How To Get A FREE Credit Report and Credit Score. This video will show you how to get a FREE Credit Report and Credit Score in Canada.
You Will Find Answers To The Following Questions and Concerns:
1) What is Credit?
2) What is a Credit File?
3) What is a Credit History?
4) What is a Credit Report?
5) What is a Credit Score?
6) What is a Credit Bureau?
7) Who creates and maintains your Credit Report and Credit Score?
8) How to order a copy of your FREE Credit Report
9) How to access your Credit Score
What is Credit?
Credit is an agreement between you and a financial institution. In this agreement, the financial institution is agreeing to lend you a certain amount of money and you are agreeing to repay all of the money that you borrow from that financial institution.
What is a Credit Report?
When you first applied for credit, a file was created in your name. That file is called a credit file. Your credit file contains your entire credit history. Your credit history is a complete record of every single financial decision that you have ever made. Your credit history is then used to create a 1-2 page document that contains a detailed summary of your credit history. That document is called a credit report.
What is a Credit Score?
Your credit score is a three digit number between 300 and 900 that tells the financial institution:
1)how responsible you are with your credit
2)how worthy you are of receiving credit
3)and how likely you are to repay any money that the financial institution lends to you.
The higher your credit score is:
1)the more responsible you are with your credit
2)the more credit worthy you are,
3)the more likely you are to repay any money that the financial institution lends to you.
Who creates and maintains your Credit Report and Credit Score?
Your credit file, credit history, credit report, and credit score are all created and maintained by a private company that collects, stores and shares all of the information about your credit. That company is called a credit reporting agency or a credit bureau.
In Canada, there are only two credit bureaus: Equifax Canada and TransUnion Canada.
How to order a copy of your FREE Credit Report
In Canada, you are legally entitled to receive one FREE credit report every year. You can request a copy of your credit report from any one of the two credit bureaus within Canada.
How to access your Credit Score
There are several services, like Credit Karma for example, that offer free credit reports as well as free credit scores. However, services like Credit Karma are ONLY available in the United States. Services like Credit Karma are NOT available in Canada. While it is possible for you to get a free credit report, it is NOT possible for you to get a free credit score in Canada. You absolutely have to pay for your credit score. So please be extremely mindful of any fraudulent organizations that try to offer you a free credit score in an attempt to gain access to your personal and financial information. The ONLY two credit bureaus that exist in Canada, and the ONLY two credit bureaus that have access to your credit report and credit score are Equifax Canada and TransUnion Canada.
To access your Credit Score
• Go to the Equifax Canada or TransUnion Canada website
• You DO have to pay a fee to access your credit score online through the Equifax Canada or TransUnion Canada website
• You CANNOT access your credit score for free
• The Equifax Canada credit score fee is $23.95
• The TransUnion Canada credit score fee is $22.90
• When you pay to access your credit score you will also have access to your free credit report online BUT your free credit report DOES NOT include your credit score
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