New Canadians: Finance 101- How to Get Your Free Credit Score & Credit Report in Canada?

 

Unlike in India, where the Credit score or the CIBIL report is verified by the banks itself, before letting you know whether you’re eligible for a loan or not, in Canada you need to shop around a bit.

Earlier, you were required to pay a fee for this, as this service was provided on a fee basis by service providers like Equifax. Not any more.

Now, online loan lenders, like Mogo and Borrowell offer this service for free. Maybe to attract potential clients.

All you have to do is to sign up on their website, thereafter they will provide t you, your free credit score. There are absolutely no compulsion or terms and conditions to make you coerce into buying their products.

Now there is another beast for you to tame, Credit Reports. Credit reports are different from credit scores. The credit score is essentially a 3 digit number summarizing your creditworthiness. Your credit report, on the other hand, shows your entire credit history i.e. credit accounts you have opened, history of payments, issues with your account, if any, etc.

Credit reports are also free of charge these days in Canada. You are entitled to one free credit report from each of the credit bureaus annually like TransUnion. Borrowell also has recently started giving free credit reports.

To request your free credit report, log in to the websites of the credit bureaus, download and complete their credit report request form and mail it to them. TransUnion also allows online access to view and download the report. For Equifax, you can request a credit report via phone at 1–800–465–7166.

That’s all Folks!

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