Applying for a loan, the credit score is almost as important as your passport. In fact, this is your financial passport. A credit score check shows the lender whether you are a trustworthy loan candidate.
It will also determine what loan rate you’re pretending for. That’s why you need to be sure that your credit score is a good one. Here’s how to check your credit score and better it.
How to Check Credit Score Canada Free
There are two ways you can find out your credit score. The first one is directly from the credit bureau. There are two options for a free credit score check that Canada offers: Equifax and Transunion.
The Equifax credit score is not entirely free, though. It is $19.95 a month. There’s a free credit score in Canada Equifax clients can use. To complete this check you’ll have to download the form on the Equifax website, print it and fill it out, then mail (fax) it to their office, your personal details included.
A not-so-complicated free Transunion credit score Canada users can see online. Although, as well as Equifax, Transunion only allows one free credit check per year. Clients often require this check when they want a guaranteed approval loan for bad credit the same day.
Another Canada Free Credit Score Options
When browsing ways to check credit score for free Canada clients often fall for instant options. They don’t scroll the website page to the end, neither they check out other options.
That’s why you can either pay the price, get your credit score check fast and enjoy free tips or get a free credit check that’s worth the wait it takes. Whichever way you follow, always check the details in the credit report. Report any mistakes to avoid being denied a loan in the future.
Borrowell Free Credit Score Check
Borrowell is one of the companies that allow you to check your credit report on a monthly basis for free. Once you input your personal information, they’ll be sending you’re your Equifax credit checks monthly, supported with the tips of how to better it.
The only thing that is keeping you from finding out your credit score is a registration on the website. The money tips are quite helpful for those seeking loan agreement online.
A Free Credit Score Check by Mogo and Credit Karma
Mogo credit score check is also a fast one. The registration process only takes 3 minutes. Having input your personal information and employment status, you’ll proceed to manage your credit report. The website is quite handy since they offer a credit report update via mobile phone.
Credit Karma provides an official TransUnion report to their subscribers. They also conduct a free credit score for Canada online. The website also suggests helpful tips about managing your finances and bettering your credit score. By the way, CreditKarma executes a free credit score in Canada with no credit card number needed.
How to Estimate Your Credit Report
In search of a free credit score check, Canada borrowers can learn to estimate their credit reports. The calculator can be found online. This business is quite tricky, yet totally free. Online credit score calculator obtains five usual credit report states: Poor, Fair, Good, Very Good, and Excellent.
Judging from the loans, you may be currently repaying, your total credit limit and your total credit balance, you can learn to work your way up to an excellent credit report state. This online tool is not a perfect one. It is rather a way to double-check the official credit score report you received.
Are There Ways to Change Credit Score from Bad to Good?
Yes, there are. They can be executed by you, possibly with the help of a qualified financial consultant. However, don’t trust those websites that claim to improve your credit report overnight. You’ll find yourself missing a considerable sum of money and a credit report still in bad shape.
How to Improve Your Credit Score
To get an excellent credit score in Canada free options can be taken.
#1 Paying Your Dues – Even if you think that current unpaid loans are dragging your credit score down, they can actually help you lift it. Making timely payments on student loans, mortgages, etc, reflect on your report well. Remember to do a credit score Canada free online check after covering monthly payments.
#2 Keeping the Credit Card Balance Low – Based on the amount of credit you’re using, the lender will check the credit utilization ratio of your card. The key is keeping it low.
#3 Obtaining a Secured Credit Card – Those with weak credit can apply for secured credit cards to raise the credit scores. Since the minimum credit requirement is missing from these cards, they are acceptable to almost all applicants. Also, these cards only demand an initial sum of money in cash to match the credit limit.
Finally, organizing your budget politicly will help build a good credit history and have high chances for low rates on loans. Maintain low credit card balance, pay your bills in time and go easy on the credit card. Your credit score Canada free of charge check will only be successful if you spend reasonably.
Great article with relevant data! It’s quite hard to find decent advice on free credit reports. What if I don’t want to pay money for that? I thought Equifax offers credit checks free of charge similar to TransUnion. Thanks for clarifying this information! Now I have no doubt that I will choose to turn to TransUnion and obtain my free annual report. It’s really important to do this once a year as you never know if your report has any errors or what data isn’t accurate. I’ve had a mistake in my report once which affected my credit rating. Luckily, a financial expert advised me to pay attention to the report. Otherwise, I would have more problems with acquiring new personal loans and would have offered only high-interest ones. So, it pays to be careful and responsible. Thanks for reminding, I will definitely ask for my new credit report this month.