at some point in the future.
What About Canadians Outside Of Quebec?
If you live in another province or territory, you can still access your Equifax credit score for free. However, you’ll have to pay a monthly subscription fee to access your TransUnion credit score.
Through this paid subscription, you’ll receive your TransUnion credit report and credit score. For the first month, you’ll be billed $4.95, then $24.95 per month going forward. You can cancel your subscription any time.
How To Get Your Credit Score For Free
You can access your credit report for free online from several resources:
Credit Bureaus
As mentioned, Equifax and TransUnion both offer credit scores. Quebecers will receive each bureau’s credit score for free, while all other Canadians can get a free Equifax score, but must pay for their TransUnion score.
In order to access this report, you will be required to provide certain pieces of personal information, such as your name, address, social insurance number (SIN), and date of birth. From there, you’ll create an account and verify your identity before you’re given access to your credit file.
Banks
Depending on who you bank with, you may be able to check your credit score for free with your financial institution. Canada’s big banks have partnered with credit bureaus and third-party platforms to provide easy and free credit checking:
| Bank | Platform | Access |
| CIBC | TransUnion CreditView Dashboard | CIBC mobile app |
| RBC | TransUnion CreditView Dashboard | RBC online banking |
| BMO | TransUnion CreditView Dashboard | BMO online banking or mobile app |
| Scotiabank | TransUnion credit score tool | Scotiabank online banking or mobile app |
| TD Bank | Equifax credit score | Interac verification service |
Third-Party Online Platforms
A handful of online resources are also available for Canadians to check their credit scores for free:
CompareHub
As a member of Loans Canada’s CompareHub, you can get your free credit score, as well as. You can also use the platform to compare lenders and loan products to see where the best deals are, and to access several learning resources.
Borrowell
Borrowell is a financial services firm that allows Canadians to check their credit scores for free. The company also offers several financial products, including personal loans, mortgages, credit cards, and insurance. Plus, Borrowell offers credit building services to help clients reach their credit financial goals.
Credit Karma
Credit Karma is another popular online platform that you can use to check your credit score online for free. With Credit Karma, you’ll have access to both your Equifax and TransUnion credit scores. Most resources typically provide only one credit bureau’s credit score.
Why Should You Check Your Credit Score?
There are plenty of reasons why you should check your credit score on a regular basis:
Get A Snapshot Of Your Financial Health
Your credit score is a big part of your overall financial health and creditworthiness. It also provides lenders with a clear idea of how responsible you are with your finances.
Understand Your Chances Of Loan Approval
By knowing what your credit score currently is, you’ll be able to understand where you stand and whether you can qualify for loans and credit products.
Improve Your Score
By checking your credit score, you’ll be able to determine whether it needs a boost. If it does, you can take immediate steps to increase it. But you won’t know whether your score needs improvement if you don’t check it.
Track Your Progress
If your credit score is a little on the lower end, you may have adopted some strategies to give it a boost. By checking your credit score, you can see what kind of progress you’re making in improving your score.
Final Thoughts
Your credit score is a critical component of your overall financial health, so it makes sense that you’d want to know what it is at any given time. Luckily, you’re allowed to pull your credit report once a year for free with Equifax. And with the new Credit Assessment Agents Act that recently took effect, Quebecers can access their credit reports and see their credit scores online from both credit bureaus for free.
