Lenders and many other financial institutions pull your credit report and use your credit score to make decisions before extending their services to you.
So monitoring your credit score and credit report is one of the critical steps to achieving and maintaining good financial health. But how do you do it effectively? This is where credit monitoring services come into play.
With a credit monitoring service, you can easily keep track of your credit score and find ways of improving it.
Fortunately, there are several credit monitoring services in Canada available to anyone that wants to stay on top of their credit file. But finding the perfect one can be challenging.
To help you make the best decision, we’ve compiled a list of the best credit monitoring services in Canada for 2022 – both free and paid options.
Best Free Credit Monitoring Services in Canada
Free credit monitoring services provide you with the basic solutions you need to stay on top of your credit score at no cost to you.
The following are some of the best free credit monitoring services in Canada.
Borrowell was the first Canadian fintech company to offer free credit monitoring services in Canada. The company was founded in 2014 and is headquartered in Toronto.
Free credit score and credit report
Interest-free cash advance to prevent NSF
Financial products recommendations
AI-powered credit coach
COST Free CREDIT BUREAU Equifax
It uses Equifax’s proprietary model to provide Canadians with weekly credit score and monitoring services at no cost.
In addition to free credit score and monitoring services, Borrowell also offers multiple financial products from partner financial institutions.
- Free credit score and monitoring services: You will receive weekly updates of your credit score and report at no cost. The credit scores are accurate because they are calculated using one of Equifax’s proprietary models.
- Credit coach (Molly): Molly is a free AI-powered credit coach that offers customized practical insights on how to improve your credit score based on real-time analysis of your profile.
- Interest-free cash advance: Borrowell Boost helps you avoid non-sufficient funds (NFS) fees by funding your account with an interest-free cash advance of $75 ahead of your upcoming bill payments.
- Financial products Recommendations: Borrowell recommends some of the best financial products for your credit profile from over 50 partners in Canada. This includes bank accounts, credit cards, mortgages, loans, investing and insurance products.
Read more: Borrowell Review
Founded in 2003, Mogo is a Vancouver-based multipurpose fintech company that also offers free credit score and monitoring services in Canada.
Like Borrowell, Mogo also employs Equifax’s proprietary model to provide Canadians with free monthly credit score and monitoring services.
Besides the free credit score and monitoring services, Mogo also offers multiple financial products to its users.
- Free credit score and monitoring services: Check your credit score at no cost and receive monthly reports to improve your performance.
- Credit card protection: Create a Mogo account to enjoy a 90-day free credit card protection against fraud. You can enjoy the service without limit when you activate the MogoCard.
- Financial products: Get access to a range of financial products in one dashboard. This includes mortgages, loans, bitcoin and a cashback prepaid Visa debit card.
3. Credit Karma
Credit Karma is a multinational American-based fintech company that’s popular for its free credit score and weekly reports services.
Founded in 2007, Credit Karma Canada provides credit reports and credit scores based on TransUnion’s VantageScore model.
Like Mogo and Borrowell, Credit Karma also offers access to credit cards, mortgages and personal loans to its users.
- Free credit score and monitoring services: Get weekly free credit score and credit monitoring services from one of the top two credit bureaus, TransUnion. Credit Karma also allows you to keep track of your credit performance and find ways to improve it in one dashboard.
- Multiple financial products: Get access to a wide range of credit cards, personal loans and mortgages from some of the leading companies in Canada.
Related: Borrowell vs Credit Karma Comparison
4. Your Bank
Besides the above fintech companies, you can also access free credit score and monitoring services through your bank’s internet portal.
With the growing popularity of online banking in Canada, many Canadian banks now provide access to free credit score and monitoring services to their users through their web portals.
RBC, Scotiabank and BMO are some of the Canadian banks that offer this free credit score and monitoring services.
All of them offer monthly credit score and monitoring services based on the TransUnion scoring model.
So if you don’t want to sign up for a separate service to monitor your credit, you should check your existing bank’s web portal to confirm whether you have access to free credit monitoring service.
Click here to learn more about how to get a free credit score and report in Canada.
Best Paid Credit Monitoring Services in Canada
Paid credit monitoring services offer more frequent and 24/7 credit monitoring services with advanced features. The following are some of the best paid services to choose from:
5. Credit Verify
Pricing: $24.95 per month
Credit Verify is a consumer credit score and report service provider founded in 2018 by Credique LLC, an American credit score service provider.
Through this company, you can get instant access to your credit score and report for $24.95 per month.
You can start with a 7-day trial by paying a small amount of $1. If you’re not satisfied with the trial, you can request a refund of your $1 at the end of the trial.
But once the trial expires, Credit Verify will automatically charge the $24.95 monthly fee from your linked credit card.
However, the $24.95 monthly fee is offset with a $25 monthly reward to Credit Verify premium members. The rewards can be used at popular brands and on local deals. This means it would cost you nothing to get instant access to your credit score and report on Credit Verify.
The drawback is that you cannot cancel your Credit Verify account through email or online. You have to call a Credit Verify customer service or mail a written request to the company’s office.
- Credit score and monitoring services: Get instant access to your credit score and report from one of the leading credit bureaus in the world (TransUnion). You will also get a customized credit report with practical tips on how to improve your score.
- Credit dispute and error corrections: With this feature, you can eliminate any errors on your credit file, helping you improve your credit score and avoid score reduction.
- Credit score simulator: This tool helps you avoid costly financial decisions by projecting the implication of any action on your credit score. Whether you’re looking to take a mortgage, add a credit card, open a line of credit or take a personal loan, this tool will help you make the right decision.
- Other services: In addition to instant credit score and monitoring services, you can also access loans, credit cards and debt assistance on Credit Verify.
Pricing: $19.95 per month
TransUnion is a multinational consumer credit score and report service provider founded in 1968.
It is one of the world’s largest credit bureaus that have been offering credit score and monitoring services long before the inception of the above free service providers.
Based on its Vantage model, TransUnion offers a subscription-based credit monitoring service for $19.95 per month.
However, you can get a free copy of your credit report monthly on TransUnion if you want a comprehensive report of your credit performance.
- Access your credit report and score: Get daily updates on your credit score and performance with practical tips on how to improve your credit.
- Identify fraud protection: TransUnion will alert you about any major credit report changes to protect you against identity fraud.
- Identify Theft Insurance: TransUnion got you covered with up to $50,000 of identity theft insurance.
- Credit and debt analysis: Get customized credit and debt analysis with practical insights on how to improve your financial health.
- Free copy of Consumer Disclosure: If you don’t want to pay the $19.95 monthly fee to receive daily updates on your credit score and performance, TransUnion allows you to request a copy of your Consumer Disclosure once per month at no cost. The disclosure contains comprehensive information on your credit report. You can apply online, by mail, in person or by phone. Click here to learn more.
Pricing: $19.95 or $29.95 per month
Equifax is a multinational technology, data and analytics company with headquarters in the USA. The company was founded in 1899 and is one of the three largest credit bureaus in the world.
While Equifax charges a $19.95/$29.95 fee per month, you can get access to your credit report for free by visiting Equifax Canada online or applying by mail.
But if you’re looking for daily access to your Equifax credit score and report with identity protection, then you should consider one of its paid plans below:
|Equifax Complete Premier||$19.95 per month||Credit score and report monitoring|
Up to $1 million identity theft insurance
Identity theft assistance/restoration
Lost wallet assistance
|Equifax Complete Family and Friends Plan||$29.95 per month||All features of Equifax Complete Premier for two adults|
Free vs Paid Credit Monitoring Services in Canada: Which to Choose?
Both the free and paid credit monitoring services offer accurate credit score and monitoring services. With this, you may be wondering whether to go with a free or paid credit monitoring service.
The truth is, the above free credit score and monitoring services are more than enough if you’re just looking for basic credit solutions.
But if you’re looking for advanced solutions such as identity theft protection and identity theft insurance, then the paid services offer more value.
For example, if you suspect that your personal information has been compromised or you’re a recent victim of identity theft, the paid credit monitoring services will provide better protection
Also, paid services offer daily, 24/7 credit monitoring with alerts on changes to your credit report, while the free services only offer weekly or monthly updates.
Overall, you can’t make the wrong choice with either free or paid credit score services depending on your needs.
Tips on How to Protect Yourself from Identity Theft
Whether you’re going with a free or paid service, a credit monitoring service will not guarantee the protection of your personal information. That part is left to you.
With identity theft on the rise, you need to take some extra measures in protecting your personal information against fraudsters.
The following tips will help protect you against identify fraud:
- Be cautious of the kind of information you share online such as on social media, online stores, and forums.
- Monitor your credit score and report regularly to keep track of any key changes that you did not originate.
- Protect your computer and smartphone with antivirus software and a strong password.
- Carefully review your bank statements regularly.
- Shred bank statements and other documents that contain your personal information before throwing them away.
- Don’t respond to unsolicited requests for personal information via email, text message or phone call.
- Don’t use unsecure public Wi-Fi networks
The bottom line is that you should protect your personal information and follow the best security practises.
Learn more: How To Check and Correct Errors On Your Credit Report
FAQs on the Best Credit Monitoring Services in Canada
There is not a single best credit report in Canada as different credit bureaus use different factors to provide reports based on an individual’s credit profile.
It doesn’t matter whether you get your credit score from TransUnion or Equifax as both credit bureaus provide accurate scores based on their models and the information they have on your credit file. Learn how the credit scores are calculated and interpreted.
Your TransUnion score may be higher than your Equifax score because the two credit bureaus use different scoring models. In addition, different information on your credit file may also be the cause of the higher TransUnion score.
No! While credit monitoring will help you keep track of your credit performance, it doesn’t prevent you from identity theft. It simply alerts you to potential fraud. As a result, you need to take extra measures to protect your personal information both online and offline.
Regular credit monitoring is one of the core positive habits for attaining and maintaining blissful financial health.
With some of the best credit monitoring services in Canada profiled above, now you can narrow your selection to the one that suits your needs.
As a best practice, you should monitor your credit file from both TransUnion and Equifax. That may mean using 2 of the services covered above. For example, you could use Borrowell for Equifax and your bank or Credit Karma for TransUnion.
If you need additional help in choosing the perfect credit monitoring service for you, please let me know in the comment.
Liked this article, kindly read other blog posts for more information on how to achieve and maintain a healthy financial lifestyle in Canada.