You Can Check Your Credit Score For Free In Canada Right Now & Here's How It Works

Regardless of why you may want to check your credit score in Canada, there are now several ways to do it for free.

Credit scores are designed to predict how reliable a consumer is when it comes to paying their bills and previously cost as much as $30 per report! However, there are now more cost-effective options.

This is because the Quebec government passed legislation in February, serving to better protect all consumers. Equifax and TransUnion became required by law to allow Quebecers to check their credit reports and scores online at no charge.

Since then, both companies have moved to offer free services to all Canadians.

How do I check my credit score for free?

It's possible to order a free copy from both Equifax Canada and TransUnion Canada.

Equifax Canada refers to a credit report as a "credit file disclosure," while TransUnion Canada calls it a "consumer disclosure."

You can make a request in writing by using the forms provided by Equifax and TransUnion. To complete the documents, you'll need copies of two pieces of acceptable ID, such as a driver's licence or passport. The report will arrive via mail at no cost.

You may also call the credit bureau for free and follow the instructions given. Although it's possible to confirm details via phone, the credit score will still be sent via mail.

TransUnion allows Canadians to order a credit report online once a month for free, while Equifax has its own online services. In some cases, you may have to pay a fee to access your credit report instantly.

How often should I check it?

The feds warn that each credit bureau may have different information about how you've used credit in the past. It recommends requesting a report from one bureau, then another six months later.

"By spacing out your requests, you may be able to detect problems sooner," reads the advice.

It's worth noting that ordering your own credit report will have no impact on your credit score.