What is a Credit Score?

A credit score is like a report card for how good you are with borrowing and paying back money. It reflects your financial behaviour, including payment history, credit utilization, length of credit history, types of credit accounts, and recent credit inquiries. Watch this video to understand how credit scores work in Canada.

Why Credit Scores Matter for Renters

As a renter, it is crucial to understand your credit score. Landlords and property management companies often use credit scores as part of their criteria to assess the financial responsibility and reliability of prospective tenants. This article outlines eight reliable ways to check your credit score, each offering unique benefits. Whether you're apartment hunting or just want to stay on top of your financial health, these methods will give you the insight you need. Let's explore how we can take control of our credit and improve our renting prospects.

How to Check Your Score

RBC: Credit View Dashboard

Royal Bank of Canada (RBC) provides a useful tool called the Credit View Dashboard. As an RBC client, you can access this feature through your online banking portal or mobile app.

The Credit View Dashboard shows your credit score based on TransUnion data, updated monthly, and provides a detailed breakdown of factors affecting your score. This helps you understand which areas you need to improve to boost your creditworthiness as a renter. 

Scotiabank: Scotia OnLine

Scotiabank offers a free credit score check to its customers through Scotia OnLine banking or the Scotia mobile app.

The credit score provided by Scotiabank is based on TransUnion data. The scores are updated monthly and comes with a report explaining the factors influencing my score. This information is valuable when you're looking to rent a new place, as it gives you an idea of how landlords might view your credit profile. One thing to keep in mind is that like RBC's service, this free credit score check is only available to Scotiabank customers.

Equifax Canada Credit Check Process

Equifax Canada, headquartered in Toronto, is one of the main credit bureaus in the country. With Equifax, you can request one free credit report a year. 

To access your credit report, you must fill out an online form with your personal information, including your Social Insurance Number (SIN). For security reasons, Equifax may ask you to provide additional documentation to verify your identity. Once confirmed, you can access your credit report, which gives me a comprehensive view of my credit history and helps me understand what landlords might see when they check my credit.

TransUnion Canada Credit Report Request

TransUnion Canada, based in Burlington, Ontario, is the other major credit bureau in Canada. Like Equifax, TransUnion offers one free credit report per year. The request process at TransUnion is similar to Equifax's. Once your identity is verified, you can access my credit report online. You can use this information to double-check that all your credit information is accurate across both major bureaus, ensuring that you’re well-prepared when applying for rentals or discussing my creditworthiness with potential landlords.

Credit Karma

Credit Karma is a financial technology company that offers free credit scores and reports. Credit Karma works with TransUnion, a credit bureau to provide you with a credit score and credit report. 

To get your free credit score through Credit Karma, sign up for an account on their website. The process is straightforward and only takes a few minutes. Once logged in, you will be able to view your credit score and report anytime, which helps you stay informed about your financial health as you navigate the rental market.

Borrowell

Borrowell is a Canadian financial technology company based in Toronto with over 100 employees. They offer a free credit score service that can be useful to renters. Borrowell provides credit information from Equifax. To learn more, read about the Difference Between Equifax vs TransUnion Credit Reports in Tenant Screening.

You gain access to your credit score by signing for a free account. on their website. After providing some basic information, you will see your Equifax credit score. Borrowell updates your score weekly, which allows you to track changes and improvements over time.

American Express MyCredit Guide

American Express, a global company with approximately 64,000 employees, provides the MyCredit Guide service. What's great about this option is that it's available to anyone in Canada, not just AMEX cardholders.

The service offers weekly TransUnion credit score updates and a full credit report. It also includes a score simulator, which is useful for understanding how different actions might affect your credit score before applying for a rental. 

Capital One's Credit Keeper

Capital One, a major financial institution with over 50,000 employees worldwide, offers Credit Keeper to its Canadian cardholders. This free service provides weekly updates to your TransUnion credit score while offering personalized tips to improve your score. It’s important to remember that this score is based on TransUnion data, which might differ slightly from Equifax reports.

Concluding Thoughts

Understanding and managing your credit score is a powerful tool in your renting journey. As a tip, request a report from a provider that uses Equifax data and one that uses TransUnion data. This way, you can evaluate both reports and note any discrepancies that may need further action. If you feel overwhelmed by this, you are not alone! One way to get support is through credit counselling. Read Credit Counselling: Balancing Finances for Renters to learn more. By staying informed and proactive about your credit, you're not just preparing for your next rental application – you're taking control of you financial narrative and setting yourself up for long-term financial success. Your diligence today paves the way for better renting experiences tomorrow.

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