Credit scores and reports play an important role in your finances and overall financial well-being. From getting a new loan to applying for insurance, your credit report will be reviewed to access your creditworthiness.
Therefore, it is important to monitor your credit by checking them regularly. While Canadians have several options when it comes to the best credit monitoring apps, a quicker option may be to use the service provided by your bank.
In this post, you’ll learn how to check your credit score and credit report on RBC for free.
Let’s get started.
How to check Credit Score on RBC
Checking your credit score on RBC is simple and straightforward. Here are the easy steps:
- Login to your RBC Online banking
- Scroll to Account Management on the right-hand side of the page
- Click “View Your Credit Score”
- Read the legal disclaimers and click on “Continue”
You’ll be presented with the TransUnion CreditView Dashboard that shows your TransUnion Credit Score, how you compare to other Canadians, your credit score history and the score simulator.
You can also access your credit report from the menu (see picture above).
The report has different tabs for your account summary, inquiries, accounts (open and closed) and public records if applicable.
Make sure you review all the information and contact TransUnion if you find any errors on your credit report.
What is TransUnion CreditView Dashboard?
TransUnion CreditView Dashboard is the free credit score tool provided by RBC to its clients. It is available to RBC clients with online banking access and who have reached the age of majority in their province.
The information provided through the tool is for educational purposes only and does not constitute financial advice.
Some of the features of the RBC credit score tool includes:
- Soft inquiry so it won’t impact your credit score
- Completely free to all RBC clients with online banking access
- Allows you to simulate your credit score by changing different variables
- Easy to use, understand and interpret
About the Score Simulator
One cool feature of TransUnion CreditView provided through RBC is Score Simulator. It shows you an estimate of your credit score if you were to change one or more variables.
Some of the variables you can change include adding a loan or credit card, raising the credit limit on a card, transferring your balances to a new card, cancelling your oldest card, raising the balances on your cards and more.
Note that the simulated score is just an estimate. Your actual credit score may vary from what the tool shows you. Nevertheless, it provides a ballpark score and it’s a good place to start.
Looking to check Equifax credit score and credit report too? Check below to find out how.
How to Check your Equifax Credit Report for Free in Canada
RBC only provides a TransUnion credit report and credit score to its clients. Luckily, you can also check your Equifax credit score for free in Canada.
Here are a few options available to Canadians looking to monitor their credit report and credit scores from Equifax:
- Mogo: Free credit score and credit monitoring
- Borrowell: Credit Score and credit report updated weekly for free
- Equifax: Free credit report available upon request via mail or an automated service. Online request isn’t possible.
Related: Free Credit Score & Credit Report Canada
Which one should you choose?
Both Mogo and Borrowell have similar offerings when it comes to checking your credit score. However, they provide extra services to let you take charge of credit and finances in general.
Mogo provides a full suite of finance products and services including MogoCard (a rewards card), MogoProtect, Mortgage, Loans, Investing and Bitcoin trading.
They recently acquired Moka, another Canadian company that makes investing small amounts or spare change possible.
In addition to free credit monitoring, Borrowell also lets its users track their bills, compare credit cards, insurance, personal loans and mortgages. Learn about Borrowell Credit Score here.
Getting started with either service takes just a few minutes.
On the other hand, Equifax only provides a free credit report. You’ll need to pay to get your credit score. Credit monitoring is also not free.
And if you’ll rather get your free credit score from one of the big banks, the following banks also offer free credit monitoring services to their customers:
- Scotiabank Credit Score (TransUnion)
- BMO Credit Score (TransUnion)
- CIBC Credit Score (Equifax)
TD Bank does not offer free credit score and credit report updates to its customers.
Why you should monitor your credit report
So why is it important to monitor your credit report? Here are some of the advantages of monitoring your credit regularly:
- Become aware of errors and unauthorized credits on time. Incorrect information on your credit report could be due to administrative errors. But they should still be corrected promptly. On the other hand, unauthorized loans are usually a result of potential fraud. The earlier you know about them, the quicker you can respond and prevent further damage
- Improve your credit score. Regular monitoring of your credit can reveal areas you can improve and help you build your credit over time. And with a good credit, you’ll be able to qualify for superior rates on future credits.
- It is good practice especially if you’re planning to take on new credit in the near future.
Some FAQs: RBC Credit Score
What do I do if the RBC credit report is incorrect?
If you find an incorrect information on your TransUnion credit report provided by RBC, you should contact TransUnion immediately to correct it. An incorrect information or a credit you did not apply for could be a sign of identity theft.
Check here to learn how to check and correct errors on your credit report.
How accurate is RBC credit score?
The credit score you see is based on one of TransUnion’s proprietary credit models so it is accurate. However, the score may not be the same as the ones lenders will see when they pull your credit to make lending decisions.
In addition, lenders consider several other factors in evaluating your creditworthiness such as your employment history. So your credit score is just one variable and would not necessarily disqualify or qualify you for credit.
Can I check my credit score on RBC mobile app?
No, the free credit score tool provided by RBC is only available through the online banking interface. It is currently unavailable on the mobile app.
Which credit bureau does RBC use for the free credit score and credit report?
The credit score through RBC’s online banking is provided by TransUnion. If you need to check your Equifax credit score or credit report, you can use Mogo or Borrowell.
Final Thoughts
Knowing your credit score and monitoring your credit reports are an important first step to improving your credit.
Make it a habit to check your credit from the 2 credit bureaus in Canada regularly. Luckily, you can get access to them for free.
Learn more:
