This post covers Scotiabank credit score and credit report from TransUnion and how to get free credit updates from the big bank.
As the third-largest among the Canadian five big banks, Scotiabank distinguishes itself from its peers with multiple financial products and services.
And with the Scotiabank free credit score access to customers, the bank stands head to head with the other big banks such as RBC, CIBC, and BMO that provide the same service.
In this article, I explain how you can check your credit score for free through Scotiabank including tips on how to improve your score.
Overview of Scotiabank Credit Score
The Scotiabank credit score is a free credit score pulled from TransUnion. Through Scotiabank, you can access your TransUnion credit score history and credit report for free every month.
Your credit score will not be impacted when you access your TransUnion credit score through Scotiabank since it is a soft check.
The Scotiabank credit score and credit report check are also available through its existing platforms so you won’t have to download a separate app to monitor your credit.
That said, if you want access to frequent credit checks, you should consider Borrowell and Credit Karma which provide weekly updates.
How to Check Your Scotiabank Credit Score
You can check your Scotiabank credit score through the Scotiabank mobile banking app or online banking service.
Here are the steps on how to check your Scotiabank credit score through the mobile app:
- Download and install the Scotiabank Mobile Banking app from App Store or Google Playstore
- Login to your Scotiabank account
- Navigate to “My Updates”
- Click “TransUnion Credit Score” under recent statements.
And here are the steps to check your Scotiabank credit score through the online banking service:
- Visit the Scotiabank website through this link
- Login to your Scotiabank account
- Navigate to “See your credit score” under additional links
There you have it! You can see your credit score report and credit history on the displayed result.
Also, you will see where you stand from 300 to 900 scoring as well as how you compare with other consumers with a TransUnion credit file.
In addition, you will see the factors that led to your current score, with practical tips on how to improve your score.
In case of any errors on your credit report, don’t hesitate to contact TransUnion for correction.
Scotiabank Credit Report
You also get access to your TransUnion credit report through the Scotiabank credit monitoring service.
Signing up for the Scotiabank credit score services gives you access to your credit report too.
The credit report will be a summary of what is in your TransUnion credit file. To see the detailed report, you can request for a free copy directly from TransUnion’s website or by phone at 1-844-580-9978.
Learn how to get your Equifax and TransUnion credit report for free here.
How to Improve Your Scotiabank Credit Score
Scotiabank recommends the following ways to improve your TransUnion credit score.
- Check your credit report regularly to keep track of any errors
- Pay your bills as at when due to avoid late payments, debt collection agencies, and bankruptcies.
- Keep your credit utilization below 35% of your total credit balance.
These recommendations are among the 7 surefire ways you can improve your credit score fast.
Additional Ways to Check Your Credit Score for Free in Canada
The following are other ways you can check your credit score for free in Canada.
Borrowell is the pioneer free credit score and report service in Canada founded in 2014. It provides weekly Equifax credit score and credit report updates at no cost.
What also sets Borrowell apart is that it offers a wide range of credit-building solutions that help you improve your credit score fast. One example is the credit builder loan and secured card offered through its subsidiary, Refresh Financial.
Like Scotiabank, you can use Borrowell online or through its mobile app to access your Equifax credit score and report.
The following are the key features of Borrowell that make it worthwhile:
- Free weekly credit score and report
- A-I powered credit coach
- Bill tracker
- $75 interest-free cash advance
- Credit-building financial products (including bank accounts, credit cards, loans, mortgages, etc.)
Like Scotiabank, Mogo also updates your credit score and reports monthly. However, Mogo pulls your credit score and report from Equifax while Scotiabank pulls from TransUnion.
Also, you can access your credit score and report for free online or through the Mogo mobile app.
That said, Mogo has tailored financial products and educational resources that help you improve your credit score.
The following are the key features of Mogo you should consider:
- Free monthly credit score and reports services
- Credit-building educational resources
- Free credit card protection
- Access to multiple financial products (loans, mortgages, prepaid card and Bitcoin)
3. Credit Karma
Like Scotiabank, Credit Karma gives you access to your TransUnion credit score and report for free.
You can also use Credit Karma online or through its mobile app available on Google Playstore and App Store.
However, while Scotiabank updates your credit score and report monthly, Credit Karma offers weekly updates. So if you want a more frequent update, Credit karma is the better credit monitoring service.
The following are the key features of Credit Karma for your easy evaluation:
- Free weekly credit score and reports
- Access to free educational materials
- Customized credit-building products (such as credit cards, loans, and mortgages)
Which Free Credit Score Service Should You Choose?
You may be confused about which of the above free credit score services is perfect for you. But it doesn’t have to be as the credit score service providers differ in terms of:
- The credit bureaus they pull from
- Their report frequency
- The financial products they support
Once you understand these differences, narrowing your selection shouldn’t be a big deal.
The thing is, the Scotiabank credit score service is accurate just like Borrowell, Mogo and Credit Karma.
So you can’t make the wrong choice with any of them so far as the service meets your needs.
Why Track Your Credit Score Regularly?
The benefits of a regular credit score check are quite obvious. But below is an overview of the major benefits of regularly monitoring your credit score:
- Access to favourable rates: Are you looking for a low interest on personal loans, mortgages, or credit cards? The open-secret lies in having a good credit score which is achievable by tracking your credit score regularly and taking steps to improve it.
- Cost-saving: Favourable rates on loans, credit cards, mortgages and other credit-based products will help you save more in your wallets.
- Error identification: A single error on your credit file can result in a significant score decrease. By monitoring your credit score regularly, you can identify errors on your credit profile and address them without delay.
- Good financial habits: An excellent credit score is a reflection of good financial habits. Tracking your credit score regularly will help you build and maintain good financial habits.
Some FAQs on Scotiabank Credit Score Check
No. Scotiabank credit score check doesn’t affect your credit score because it is a “soft check.” The same applies to all the other free credit score apps in Canada.
It depends on the Scotiabank products you’re applying for. But you may be approved for a Scotiabank credit card if you have a 650+ score. To get the best terms though, you should aim for a credit score above 700 in Canada.
Scotiabank uses either Equifax or TransUnion when pulling your credit score and report for new credit applications.
The Scotiabank credit score check is one of the free credit score services in Canada.
As a Scotiabank client, getting your TransUnion credit score is easy and simple and you don’t need to sign-up for another credit monitoring service.
But to get your Equifax credit score and report, you should sign up with Borrowell or Mogo for weekly or monthly updates respectively.
Kindly explore our other existing blog posts to learn more about other credit-building resources in Canada, such as: