Your credit scores reflect the likelihood you are to make your payments on time. That’s why creditors and borrowers often use your credit scores as part of the approval process, along with a variety of other factors.
Checking and monitoring your own credit scores is a good financial habit to develop, which you can do with the two credit bureaus, third-party providers like Compare Hub, or banks. But what about RBC? Can you check your RBC credit score if you’re a client?
Key Points On RBC Credit Score Check
| Can you check your credit score with RBC? | Yes (Note: only your TransUnion credit score will be provided, not Equifax) |
| Can you check your credit report with RBC? | No |
| How much does it cost? | Only available to RBC clients (for free) |
| How to check your credit via RBC | As an RBC client, you can access your credit score using TransUnion’s CreditView Dashboard. |
| RBC credit score perks | You can use CreditView to simulate hypothetical credit scenarios without impacting your credit score. |
Can You Check Your Credit Score With RBC?
Yes, RBC allows you to check your credit score for free through its partnership with TransUnion. All RBC clients can access TransUnion’s CreditView Dashboard to quickly and regularly see their TransUnion credit score.
The dashboard functions as a digital credit simulator and can help consumers become more familiar with checking their credit. Since the CreditView dashboard updates regularly, you can get a good idea of your credit score at any given time.
| Note: It’s worth noting that TransUnion is only one of two credit agencies in Canada. Equifax is the second Canadian credit bureau, and your Equifax credit score will likely be different from the one you see on the TransUnion CreditView dashboard. |
How Does CreditView Work?
The CreditView Dashboard, a product specific to TransUnion, is an educational dashboard that helps to empower consumers with information pertaining to their credit scores. You can view your dashboard to see what your credit score currently is, your credit score history, and factors that are impacting your score.
You can also use the tool to simulate various scenarios to help you get an idea of what your chances would be of securing credit and loans products with no impact on your credit score.
How To Check Your RBC Credit Score With CreditView
It’s fairly simple to check your credit score on the RBC platform. If you are not an existing RBC client, then the first step is to open up an account. Those who are clients but have not yet used online banking should first establish their digital accounts. From there, it takes only five quick steps:
- Log in to your RBC Online Banking
- Navigate to the ‘My Services’ box located on the right side of the screen
- Within the ‘My Services’ box, click ‘View Your Credit Score’
- This will bring you to a legal disclaimer which you read and click ‘Continue’
- Read through the CreditView Dashboard agreement. If you are ready to go, click ‘I Accept & Continue’
This takes you straight to the dashboard where you can delve into the world of educational articles, credit calculating tools, and information about all sorts of financial matters.
Can You Check Your Credit Report With RBC?
While RBC offers a free credit score through its affiliation with TransUnion’s CreditView Dashboard, you may have to reach out to the credit bureaus to get your credit report. A full credit report includes detailed information about your credit history, including credit accounts, payment history, and credit checks.
Banks usually don’t directly offer full credit reports, although their tools — including the CreditView Dashboard from RBC — offer partial data based on credit information.
For a full credit report with all information, you’ll need to go directly to Equifax or TransUnion.
Benefits Of RBC Credit Score Check
There are many benefits of TransUnion’s CreditView Dashboard:
Free Service
Accessing your credit score via the TransUnion CreditView Dashboard is free of charge for any customer of RBC bank with access to online banking. This also includes access to the Credit Score Simulator Tool which allows you to run endless credit scenarios.
RBC Score Simulator
The RBC Score Simulator is one of the major benefits of the CreditView service. This tool helps you get an idea of your chances of qualifying for credit and loan products with your credit score. Predicting your eligibility will have no impact on your credit.
For instance, taking out a loan, paying down your credit card, and closing accounts can all affect your credit score in a real-life setting. But with the Simulator tool, you can see how much activities can impact your credit profile beforehand and make informed decisions instead of guessing potential risks.
Credit Score History
The CreditView Dashboard will present a graph that shows you where your credit score is now and where it has been over the recent past. This can be particularly helpful if you’re taking steps to improve your score and want to see your progress.
Credit Alerts
Keep tabs on your credit profile and ward off fraudulent activity with consumer alerts of changes to your credit information.
Easy To Use
Relying on an intuitive interface, this program is fairly simple to use even if you aren’t particularly tech-savvy. All you have to do is log on to your online banking and navigate to that section of your Account Summary page. Once you agree to the terms, you can see the dashboard and navigate through it based on your goals.
Compare How You Stand To Other Canadians
Through the national score comparison tool, you can see how your credit score compares to the rest of the population. It lets you know how competitive you are as a borrower. Just keep in mind that this is a broad-spectrum analysis and is solely meant to give you a general idea of how your credit compares to other Canadians.
Do Other Banks Offer Free Credit Scores?
All of Canada’s big banks — including RBC, Scotiabank, CIBC, BMO, and TD Bank — allow customers to check their credit scores for free. In fact, most of them also partner with TransUnion’s CreditView Dashboard to allow consumers access to their credit scores through online banking and/or mobile banking.
TD Bank is the only one that is not affiliated with TransUnion. Instead, you can check your Equifax credit score for free through Interac verification service, a third-party app.
Why Should You Check Your Credit Score?
Checking your credit score regularly is important for several reasons, including the following:
Plan For Loan Application
If you’re planning to take out a loan, like a mortgage, car loan, or credit card, it’s helpful to know what your credit score is beforehand. That way, you can determine your qualifications and take steps to improve your score if required.
Stay Up-To-Date About Credit Score Changes
Checking your score on a regular basis helps you stay informed about any changes, which can provide you with some insight into how your financial habits are affecting your credit.
Improve Your Financial Habits
Keeping tabs on your credit score encourages responsible credit behaviour. For instance, if you notice that your credit score has dipped, you can take steps to improve it, like paying bills on time or reducing your credit card spending.
Detect Errors Or Fraudulent Activity
Mistakes in your credit report can hurt your score. By checking your credit score frequently, any sudden or unexplained dips in your score may encourage you to investigate further to see if there are any inaccuracies on your credit report. If there are, you can dispute them right away to ward off further damage to your score.
Regular monitoring of your credit score can also alert you to potentially fraudulent activity. If someone tries to open an account in your name without your authorization, you’ll see the effect on your credit score. In this case, you can take swift action.
What Is FirstReport From RBC?
In an increasingly digital era, it becomes ever more important to monitor your credit and take measures to prevent identity fraud. RBC has partnered with a company called FirstReport that tracks your online identifiers and flags any potential issues.
The system calls attention to these issues so that you can address any problems right away. It keeps you in control, acting instead as an overseer of the account that tracks any issues you may miss.
Among the FirstReport features include the following:
Online Monitoring
FirstReport will monitor online activity related to your:
- Bank accounts
- Credit card accounts
- Email address
- Social Insurance Number (SIN)
- Driver’s license
- Passport number
- Telephone number
- Credit bureau reports
If anything unusual arises, you are promptly alerted.
ID restoration
If you become a victim of identity theft or fraud, FirstReport will provide you with guidance, legal advice, and emergency financial assistance as needed.
Immediate Alerts
You’ll receive daily alerts to let you know if any suspicious activity arises. This can help you stay abreast of any changes to your personal and credit information and take immediate steps to minimize any potential negative effects.
Historical Alert Scan
This is designed to offer a long-term history of your credit activity. Provided the information is registered, the digital system scans for suspicious activity on the account, even if it was months or years in the past. It lets you know if there was an issue, what it was, and when it occurred. From there, you can take appropriate action.
Final Thoughts
Whether you’re an RBC customer or bank elsewhere, tracking your credit score is an essential part of your credit life. If you’re a current RBC client, you can quickly and easily access your credit score for free thanks to the bank’s partnership with TransUnion’s CreditView Dashboard. Not only can you check your score for free, but there are other handy features that come with this tool that can help you manage your credit health.
