How to Check Your Credit Score

One thing that I find many people are not aware of is that every time someone pulls your credit, it lowers your score a little. The amount of times it is pulled in a 12 month span affects approximately 10% of your overall score. The best way to find out your score and check on your credit report is to pull it yourself as that does not lower your score.

There are 2 credit reporting agencies in Canada – Equifax and TransUnion. The more commonly used is Equifax, however it is best to check both as there can be a difference in information. Here are a few options with Equifax:

Obtain your free credit report
·         http://www.cmhc-schl.gc.ca/en/co/buho/buho_013.cfm#
·         If you choose this option it will be mailed to you. Generally it takes up to 5 business days
·         Pay $11.95 to add your credit score

Obtain an online copy of your credit report, score and explanation of what is hurting or helping your score
·         $23.95
·        https://www.econsumer.equifax.ca/canadaotc/order.ehtmlprod_cd=CAECS&locale_code=en_ca&pri_opt=1-3FSCNIC||CAECS-ONLINE||DEFAULT
·         You can access it again or print it

Obtain your credit report
·         Your credit history only – no score
·         $15.50
·         http://www.consumer.equifax.ca/credit-report-ca/en_ca

There are also several options for monitoring your score and protecting your identity which you can find here: http://www.consumer.equifax.ca/credit-product-list-ca/en_ca

There are also similar options for TransUnion at www.transunion.ca

The advantage of using a Mortgage Broker to shop the banks for you is that we generally only have to pull your report once, and then we can send it to numerous lenders without having it pulled again.

 

www.christinebuemann.com