If you’ve ever thought, “I need to get my credit score in Canada,” you’re not alone. A credit score plays a pivotal role in your ability to borrow money, secure good interest rates, and even rent an apartment. But how exactly do you get your credit score in Canada? What are your best options? And how do lenders—like SimplePret—use that score?
What Is a “Credit Score”?
A credit score is a three-digit number (commonly between 300 and 900) that reflects your creditworthiness—how likely you are to repay borrowed money. In Canada, credit scores are derived from your credit report, which contains information about your past borrowing, payment history, debts, and credit inquiries.
The two main credit bureaus in Canada are Equifax and TransUnion.
Why You Should Get Your Credit Score
Knowing your score offers multiple benefits:
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Loan & Credit Approval: Lenders look at it to decide whether to grant you a loan or credit card.
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Interest Rates: A higher score often leads to better rates.
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Detect Issues & Errors: If something’s wrong with your credit report, you can catch it early.
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Self-Improvement: By tracking your score over time, you see the impact of your financial decisions.
How to Get Your Credit Score in Canada
Here are reliable methods to get your credit score:
1. Via Credit Bureaus Directly
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Equifax: You can request your credit report and see your credit score via Equifax’s website.
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TransUnion: Offers access to your credit report and, in some regions, your credit score.
These bureaus are the primary sources of the data lenders use, so checking directly gives you the most accurate version of your score.
2. Through Banks or Financial Institutions
Many Canadian banks provide free credit score services to their customers:
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CIBC: Clients can check credit score via their CreditView® dashboard.
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BMO: Offers “CreditView” powered by TransUnion, no fee, no impact to score.
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Scotiabank: Allows free access via their digital banking tools.
If you’re already banking with them, this is often the most convenient way.
3. Free Online Platforms
Several platforms let you check your credit score at no charge:
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Borrowell (Canada-based fintech) offers free credit score and monitoring.
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Some other fintech apps and services partner with credit bureaus to offer free score updates.
These platforms can also show credit reports, credit insights, or comparison tools.
4. Request by Mail or In-Person
You also have the option to order your credit report (and score if offered) by mail or in person from Equifax or TransUnion. You’ll need to provide identification and necessary forms.
Does Getting Your Credit Score Hurt Your Score?
No. When you check your own credit score, it’s considered a soft inquiry—it does not reduce your credit score.
In contrast, a hard inquiry (when a lender checks your credit as part of a loan or credit application) can cause a small, temporary dip.
How Often Should I Get My Credit Score?
A good frequency is every 3 to 6 months. Checking more often can help you catch fraud or errors sooner. Since it’s a soft inquiry, it won’t harm your score.
Before applying for major credit (mortgage, car loan), it’s smart to get your score a month in advance to know where you stand.
How Lenders Use Your Credit Score (and How SimplePret Uses It)
Lenders use your credit score to:
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Estimate risk (i.e., how likely you are to default)
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Determine interest rates or loan terms
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Decide whether to approve or decline a loan
With SimplePret, your credit score is one factor among several. They also consider:
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Your income and repaying ability
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Banking history
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Other verification (ID, deposits, etc.)
So even if your credit score is modest, you may still qualify if your income and financial profile are strong.
What Affects Your Credit Score Over Time
Understanding what drives your credit score helps you manage it better:
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On-time payments vs. late or missed payments
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Credit utilization (i.e. how much of your available credit you use)
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Length of credit history
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Diversity of credit accounts
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Recent credit applications / hard inquiries
By focusing on these, you can gradually improve your score.
Tips to Improve Your Credit Score
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Pay bills on time consistently
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Keep balances low — aim for <30% usage
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Avoid opening multiple new accounts quickly
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Maintain older accounts
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Regularly review and dispute errors
Frequently Asked Questions
Q: How soon will my score update after making a payment?
Typically 1–2 billing cycles, once the credit bureaus receive updated information.
Q: Can I access both Equifax and TransUnion?
Yes, you can—and it’s wise to compare both, as scores may differ.
Q: Can a low credit score block me from a loan with SimplePret?
Not necessarily. SimplePret considers your full application, not just your credit score.
Q: Are there free ways to maintain ongoing credit monitoring?
Yes—many banks, apps, and credit bureaus offer free monitoring or alerts.
Conclusion
Getting your credit score in Canada is easier than ever thanks to online tools, bank dashboards, and free services from credit bureaus. Checking your score regularly helps you stay informed, safeguard against fraud, and optimize your borrowing potential.
Lenders like SimplePret use your credit score among other financial metrics to decide your eligibility—but a strong income, good banking history, and responsible behavior go a long way. Start by checking your score today, review your report for accuracy, and work steadily on improving your credit health.