Your credit score is one of the most important numbers in your financial life. Whether you’re applying for a loan, a credit card, or even renting an apartment, lenders and landlords often check your score to assess your reliability. But how do you check your credit score in Canada?
In this complete guide, we’ll cover:
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What a credit score is and why it matters
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Free and paid ways to check your credit score in Canada
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The difference between a credit score and a credit report
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How lenders like SimplePrêt use credit checks in loan approvals
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Steps you can take if your score needs improvement
By the end, you’ll know exactly how to monitor, understand, and protect your credit score.
What Is a Credit Score in Canada?
A credit score is a three-digit number (between 300–900) that represents your creditworthiness. It’s calculated using your credit history, including:
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Payment history (on-time vs. late payments)
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Amount of debt and credit utilisation
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Length of credit history
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Credit mix (credit cards, loans, mortgages)
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Recent credit inquiries
In Canada, scores are issued primarily by Equifax and TransUnion, the two major credit bureaus.
Credit Score Ranges in Canada
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300–559 → Poor
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560–659 → Fair
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660–724 → Good
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725–759 → Very Good
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760–900 → Excellent
A higher score gives you better access to lower interest rates, faster approvals, and higher credit limits.
Why Is Checking Your Credit Score Important?
Many Canadians only think about their credit score when applying for a mortgage or loan. However, monitoring it regularly offers major benefits:
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Identify errors early – Mistakes in reporting can unfairly lower your score.
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Prevent fraud – Spot unusual activity that may indicate identity theft.
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Prepare for big purchases – Know where you stand before applying for a car loan or mortgage.
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Track financial health – Regular checks help you see progress as you pay off debt.
💡 Tip from SimplePrêt: Borrowers with scores above 660 are more likely to qualify for loans with lower interest rates.
How Do You Check Your Credit Score in Canada?
There are three main ways to check your score:
1. Through Credit Bureaus (Equifax & TransUnion)
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Equifax Canada: Offers free credit reports annually, and paid access to ongoing monitoring.
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TransUnion Canada: Similar system, with free reports and premium score monitoring tools.
You can request:
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Credit Report → Detailed record of your credit history.
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Credit Score → The three-digit number summarising your report.
👉 Both bureaus are legally required to provide one free credit report per year.
2. Through Canadian Banks & Lenders
Most major banks now offer free access to credit scores for their clients, updated monthly. For example:
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RBC → Provides free TransUnion credit scores.
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BMO → Free Equifax scores via online banking.
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Scotiabank & CIBC → Credit monitoring services for customers.
This option is convenient and safe since you already have accounts with these institutions.
3. Through Online FinTech Platforms
Platforms like Borrowell, Credit Karma, and Mogo provide free access to credit scores. They make money through partnerships with lenders (by suggesting financial products).
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Borrowell → Uses Equifax data.
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Credit Karma → Uses TransUnion data.
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Mogo → Offers free monitoring and identity fraud protection.
⚠️ These services are secure, but always double-check their privacy policies before signing up.
Credit Score vs. Credit Report – What’s the Difference?
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Credit Score: Quick snapshot of your financial reliability (number only).
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Credit Report: Full breakdown of your credit accounts, inquiries, and payment history.
When you apply for a loan with SimplePrêt, both your credit report and score are reviewed to ensure accurate assessment.
How Long Does a Credit Check Take in Canada?
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Soft Check → Instant (e.g., when you check your own score or pre-qualify for a loan).
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Hard Check → Usually seconds to minutes (done by lenders when you officially apply for credit).
💡 Important: Multiple hard checks in a short time can lower your score slightly. Always avoid unnecessary applications.
How SimplePrêt Uses Credit Checks in Loan Applications
As one of Canada’s trusted online lenders, SimplePrêt evaluates applicants through a quick credit check.
Why?
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To confirm your repayment history
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To determine eligibility for loan products
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To set fair interest rates based on risk
How It Works:
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You apply online with personal and financial details.
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SimplePrêt runs a soft credit check for pre-approval.
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If you proceed, a hard check confirms final approval.
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Funds are typically e-transferred within 24 hours if approved.
This process ensures fairness, transparency, and speed for Canadians seeking short-term or emergency loans.
How to Improve Your Credit Score in Canada
If you check your score and it’s lower than expected, don’t panic. Here are actionable steps:
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Pay Bills on Time – Even one late payment can hurt.
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Lower Credit Utilisation – Keep balances below 30% of your limit.
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Avoid Too Many Applications – Each hard check lowers your score slightly.
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Keep Old Accounts Open – Length of history matters.
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Diversify Credit Types – A mix of credit cards, loans, and instalment credit helps.
👉 SimplePrêt’s data shows that borrowers who reduce utilisation by 20% see an average 30-point increase in credit score within six months.
FAQs About Checking Your Credit Score in Canada
1. How often should I check my credit score?
At least once every 3–6 months.
2. Does checking my own credit score lower it?
No. This is a soft inquiry and has no impact.
3. Can I check my credit score for free?
Yes. Many banks, fintech apps, and credit bureaus allow free access.
4. What is considered a “good” credit score in Canada?
Generally, 660 or higher is good, while 725+ is very good.
5. Can I get a loan with bad credit in Canada?
Yes. Lenders like SimplePrêt provide bad credit loans and consider additional factors like income, not just your score.
Final Thoughts
Knowing how to check your credit score in Canada is essential for managing your financial future. Between free options from banks, fintech apps, and credit bureaus, every Canadian has access to their credit health.
For those planning to borrow, SimplePrêt offers fast, transparent loans while helping clients understand how their credit score impacts eligibility and rates.
