3 ways to get a free credit score in Canada

How to get a free credit report and credit score in Canada

1. Use an online service

You can get a free credit score from a service like Borrowell within minutes — and you'll receive free credit monitoring, too.

These online services provide immediate access to your credit score from at least one of the two major credit bureaus — TransUnion and Equifax Canada — giving you an accurate picture of your credit status. Just be wary of any provider that asks for your credit card information.

Looking into your credit score doesn't count as a hard inquiry into your credit and is not one of the factors that will affect your score.

However, you will need to provide some personal information, and in some cases you may need to input your social insurance number. But once you've signed up, you'll be able to check your credit score any time, free of charge.

2. Check with your bank

Some Canadian banks offer free credit scores and reports. If you bank with Scotiabank, RBC or CIBC, you're in luck.

CIBC allows its customers to check their credit score for free using its mobile app, but you'll only get a fresh look at your score every three months.

Meanwhile, you can get a credit score and report for free through the Scotiabank or RBC online portals, or on their respective apps. Both update your credit information once per month, giving you a more accurate picture.

If you're thinking about switching banks, Scotiabank is a solid option right now — it's offering a $400 welcome gift for their Ultimate and Preferred packages. It's worth reading more about it, so check out our best Scotiabank chequing accounts page.

3. Get one when taking out a loan

If you're one of the many Canadians rushing to apply for a mortgage as rates remain low for now, you'll receive your credit score as part of the application process.

Furthermore, applying for a personal loan will also give you access to your credit score.

If your loan application is denied, the lender is required by law to show you your credit score. They'll also let you know which of the major credit bureaus provided your credit report.

If you're not satisfied with the result, you can get a copy of your credit report at no extra charge.

You can also get a free credit check from either credit bureau; you just have to request the report by mail. Unlike Equifax, you can go online and request a free TransUnion credit report once per month.

Just be aware that your credit report won't include your credit score, even though it's used to calculate the number.

Whether you’re requesting a credit report just to keep track of your finances, or you need it to move into a new apartment or get a loan, having access to it for free is a great tool.