Checking your Canadian credit score is one of the most important numbers in your financial life. It impacts everything from getting approved for a mortgage, car loan, or credit card to the interest rate you’ll pay. Yet, according to surveys, a large percentage of Canadians have never checked their credit score.
If you’re wondering how to check your Canadian credit score, where to find it for free, or how it affects borrowing—this guide covers everything you need to know.
With SimplePrêt, you can not only check your credit score easily but also access resources to improve it, making borrowing simpler and more affordable.
What Is a Credit Score in Canada?
A credit score is a three-digit number, typically ranging between 300 and 900, that represents your creditworthiness. In Canada, two major credit bureaus—Equifax and TransUnion—track your financial history and generate your score.
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Excellent credit score: 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
Lenders use this score to determine your eligibility for:
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Credit cards
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Mortgages
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Personal loans (including payday loans in Canada)
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Car loans
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Rental agreements
Why You Should Check Your Canadian Credit Score
Checking your credit score is essential for several reasons:
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Understand Your Financial Health – Know where you stand before applying for credit.
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Detect Fraud Early – Unfamiliar accounts may indicate identity theft.
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Improve Borrowing Power – Work on your credit score before major financial applications.
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Better Loan Options – A higher score means better approval rates and lower interest.
👉 Despite these benefits, research shows a surprising percentage of Canadians have never checked their credit score—a financial blind spot that can cost thousands in interest over time.
How to Check Your Canadian Credit Score
There are three main ways:
1. Through Canada’s Credit Bureaus (Equifax & TransUnion)
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Equifax Canada – Offers both free credit reports and paid access to credit scores.
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TransUnion Canada – Similar to Equifax; allows Canadians to monitor their credit.
2. Through Banks and Financial Institutions
Many Canadian banks and lenders now provide free credit score checks to their customers, including:
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RBC
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BMO
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CIBC
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Scotiabank
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TD
3. Free Online Platforms & Apps
There are apps and services that provide free access to your score:
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Borrowell
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Credit Karma
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Mogo
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SimplePrêt tools (coming soon)
These platforms often give additional tools like score simulators and tips for improvement.
What Percentage of Canadians Have Never Checked Their Credit Score?
Studies suggest that over 40% of Canadians have never checked their credit score, despite its critical role in personal finance. This lack of awareness can hurt borrowers, especially when applying for loans.
At SimplePrêt, we encourage Canadians to regularly check their credit score as part of responsible borrowing and long-term financial planning.
How to Check Canadian Credit Score for Free
Free credit score checks are now widely available. Here’s how:
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Step 1: Visit a credit bureau’s site or use your bank’s online portal.
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Step 2: Verify your identity with personal details.
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Step 3: Access your score instantly.
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Step 4: Review your credit report for errors.
👉 Want a fast option? Try the best app to check credit score in Canada like Borrowell or Credit Karma—or look out for SimplePrêt’s upcoming free credit monitoring tool.
Canadian Credit Score Check vs Credit Report
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Credit Score = 3-digit summary number of your creditworthiness.
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Credit Report = Detailed history of your credit accounts, balances, and payment history.
Both are important. A lender may look at both before approving loans.
Factors That Affect Your Canadian Credit Score
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Payment History (35%) – Late or missed payments hurt the most.
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Credit Utilization (30%) – Keep usage under 30% of your limit.
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Credit History Length (15%) – Longer history improves scores.
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Types of Credit (10%) – A mix (credit cards, loans, mortgages) helps.
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New Credit Inquiries (10%) – Too many applications lower your score.
How to Improve Your Credit Score in Canada
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Pay bills on time, every time.
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Reduce credit card balances.
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Avoid applying for multiple loans at once.
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Keep old accounts open (longer history = better score).
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Monitor for errors and dispute inaccuracies.
Can Americans Check a Canadian Credit Score?
This is a common question. Typically, Americans cannot directly check Canadian credit scores due to separate credit systems. However, lenders working cross-border may request reports through Equifax or TransUnion if needed.
Checking Canadian Credit Score for Loan Applications
Your credit score directly impacts loan approval. For example:
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Excellent Score (760+) – Best approval odds for mortgages and personal loans.
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Fair Score (560–659) – May still qualify for payday loans online in Canada, especially with lenders like SimplePrêt.
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Poor Score (<560) – Traditional banks may decline, but alternative lenders can help.
At SimplePrêt, we provide loan options even for those with low or no credit, ensuring Canadians still have access to emergency cash.
Frequently Asked Questions
1. How can I check my Canadian credit score quickly?
You can check instantly via free apps like Borrowell or your bank.
2. What’s the best app to check credit score in Canada?
Borrowell and Credit Karma are among the most popular; SimplePrêt’s tools will soon provide even more tailored insights.
3. Will checking my credit score lower it?
No. A soft inquiry does not affect your credit score.
4. Can I get a loan with a low credit score?
Yes. Payday lenders like SimplePrêt offer solutions for Canadians with all credit types.
5. How often should I check my credit score?
At least a few times a year—or monthly if you’re improving your credit.
Conclusion
Your credit score is more than just a number—it’s the key to your financial future. By taking a few minutes to check your Canadian credit score, you can better understand your financial health, avoid surprises, and work toward stronger credit.
At SimplePrêt, we believe every Canadian deserves access to financial clarity and lending options—whether you’re checking your score for the first time, looking for the best free credit score apps, or applying for fast payday loans in Canada.
👉 Ready to take control of your financial future? Check your credit score and explore SimplePrêt loan options today.
