You can check your Equifax Canada credit score for free through several methods, including online via a myEquifax account or through third-party services like Borrowell, by phone, by mail, or in person. Accessing your credit score is important for Canadian consumers as it influences your ability to obtain loans, credit cards, mortgages, and even rental agreements. Understanding your score helps you monitor your financial health and identify any errors or fraudulent activity. Regular checks are a key part of responsible financial management in Canada.
Understanding Your Equifax Credit Score
Your Equifax credit score is a three-digit number that summarizes your creditworthiness based on information in your Equifax Canada credit report. In Canada, credit scores range from 300 to 900, with higher scores indicating better credit health. A score between 660 and 900 is generally considered good, very good, or excellent, while a score from 725 to 900 is categorized as very good to excellent. This score is used by banks, lenders, landlords, and even some employers to assess your reliability in managing debt and meeting financial obligations. It is important to note that you do not have just one universal credit score, as different companies use various proprietary models to calculate scores.
The Equifax credit score provided to consumers is an educational score developed by Equifax Canada. While it is similar to scores provided to lenders, third parties may use a different score when evaluating your credit applications. Your score is calculated using five key factors from your credit report, each contributing a specific percentage to the overall number. These factors include your payment history, amounts owed, length of credit history, new credit, and types of credit used. A good credit score can help you qualify for financial products like credit cards, loans, and mortgages at lower interest rates, while a poor score may lead to denials or higher borrowing costs.
How to Get Your Free Equifax Credit Report and Score
Canadian consumer reporting legislation entitles you to access your Equifax consumer credit report and score at no charge. There are multiple official channels to obtain this information directly from Equifax Canada. You can request your credit report free of charge by phone using the Interactive Voice Response system at 1-800-465-7166. You can also receive a free Equifax credit report by mail or in person by contacting Equifax directly. For online access, you can get free Equifax credit reports through the annualcreditreport.com website or by creating a myEquifax account.
When you sign up for a myEquifax account, you can see your credit report online and print a copy, with updates typically provided once per month. You can also see your Equifax credit score online, which is also updated monthly. The Equifax credit report and score provided through the myEquifax platform are proprietary to Equifax Canada, but the service is coordinated with its U.S. affiliate, Equifax Consumer Services LLC, and your data will be stored in the United States. It is important to know that under certain circumstances, access to your Equifax credit report through these online services may not be available.
- Online via myEquifax account or annualcreditreport.com
- By phone at 1-800-465-7166 (Interactive Voice Response)
- By mail through a written request to Equifax
- In person at an Equifax office
Another popular method for Canadians is using the free service offered by Borrowell, a third-party Canadian company. Over four million Canadians use Borrowell to access their Equifax Canada credit score and report. Signing up with Borrowell takes less than three minutes and does not require a Social Insurance Number (SIN) or a credit card. This service allows you to download your Equifax Canada credit report for free and check your updated credit score at any time without negatively impacting it.
Using Third-Party Services Like Borrowell
Borrowell is a fully Canadian company that provides free access to your Equifax Canada credit score and report. The service is designed for educational use and to help you understand your credit health. When you sign up, which involves providing basic contact information, you gain the ability to see your credit score and download your full credit report. Borrowell provides weekly updates on how your score has changed, which exceeds the typical monthly update cycle from direct bureau services. This frequent monitoring can help you spot trends, errors, or signs of identity fraud more quickly.
Checking your credit score and report through Borrowell is considered a 'soft' inquiry, which does not hurt your credit score. The platform also offers personalized credit tips, articles, and tools to help you improve your credit, along with insights into why your score has changed. Furthermore, Borrowell can automatically match you with financial products from over 75 trusted partners based on your credit profile. You can see your likelihood of approval for credit cards and loans and apply directly through the platform. This service exemplifies how third-party providers can offer additional features alongside the basic credit report access required by law.
Paid Monitoring Services from Equifax
Beyond the free access required by law, Equifax Canada offers subscription-based credit and identity monitoring products. These paid services, such as Equifax Complete Premier, provide ongoing monitoring of your credit report and score to help you spot signs of fraud. These products typically include features like credit lock activation and identity theft insurance. The insurance is underwritten by American Bankers Insurance Company of Florida or its affiliates, though for residents of Quebec, this feature is not available for new product purchases due to provincial regulations.
Equifax also offers a family plan called Equifax Complete Friends and Family. For a monthly subscription price of $34.95, this plan extends all the features of Equifax Complete Premier to a second adult. After enrollment, the primary account holder provides the contact information for the second person through an online dashboard, and an invitation email is sent to get them started. It is important to review the Terms of Use and product documentation for all conditions, exclusions, and limitations associated with these paid services.
| Product Feature | Key Detail |
|---|---|
| Equifax Complete Premier | Monitors credit report & score for fraud |
| Equifax Complete Friends & Family | Covers two adults for $34.95/month |
| Identity Theft Insurance | Underwritten by American Bankers Insurance Co. |
| Quebec Residents | Insurance not available for new purchases |
| Cancellation Policy | Cancel anytime, no partial month refunds |
Payment information is required upon sign-up for these paid products, and the card is charged immediately for the sale price. Subsequently, the full subscription price is charged each month the subscription continues. Equifax Canada's policy states that only one discounted product is available per customer in a 180-day period, and these are often web-only offers. If you have a paid subscription and a technical failure prevents access to your credit report without an available remedy, the subscription will be cancelled and a full refund will be issued.
Why and How Often You Should Check Your Credit
Your credit report is a detailed record of your credit history, including personal information, credit accounts, payment history, and inquiries. It is foundational to your financial identity in Canada. Lenders, insurers, cell phone companies, and landlords may review it to decide whether to approve your applications and at what terms. Checking your own credit report and score allows you to ensure the information is accurate and to understand how lenders view you. Errors on your report, such as incorrect payment statuses or accounts that do not belong to you, can negatively impact your score and your ability to secure credit.
While checking your credit report once a year is the minimum suggested practice, best practices recommend reviewing it at least monthly. More frequent checks, such as the weekly updates offered by some free services, make it easier to spot errors or fraudulent activity quickly. Early detection of identity theft, where someone opens accounts in your name, is crucial to limiting financial damage. Monitoring your score over time also helps you see the impact of your financial behaviours, like paying down debt or making payments on time. Since checking your own credit through official channels or soft inquiry services does not harm your score, there is no downside to regular review.
- Verify accuracy of personal and account information.
- Detect signs of identity theft or fraud early.
- Understand factors affecting your credit score.
- Prepare for major credit applications (e.g., mortgage).
- Track your financial progress over time.
Key Considerations and Provincial Details
When accessing your Equifax credit information, several important considerations apply across Canada, with specific rules for certain provinces. The Equifax credit report and score provided are based on information maintained by Equifax Canada and are proprietary to them. For Quebec residents, there is a notable difference regarding identity theft insurance within Equifax's paid products. This feature is not available for new product purchases in Quebec. However, if a Quebec resident is redeeming a promotional code for an existing product, the insurance feature will be included. All consumers should refer to the actual policy documents for the full terms, conditions, and exclusions of any insurance coverage.
The data storage location is another consideration for online services. When you use the myEquifax platform, your data is stored in the United States, as the service is coordinated with Equifax's U.S. affiliate, Equifax Consumer Services LLC. It is also vital to understand the difference between a 'soft' inquiry and a 'hard' inquiry. When you check your own credit or when a service like Borrowell checks it on your behalf for monitoring, it is a soft inquiry that does not affect your score. A hard inquiry occurs when a lender checks your credit after you apply for new credit, and this can have a small, temporary negative impact on your score. Knowing this distinction helps you check your credit freely without fear of harming your financial standing.
Frequently asked questions
Is it really free to check my Equifax credit score in Canada?
Yes, you are entitled by law to access your Equifax consumer credit report and score at no charge. You can obtain it for free directly from Equifax by phone at 1-800-465-7166, by mail, in person, or online through annualcreditreport.com or a myEquifax account. Third-party services like Borrowell also offer free access to your Equifax Canada score and report without requiring a credit card or SIN. Checking your credit score and report with Borrowell does not hurt your credit score.
How often is my Equifax credit score updated?
When you access your score online through Equifax's myEquifax service, it is typically updated once per month. Similarly, the credit report you can view and print is updated monthly. Some third-party services, like Borrowell, may provide more frequent updates, such as weekly score change notifications. You can check your credit score at any time without hurting it.
Does checking my own credit score with Equifax hurt my score?
No, checking your own credit score does not hurt it. When you request your own report or score directly from Equifax or through an educational service like Borrowell, it is recorded as a 'soft' inquiry. Soft inquiries are only visible to you and do not impact your credit score. Only 'hard' inquiries, which occur when a lender checks your credit after you apply for new credit, can affect your score.
What is considered a good Equifax credit score in Canada?
In Canada, Equifax credit scores range from 300 to 900. Scores from 660 to 900 are generally considered good, very good, or excellent. Specifically, a score between 725 and 900 is categorized as very good to excellent. Having a score in these higher ranges can help you qualify for loans, credit cards, and mortgages at more favourable interest rates.
Can I lock my Equifax credit report?
Yes, Equifax Canada offers a credit lock feature. This is typically part of their paid monitoring services, such as Equifax Complete Premier. Activating a credit lock can help prevent unauthorized access to your credit report. This is a useful tool in preventing identity theft and fraudulent credit applications made in your name.
What is the difference between Equifax and Borrowell?
Equifax Canada is a nationwide credit bureau that collects and maintains your credit information to create your credit report and score. Borrowell is a separate Canadian company that partners with Equifax to provide consumers with free access to their Equifax credit score and report. Borrowell provides a user friendly platform where you can sign up in three minutes with no credit card or Social Insurance Number required. Borrowell adds value by offering weekly credit score updates, personalized credit tips, and tools to help improve your credit. Furthermore, Borrowell can automatically match you with financial products from over seventy five trusted partners based on your credit profile.
Sources and further reading
- Consumer Credit Report | Equifax CA equifax.ca
- Check Your Free Credit Score in Canada borrowell.com
This article explains how things work and is not financial, tax or legal advice. Rules, limits and rates change, so check the current figures with the Canada Revenue Agency, your province or your financial institution before you act.