These days there are lots of ways to check your credit score, but unfortunately, not all of them are free or easy to access.
Thanks to BMO, it’s now easier than ever to get your free credit scores in Canada if you’re a BMO customer. You can now access your TransUnion CreditView directly from the BMO Online Banking portal.
In this article, I’ll be discussing the BMO Credit Score service. We’ll also provide some tips on how you can improve your credit score.
Let’s get started!
How to Check Your BMO Credit Score
You can view your BMO credit score and credit report information by signing into the bank’s online or mobile banking app.
Checking Your Credit Score Through BMO Online Banking
- Log in to BMO online banking
- Select the “My Profile and eDocuments” option from the drop-down menu
- From the menu on the left, click on “My Credit Score”
- Your TransUnion free credit score will now be available for you to view
Checking Your Credit Score Through BMO Mobile Banking Application
- Install and enter the BMO mobile banking application
- Select “More” from the options
- Under your settings, scroll down and click on “My Credit Score”
- TransUnion’s free credit score will now be available to you
Ensure you go through everything on your credit report and notify TransUnion if you notice any inaccuracies.
Learn more about how to correct errors on your Equifax and TransUnion credit reports here.
What is TransUnion CreditView?
TransUnion CreditView is a service available through BMO online and mobile banking app, which allows you to access your credit score.
You can access your credit score through the service without paying any fees. You’re accessing your credit score directly from TransUnion, one of Canada’s top credit reporting agencies, so you know it is accurate.
Also, TransUnion CreditView offers a credit score simulator so you estimate how your credit score will be affected by different decisions. More on that below
What You Can Do With TransUnion CreditView on BMO?
There are a lot of things you can do with the TransUnion CreditView tool available through BMO. Below are just a few:
With the BMO credit score service powered by TransUnion CreditView, customers can access their credit score for free. By checking it regularly, you can make sure there are no errors and keep track of improvements or declines in your score.
The credit score you get is calculated based on one of TransUnion’s proprietary credit scoring models so you know it’s accurate.
However, the credit score is for information and educational purposes only. The scores used by lenders will likely be different from the one you see.
With the TransUnion CreditView, you can see a summary of all your past and current accounts, when they’re updated and how often your credit is being checked by others.
Review this information regularly and look out for errors and/or signs of fraud.
Through the TransUnion CreditView, you can have access to a credit simulator to get an idea of what could happen to your credit report if you make various life decisions, such as paying off loans, applying for a new credit card, missing some payments and so on.
Why Use the BMO Credit Score Service
There are many reasons why you should check your credit report and credit score on BMO. Here are only a few:
CreditView is a free service that gives you unlimited access to your TransUnion credit score and report, right inside your BMO online banking.
It is also convenient since you won’t have to sign up for a separate third-party service to use if you’re a BMO customer.
No Impact on Your Credit Score
Every time you apply for credit, it affects your credit score. But not when you check your own score through the BMO credit score feature. It doesn’t affect your score in any way, so checking it regularly won’t damage your chances of qualifying for future loans or credit cards.
Improve Financial Health
CreditView places you in the driver’s seat, so you can easily understand your credit score and the factors affecting it. Knowledge is power and when you know more about your credit health, you have more control over it.
How is Your Credit Score Determined?
Knowing the factors that make up your credit score is an important part of understanding how to build and maintain a good credit history.
Here are the factors that determine your credit score:
The Length of Your Credit History
This includes the average age of all the accounts reported on your credit report as well as the age of any particular account that may be included in your score calculation. Don’t close old accounts unless they aren’t worth keeping open.
Your Credit Use
If you’re using a large percentage of your available credit or maxing out your cards, that’s a red flag to lenders, especially if you carry those balances month-to-month.
Credit mix is the number of different types of debt you have. Have a mix of debt types, like credit cards and loans. Having multiple types of debt can help raise your credit score because it shows lenders you’re able to manage different types of credit.
Your Payment History
Credit scores are designed to predict whether you’ll pay future bills on time, so past due accounts and collections can do a lot of damage. A long history of on-time payments on the other hand has a big positive impact on your credit score.
Finally, the number of “hard” credit inquiries on your credit file is a factor considered in calculating your credit score.
How to Improve Your Credit Score
Even if you have bad credit, there are steps you can take to improve your credit score over time. Here are a few of the most important:
Make Your Payments on Time Every Month
This is the most important thing you can do to help keep your credit score high. Missed or late payments can be a big black mark on your credit report. In fact, a missed payment can result in a drop of more than 100 points in your credit score. Set up pre-authorised payments to your credit cards if necessary
Keep Your Credit Card Balances as Low as You Can
A high credit utilization can be seen as risky to lenders. Therefore, it is essential to maintain a low balance on all your credits. A common recommendation is to keep your credit use to below 30% of the total credit available to you.
Request a Free Copy of Your Credit Report
You can request a free copy of your credit report from any of the 2 credit bureaus in Canada namely, Equifax and TransUnion. Review your report carefully to make sure all the information is correct and dispute any errors you find with the appropriate credit bureau.
Don’t Open or Close Accounts Unnecessarily
Avoid applying for new credit unless necessary, and refrain from closing unused accounts simply because they have zero balances.
How to Check Your Equifax Credit Report for Free in Canada
You can check your TransUnion credit score for free through BMO. That’s great news, but what about your Equifax credit score?
Fortunately, several companies offer free Equifax credit scores. Below are some accessible options for you if you want to get your Equifax credit score and report:
You can view your free weekly Equifax credit score and get your free Equifax credit report through Borrowell. You do not need to apply for a loan or use any of Borrowell’s services to access this information.
Once you create an account, you can simply log in and get your free credit score and report. If you want, you can also set up email alerts so that you are notified whenever there is a change in your credit score.
Learn more: Borrowell Review
If you want monthly updates on your Equifax score, then Mogo is another option worth considering. The company offers free monthly updates on your Equifax scores.
All you have to do is sign-up for the service and you can have access to your free Equifax credit score and report.
You can also get your free Equifax credit score directly from the company. Equifax is one of the two major credit bureaus in Canada that provide credit reports and credit scores.
You can request a free Equifax credit report either by mail or an automated service. The free score and report are not available online.
FAQs on BMO Credit Score
You can access your credit score via BMO online banking and the BMO mobile banking app, which will provide you with your TransUnion credit score.
Qualifying for a BMO credit card simply requires having a moderate to good credit score. However, you’ll generally need a credit score above 700 or in the good to the excellent range to qualify for the best rates.
When you use TransUnion CreditView from BMO to check your credit score, it is a ‘soft query’. This means it has no impact on your score.
Yes, the BMO credit score is accurate. The credit score BMO provides you with is direct from TransUnion.
Conclusion on BMO Credit Score
BMO credit score is an excellent choice for Canadians who are looking to monitor your credit score and credit report for free.
It provides insights that can be an essential first step towards financial success. Now that you know how to check your credit score through BMO, it’s important that you keep it in good range.
Be smart about your finances and try to avoid doing anything that could damage your credit score.
If you follow the same tips from above, you will be on your way to an excellent credit score.
Learn how to get your credit scores from the other Big Banks in the links below: