When you’re applying for a loan, mortgage, or even a new credit card in Canada, one of the most important numbers lenders will look at is your credit score. It shows how well you manage debt and gives financial institutions confidence about lending you money. If you’re asking, “How do I check my credit score in Canada?”—this guide will walk you through everything you need to know.
In this article, we’ll explain what a credit score is, how it works in Canada, the different ways you can check it, and why monitoring it regularly matters for your financial health.
What Is a Credit Score in Canada?
A credit score in Canada is a three-digit number that represents your creditworthiness. It typically ranges from 300 to 900, with higher scores indicating stronger financial health.
-
Excellent: 760–900
-
Very Good: 725–759
-
Good: 660–724
-
Fair: 560–659
-
Poor: 300–559
Canadian lenders rely on this score to decide whether to approve your credit applications and at what interest rate.
Who Calculates Credit Scores in Canada?
In Canada, credit scores are calculated by two major credit bureaus:
-
Equifax Canada
-
TransUnion Canada
Both agencies maintain credit reports that track your borrowing and repayment history. While your score may vary slightly between them, both are widely accepted by banks, credit unions, and lenders.
Why Checking Your Credit Score Matters
Many Canadians believe they only need to look at their credit score when applying for a mortgage or loan. But monitoring your score regularly can benefit you in several ways:
-
Catch mistakes early: Errors in your credit report (like incorrect balances or outdated information) can hurt your score.
-
Protect against fraud: If someone opens an account in your name, you’ll notice unusual activity faster.
-
Prepare for applications: Knowing your score helps you predict your approval chances before applying for credit.
-
Improve financial health: By tracking your score, you’ll see how your financial decisions (such as paying off debt) affect it.
How to Check My Credit Score in Canada
There are multiple ways Canadians can check their credit scores. Let’s go step by step.
1. Free Credit Score Services
Several online platforms let you check your credit score for free. They usually provide updates monthly and are safe to use.
-
Borrowell – Free access to your Equifax credit score, updated weekly.
-
Credit Karma – Free access to your TransUnion credit score.
-
Mogo – Provides free monthly Equifax score monitoring.
These platforms also include tools to help you understand your credit and track progress.
2. Directly from Credit Bureaus
You can also go straight to the source:
-
Equifax Canada
-
You can request your credit score online for a fee.
-
They also provide a free credit report once a year by mail.
-
-
TransUnion Canada
-
Offers both free credit report access and paid subscriptions for credit score tracking.
-
3. Through Your Bank or Financial Institution
Many Canadian banks and credit unions now allow customers to check their credit score directly through online banking apps.
Examples include:
-
RBC – Provides free access to TransUnion scores.
-
Scotiabank – Offers free TransUnion credit score monitoring.
-
CIBC – Allows customers to track their credit score regularly.
-
TD Canada Trust – Offers options for checking your credit information, depending on your account type.
Checking through your bank is convenient since you already use their platform for everyday transactions.
How Often Should You Check Your Credit Score?
Experts recommend checking your credit score at least once a month. Frequent monitoring helps you stay informed, catch mistakes, and build better financial habits. Unlike applying for a loan, checking your own credit score is considered a soft inquiry, so it does not lower your score.
What Factors Affect Your Credit Score in Canada?
Understanding how your score is calculated will help you manage and improve it. The key factors include:
-
Payment History (35%) – On-time payments are the most important factor.
-
Credit Utilization (30%) – How much of your available credit you use. Keeping this below 30% is ideal.
-
Credit History Length (15%) – The longer your accounts have been active, the better.
-
Credit Mix (10%) – Having a mix of credit cards, loans, and lines of credit can help.
-
New Credit Inquiries (10%) – Too many applications in a short time can reduce your score.
What Is a Good Credit Score in Canada?
-
Excellent (760–900): You’ll likely qualify for the best loan and mortgage rates.
-
Good (660–724): Most lenders will approve you, but rates may be slightly higher.
-
Fair (560–659): You may face stricter terms or higher interest rates.
-
Poor (300–559): Approval is difficult, and if you are approved, interest rates will be high.
How to Improve Your Credit Score in Canada
If your credit score isn’t where you want it to be, there are steps you can take:
-
Pay bills on time, every time.
-
Pay down outstanding debt, starting with high-interest accounts.
-
Limit new credit applications.
-
Keep old accounts open to build long-term history.
-
Regularly review your credit report for errors.
Simplepret, for example, helps Canadians access financial products that work even if they’re rebuilding their credit, offering transparent options and guidance.
Credit Score vs. Credit Report
Many people confuse credit score with credit report:
-
Credit Score: The three-digit number showing your credit health.
-
Credit Report: A detailed record of your credit accounts, balances, repayment history, and public records.
Both are important, and reviewing your full credit report annually is as critical as checking your score.
Free Annual Credit Report in Canada
By law, Canadians can request one free credit report per year from each bureau (Equifax and TransUnion). While this report does not always include your credit score, it allows you to check for errors and fraud.
Business Owners: Checking Your Business Credit Score
If you run a small business, your business credit score can be just as important as your personal score. Many lenders use it to determine loan approval and terms. Equifax and TransUnion both provide business credit reports for a fee.
Final Thoughts
If you’ve been wondering, “How do I check my credit score in Canada?”—the process is easier than ever. Whether you use free online tools, check directly with the bureaus, or monitor through your bank, keeping track of your credit score is essential for building financial security.
With services like Simplepret supporting Canadians in their financial journey, you can take control of your credit health, correct errors, and prepare for future opportunities with confidence.
