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Use these services to get your free credit report in Canada.
1. RBC or BMO existing customers
Credit Agency: TransUnion
Full Report & Score: Yes
Updated: Monthly
2. Borrowell
Credit Agency: Equifax
Full Report & Score: Yes
Updated: Monthly
3. Credit Karma
Credit Agency: TransUnion
Full Report & Score: Yes
Updated: Monthly
Over the years, getting your credit report in Canada has become much easier and much cheaper – cheaper to the extent that it is pretty much free from various different providers.
While the two major credit bureaus in Canada are TransUnion and Equifax, third-parties with varied business models have emerged who provide your credit reports for free, in the hopes that you complete a credit offer they promote.
It’s important to make the distinction between a free credit report and a free credit score.
While many of these newly sprung providers offer free credit scores, knowing that number is only really scratching the surface of your credit report.
It’s crucial that you review your credit reports, from BOTH providers, every couple of months to ensure that everything is accurate and allowing you to take action when you see something amiss, sooner rather than later.
Keep in mind, checking your own credit report DOES NOT affect your credit score.
How to Check Your Credit Score?
1. RBC and BMO banking customers
If you’re an existing customer of either RBC or BMO, you’re in luck. While RBC has had this feature for a couple of years, BMO has recently introduced it. Called the TransUnion CreditView, you can see your TransUnion credit report including credit score on a monthly basis, completely free online.
We recommend this as your number 1 avenue when looking to obtain your free credit report. The header image of this article depicts the RBC CreditView dashboard.
To access your credit report as an RBC customer, you’ll see a link on the main page once you log in to online banking, on the right column towards the bottom, as pictured below.
2. Borrowell
A newer entrant to the space, Borrowell allows you to get your Equifax credit report completely free online.
Updates are available monthly. Sign up and verify your identity, and you can access your credit dashboard instantly with your Equifax score.
If you’re looking for credit products, Borrowell also suggests products for you, showing you a likelihood of getting approved.
You can also pre-qualify for certain credit products. While the Borrowell Personal Loan was a strong offering, COVID-19 has seen a tightening of credit across the board and as of May Borrowell was not offering this credit product anymore.
3. Credit Karma
The original free credit report provider, Credit Karma offers your TransUnion credit report for free online and like the other options, updates monthly.
Create an account, verify your identity and instantly see your TransUnion credit score.
And similar to Borrowell, there will be credit offers which you can complete if you’re in the market for a certain credit product.
Sidebar: Intuit announced a $7.1 billion acquisition of Credit Karma in Q1 .
There are also the regular, old school options of calling/mailing/going in person to Equifax or TransUnion.
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