Having a good credit score is important. Better scores mean you are more likely to be approved for loans, credit cards, mortgages, and even leases. But until recently, getting your full credit report in Canada hasn't been easy. It used to often involve paying fees each time you wanted to get a credit report. But things have gotten much better.
There are two credit bureaus in Canada - Equifax and TransUnion. With each of these bureaus, you will likely have a different score and different credit report overall, as each lender reports to a different bureau. Therefore it is important to be aware of your credit score with both bureaus to understand your full financial picture.
How to Get Your Equifax Credit Report for Free
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The easiest way to get your Equifax Credit Report for free is through Borrowell. Borrowell is a Canadian company that provides free credit score and report monitoring, along with financial product recommendations. They provide an updated credit score and report once a month, ensuring you have access to your latest Equifax score. They have a credit coaching tool that provides recommendations that may improve your credit score. Borrowell is a great service I have used for years to track my Equifax score, and they even have a mobile app.
How to Get Your TransUnion Credit Report for Free
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There are many free options for getting your TransUnion Credit Report for free. Chances are if you bank at one of the major banks you may already get your TransUnion Credit Score for free, updated every month. I can confirm CIBC, Scotiabank and RBC offer this service in their mobile apps, although other banks may offer this as well. However, if you want the most up to date TransUnion Credit Report, I recommend Credit Karma. Credit Karma provides weekly credit score and credit report updates, and I have been a user for several years now.