How to get your credit score for free in Canada
Your credit score can have a big impact on your financial future. Whether it’s buying a house, renting an apartment or landing your dream job. Borrowell helps people make great decisions about credit. With its free credit score and report monitoring, automated credit coaching tools and AI-driven financial product recommendations, Borrowell empowers consumers to improve their financial well-being and be the hero of their credit.
Does checking my credit score impact my score?
Soft credit inquiries, when you check your score yourself (like when you check your credit score with Borrowell!) don’t show on your credit report and don’t affect your score. Hard credit inquiries, done by lenders or banks, are a formal credit inquiry and will slightly negatively affect your score.
Do I have a good credit score?
Your credit score ranges between 300-900 (depending on the scoring model – Borrowell uses the Equifax Risk Score 2.0). The average credit score in Canada, according to Equifax, is 749. Here’s a breakdown of Borrowell’s credit score ranges:
- 741 or more: You have an excellent credit score! You can consider yourself a credit all-star.
- 713 to 740: You have a good credit score. You should expect to receive very good interest rate offerings and a variety of credit products.
- 660 to 712: This is considered fair or average to lenders. But once you get to 660, you’re entering into average credit score territory.
- 575 to 659: This is a below average credit score. Consider working on improving your credit score.
- 300 to 574: Your credit score is poor and needs improvement.
This number is determined by a credit bureau, like Equifax, and is used to determine your creditworthiness.
How do I improve my credit score?
It can be very frustrating when you don’t know why your credit score is what it is. Here are two important services that will help:
Credit score comparison. This allows you to see how your own score falls with the rest of Canada.
Credit updates. This notification feature offers important credit updates like new credit inquiry alters and missed payment warnings, as well as messages to inform you when you’re making good financial decisions.
Helpful tips. The Credit Coach provides helpful tips to improve your credit score and product recommendations to address areas of improvement. Get your free credit score