Your credit score is one of the most important numbers in your financial life. Whether you’re applying for a loan, mortgage, credit card, or even renting an apartment, lenders and service providers look at your score to decide how trustworthy you are with money. In Canada, checking your credit score is easier than ever, but many Canadians still don’t know where to start or how often they should check.
This guide explains how credit scores work in Canada, where to check them, why they matter, and practical steps you can take to improve them. All insights are backed by trusted data and simplified for easy understanding.
What Is a Credit Score Canada?
A credit score in Canada is a three-digit number ranging from 300 to 900. The higher the number, the better your credit health. Lenders use it to evaluate your risk level before approving loans or credit products.
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Excellent: 760–900
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Very Good: 725–759
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Good: 660–724
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Fair: 560–659
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Poor: 300–559
These ranges come from Equifax and TransUnion, the two main credit bureaus in Canada.
Why You Should Check Your Credit Score Regularly
Checking your credit score in Canada is not just about curiosity—it’s about financial planning. Here’s why it matters:
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Loan & Mortgage Approval – Lenders rely heavily on your credit score before approving major loans.
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Better Interest Rates – Higher scores usually mean lower interest rates, saving you thousands over time.
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Job Applications – Some employers in Canada check credit reports for positions that require financial responsibility.
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Fraud Detection – Regular checks help you spot errors or fraudulent activity on your report.
💡 SimplePret insight: Canadians with scores above 700 get access to the widest range of financial products and the best approval odds.
How to Check Your Credit Score in Canada
You have multiple ways to check your credit score in Canada, ranging from free services to paid detailed reports.
1. Through Credit Bureaus
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Equifax Canada – Offers both free and paid credit score checks. Paid plans include identity protection.
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TransUnion Canada – Provides free score access with monitoring services for more detailed insights.
2. Through Your Bank or Lender
Most major Canadian banks offer free monthly credit score updates for clients:
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RBC
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TD Canada Trust
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Scotiabank
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BMO
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CIBC
3. Through Financial Platforms
Online services like Borrowell, Credit Karma, and Mogo allow Canadians to check their credit scores for free with simple sign-up.
Does Checking Your Credit Score Hurt It?
No. When you check your credit score, it’s considered a soft inquiry and has no effect on your credit. Hard inquiries—when a lender checks your credit for a loan application—may lower your score slightly.
Factors That Affect Your Credit Score in Canada
Your credit score isn’t random—it’s calculated based on several factors:
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Payment History (35%) – Paying bills on time is the single most important factor.
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Credit Utilization (30%) – Using less than 30% of your available credit keeps your score healthy.
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Credit History Length (15%) – The longer you’ve responsibly managed credit, the better.
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Credit Mix (10%) – A combination of credit cards, loans, and lines of credit is favourable.
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New Credit Applications (10%) – Too many credit applications in a short time can hurt your score.
How Often Should You Check Your Credit Score?
Experts recommend checking your credit score in Canada at least once every three months. However, if you’re preparing for a major purchase like a house or car, checking monthly gives you more control.
How to Improve Your Credit Score in Canada
Improving your score takes time, but consistent habits lead to lasting results.
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Pay bills on time – Even one missed payment can lower your score significantly.
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Lower credit card balances – Aim to use less than 30% of your available credit.
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Avoid multiple loan applications – Too many hard checks can reduce your score.
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Build a long credit history – Keep old accounts open if possible.
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Monitor your report for errors – Dispute mistakes with credit bureaus immediately.
Credit Score Myths in Canada
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Myth: Checking your own score lowers it.
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Truth: Only hard inquiries by lenders impact it.
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Myth: You need a credit card to build credit.
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Truth: Other products like student loans and car loans also help.
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Myth: Carrying a balance improves your score.
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Truth: Paying in full is better for your credit health.
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Common Questions About Credit Score Checks in Canada
1. Is checking my credit score free in Canada?
Yes. Services like Borrowell, Mogo, and Credit Karma provide free score checks.
2. What is considered a good credit score in Canada?
Anything above 660 is considered good, while 725 and above is very good.
3. Can I check both Equifax and TransUnion?
Yes, and you should—scores may vary slightly between the two bureaus.
Final Thoughts
A credit score check in Canada is more than just a number—it’s the foundation of your financial health. Whether you want to apply for a mortgage, car loan, or personal loan, knowing your score helps you prepare and improve your chances of approval.
By checking regularly, managing your debts responsibly, and keeping track of changes, you can move toward stronger financial security.
