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How to Check Your Credit Score in Canada?

Learn to check your credit score...

By Dhaval GajeraPublished 9 months ago 4 min read

Ever wondered why two individuals who obtained the same amount of loan from the same credit institution at the same time can be charged different interest rates? The answer is credit score.

It’s not enough to be up to par with your credit score, you need to be checking it regularly to know when there’s a dip and to detect any possible harm in your financial report.

In this article, you’ll learn what a credit score is, how you can check your credit score in Canada, and how to improve your credit score should it fall below par. Let’s get started:

What is a Credit Score?

A credit score is a three-digit number that indicates your creditworthiness. Financial institutions use it to determine how risky it is to grant you a loan, mortgage, or credit card. In Canada, a credit score ranges from 300 to 900.

The higher your credit score, the better your chance of loan approval, and the lower your score, the poorer the opportunity to receive a loan.

Why Credit Score Is Important

Your credit score is a critical part of your financial life it contributes to determining the amount of loan you qualify for. When you apply for a loan to buy a home or start a business, your lender uses your score to evaluate their risk of giving you a loan.

Again, your credit score helps to determine your interest rate. If you have a score that’s 760 or above, a credit company can charge you less interest than a client who has a credit score of 600.

How to Check Your Credit Score in Canada

You can check your credit score using Credit Verify. By signing up on the site, you’ll be able to access your credit score and report continuously without posing any damage to your credit score.

Credit Verify is a subscription-based financial tool that provides users with easy access to credit scores and reports. The site is affiliated with Credit Union, one of the largest credit bureaus in Canada.

Credit Verify not only give you access to your credit scores and reports, but offer other range of services such as credit score simulation, and daily credit monitoring.

Credit Score Simulation

With the credit score simulator, you’ll know what’s bound to happen to your credit score if you take any new financial activities such as applying for a new credit card, mortgage, or failing to pay for an outstanding loan.

Daily Credit Monitoring

Credit Verify monitors your credit and automatically alerts you whenever there’s a change in your credit score. A cybercriminal can meddle with your financial reputation by using your personal identity information to take a loan without your consent.

Credit Verify helps you fish out potential identity theft by notifying you anytime there’s an update on your credit score.

$25 Value Reward

In addition to its services, Credit Verify gives you a $25 monthly reward as a premium member. You can use the reward however and on whatever you like.

If you want to get started with Credit Verify, you can start a 7-day trial for $1. As for the privacy of your personal information, Credit Verify uses 128-bit encryption to protect the transmission of data on their site.

How to Improve Your Credit Score

Pay Your Loans on Time

Your payment history contributes about 35% when determining your credit score. Paying your loan on time shows your lender that you’re a responsible and reliable client and that you’re capable of handling credits.

Keep Your Credit Utilization Low

Your credit utilization is the percentage of your credit limit that you’ve used. This means that if your credit limit is $1000 and you used $500, your credit utilization is 50%. Using credits close to your limit is not a positive sign to your lender and can decrease your credit score.

Check for Errors and Report Them Immediately

Any error no matter how trivial you encounter on your credit report will have a bad effect on your credit score. This is why it’s good to always check your credit report to make sure every detail is accurate. If you encounter any error, report it immediately, otherwise, it will destroy your credit score.

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