There are several ways to check your credit scores in Canada. Most consumers will check their credit scores through the two credit bureaus in Canada, Transunion and Equifax. On the other hand, some consumers may use third-party services or banks that can provide access to their credit scores for free or for a low fee.
Unfortunately, there are some instances where your credit scores might not show up when you check them. Thankfully, that is completely normal and there are a number of reasons to explain why this happens.
Key Points
- Your credit score should be generated once you’ve used credit products for a few months.
- If you notice that you don’t have a credit score, it could be because you haven’t used credit long enough for a score to be generated.
- You can check your credit score from various sources, including credit bureaus, banks, and third-party online resources.
Why Aren’t My Credit Scores Showing Up?
Although everyone’s credit profile is somewhat different, here are some common reasons why your credit scores might not show up when you check it:
There’s Not Enough Information
If your credit report is too thin, then the credit bureau won’t have enough information on you to be able to generate your credit scores. This can happen due to a lack of reporting, whether it’s because you simply don’t have any credit products or because your lender is not reporting information to the credit bureaus.
When taking out a credit product, it’s important to ask your lender if they report to both the credit bureaus. If they only report to one, it can result in you having a credit score with one credit bureau but not the other.
Closed Accounts
Information on your credit report stays on your file for a certain period of time before disappearing. Closed accounts can stay on your file for up to 7-10 years, but after that, they disappear. This can affect the amount of information on your credit report, and in turn, the credit bureau’s ability to calculate your credit scores.
You Haven’t Used Credit Yet
In general, credit bureaus require at least six months of information on your first credit product before a credit score can be generated. If you’re a young credit user or have simply never used credit before, you may need to use your credit product for a few more months before the credit bureaus can calculate your credit scores.
You’re New To Canada
If you recently moved to Canada, you may have mistakenly believed that your credit profile from your home country follows you to Canada. However, this is not the case. Once you move to Canada, you’ll need to start building your Canadian credit score from scratch.
The Credit Bureau Made An Error
If you check your credit with Equifax or TransUnion, it’s possible your score might not show up due to a glitch in their system or an error on your credit reports, such as the wrong address or Social Insurance Number (SIN). Though it doesn’t happen often, another report might also have been opened in your name accidentally. Any of these incidents may prevent the bureau from creating your score, so it’s important to inform both bureaus immediately if you discover one.
| Credit Score Ranges Credit scores are 3-digit numbers that range between 300 to 900. The number represents your likelihood of paying your bills on time, with 300 being very unlikely and 900 being very likely. Generally, those with credit scores below 560 are considered to have poor credit and those with 760 and above have excellent credit. |
Where Can You Find Your Credit Scores?
There are a few ways you can check your credit scores in Canada. No matter which method you choose, it’s best to regularly check your credit scores to make sure there are no issues affecting them.
Credit Bureaus
Canadians can get their credit scores online from TransUnion and Equifax.
- Equifax – Canadians can get their Equifax credit scores and credit report for free by simply creating an account online.
- TransUnion – When you purchase TransUnion’s credit monitoring service, you’ll also be able to access your credit scores for free. However, if you live in Quebec, you can get your credit scores for free from TransUnion by requesting a copy of your Consumer Disclosure by mail or in person.
Banks
Many banks and credit unions have also been offering their clients a way to check their credit scores. BMO, CIBC, Scotiabank, and RBC allow their clients to check their TransUnion credit scores from the credit bureau’s CreditView Dashboard through online or mobile banking. TD Bank allows their clients to check their Equifax credit scores through the Interac verification service.
Third-Party Services
A number of third-party services are available online that provide access to your credit scores. Depending on the service, you may be able to obtain your credit scores for free.
| Cost | Credit Score | Credit Report | ||
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | - |
How Are Credit Scores Calculated?
Credit bureaus typically focus on five main factors to calculate your credit score, each of which carries a different weight:
Payment History (~35%)
The most important factor used in the calculation of your credit scores is your payment history. This includes when you make your payments on time and when you miss payments. Furthermore, how often you make missed payments or make late payments, as well as how much you owe and any delinquencies, are all taken into consideration.
Credit Utilization (~30%)
Your outstanding credit balances compared to your available credit is referred to as your credit utilization ratio. So, if you max out your credit card every month or are constantly carrying a high balance on credit, your credit utilization will be high, which can negatively affect your credit score. Keeping this ratio as low as possible can have a positive impact on your score.
Credit History (~15%)
When you first start using credit, you’ll usually have a lower credit score, partly because you don’t have a long credit history. While everyone’s credit scores react differently, typically the longer you use credit products responsibly, the healthier your scores will be. Lenders like to see that potential borrowers have experience managing credit accounts, and a long and healthy credit history can help with this.
Credit Inquiries (~10%)
Using several credit products responsibly can be healthy for your score. However, it’s not a great idea to consistently apply for, activate, and cancel credit accounts. This is because every time a potential lender checks your credit, a hard inquiry will appear on your credit reports. Hard inquiries can impact the calculation of your credit scores in a negative way, though the effects are typically short-lived.
Public Records (~10%)
A public record could include a bankruptcy, consumer proposal, account in collections, liens, or lawsuits. This type of information could negatively impact the calculation of your credit scores.
Who Checks Your Credit Scores?
Various businesses or individuals may check your credit score, including the following:
Lenders
Banks, credit unions, and alternative lenders will often look at your credit scores when you apply for new credit products. They will evaluate your credit scores to assess your creditworthiness. Generally, the higher your credit score, the less risky you’re considered as a borrower. In this case, you’ll have a better chance of getting approved for a loan at a lower rate and with more favourable loan terms.
Landlords
A potential landlord might also ask to check your credit score as a way for them to assess whether you’ll be able to pay your rent on time.
Employers
Some employers may also check your credit scores to gain better insight into your financial habits. While not all employers do so, certain jobs that involve the management of financial data may require it as part of a background check.
Insurance Companies
Insurance companies may also request a copy of your credit report to determine your policy rate and coverage. However, when it comes to car insurance, insurers in provinces like Ontario and Newfoundland, insurance companies are prohibited from using credit information to determine auto insurance premiums and risks.
Final Thoughts
When it comes to checking your credit scores, it’s important to create a habit out of it. Checking at least once a year can help you track your credit health and prepare your finances for future events, like purchasing a home. Furthermore, when you check your credit on a regular basis, you can catch errors and issues and report them to the appropriate bureau.
