Good credit gets you lower mortgage rates and faster approvals with more lenders. It even helps you when you’re renting. In our current real estate market, lenders are looking for credit scores of 700 or higher, and landlords are looking for 650 or better. If you want to buy or rent a home, you want to improve your credit, and you need to know how to check it – preferably for free.
Here are the Three Best Ways to Check Your Credit for Free in Canada:
1. Check Your Credit for Free with Equifax
To check your credit for free with Equifax, call 1-800-465-7166 or mail in this form. You will need to provide copies of 2 pieces of identification, such as your driver’s licence and passport. Your credit report will be sent to you in the mail.
Equifax also offers a monthly subscription service that combines monthly credit reports with alerts, daily access, identity theft insurance and support.
2. Use Transunion
Transunion credit reporting works in much the same way that Equifax does. For free credit reports, call them at 1-800-663-9980 or mail in this form with copies of two pieces of identification. Your credit report will be sent to you in the mail.
Like Equifax, Transunion also offers paid subscriptions with similar pricing and features.
3. Try Credit Karma
A relative newcomer to the credit reporting scene, Credit Karma offers free online credit reporting when you create a free account. They even have an app to help you keep tabs on your credit information. While they are the only ones on this list to offer free online reporting at this time, like many free services, it is paid for with ads. If that doesn’t bother you, you may find it the most convenient of the three options.
You need to check your credit score regularly. It’s an important first step when planning to buy a home.