Are you wondering if you can check your credit score on TD? This post is for you.
The Toronto-Dominion Bank, operating in Canada as TD Canada Trust, is a multinational bank and financial institution and the second largest Canadian bank by market capitalization.
Considering the fact that many of the other big banks like RBC and Scotiabank offer access to free credit score checks to their customers, you may be wondering if TD offers the same access.
In this article, I explain everything you need to know about the TD credit score check and its alternatives in Canada.
Does TD Offer a Credit Score Check?
At the moment, TD does not offer access to credit score and credit report checks on its banking platform at the moment. This sets it apart from the other big banks that offer free credit monitoring services to their customers.
However, TD Canada recommends that its clients request their credit reports regularly from the credit bureaus.
Fortunately, there are many ways you can also check your credit score for free in Canada. Let’s take a look at some of them below.
TD Credit Score Check Alternatives
Below are three apps you can use to check your credit score for free in Canada.
1. Borrowell
Borrowell is a popular credit score app and the first to offer free credit monitoring services in Canada. It was founded in 2014 and is headquartered in Toronto.
With Borrowell, you get free access to your Equifax credit score weekly. In addition, it recommends different financial products from its partners that are customized to your needs.
These include recommendations for:
- Bank accounts
- Credit cards
- Insurance products
- Investment accounts
- Loans
- Mortgages
Below are some of the key features of Borrowell that make it unique from other free credit score apps in Canada:
- Free weekly credit score and report
- Customized credit-building solutions through a credit coach
- A $75 interest-free cash advance
- Bill tracker
- Tailored financial products
Learn more:
2. Mogo
Another alternative to TD credit score is Mogo, a Canadian fintech app that offers free access to Equifax credit score monthly.
Besides credit score services, you can also access a prepaid Visa card, identity fraud protection, mortgages, loans and Bitcoin trading on Mogo.
Below are some of the key features of the Mogo app:
- Free credit score and reports monthly
- Identify fraud protection
- Free credit-building educational resources
- Customized financial products
3. Credit Karma
Unlike Borrowell and Mogo, Credit Karma is a US-based free credit score app that expanded to Canada in November 2016.
Like Borrowell, Credit Karma also offers weekly credit scores and reports at no cost. However, Credit Karma’’s reports are powered by TransUnion, unlike Borrowell and Mogo that use the credit information from Equifax.
That said, you can also access free educational resources, and tailored financial products on Credit Karma.
Below are some of the key features of Credit Karma you need to consider:
- Free weekly credit score and reports services
- Free credit-building educational resources
- Customized financial products
Learn more:
- Best Credit Monitoring Services in Canada
- RBC Credit Score
- Free Credit Score & Credit Report in Canada
What’s the Best Free Credit Score App?
Looking at the above TD credit score alternatives, you may have noticed they share several features with few differences.
So it’s understandable if you’re wondering which is the best option available to Canadians and if the free credit score apps are accurate.
First, the credit score you get from any of the apps are based on specific proprietary credit scoring models from Equifax or TransUnion. So the scores are accurate though they may not be the same scores lenders will see when assessing your eligibility for a loan.
This also means that the results you receive from either Borrowell or Credit Karma will likely be different and vary significantly in some cases.
In determining the best credit score app, you should consider your needs. If you need frequent credit checks, choose between Borrowell and Credit Karma for their weekly updates.
If you already get your TransUnion credit score from one of the other big Banks and just want your Equifax report, then Mogo or Borrowell are your best bets.
The bottom line is, you can’t make the wrong choice with either Borrowell, Mogo or Credit Karma.
Related: Best Credit Score Apps in Canada
Why Track Your Credit Score Regularly?
The importance of checking your credit score regularly can’t be overemphasized.
Your credit score is an integral part of your financial health that can influence other parts of your life.
That said, here are four key benefits of tracking your credit score regularly:
- Access better rates: Most credit products (such as loans, credit lines and mortgages) require you to have good to excellent credit scores to get better rates. Tracking your credit regularly makes it easier to know which areas to focus on to unlock better credit terms.
- Identify errors: When you track your credit score regularly, you can easily identify any errors on your credit profile. This way, you can take the necessary steps of eliminating the errors thereby improving your credit score.
- Save costs: By accessing better rates on credit-eligible products, you can easily save costs without sacrificing your needs.
- Develop good financial habits: Tracking your credit score regularly will help you build good financial habits and help you attain financial stability.
Some FAQs on TD Credit Score
TD doesn’t offer free or paid credit score services at the moment. If you’re looking for a free credit score service, consider Borrowell, Mogo or Credit Karma.
It depends on the type of TD credit card you’re looking for. But you will usually need a credit score of 700 and above to get the best rates and qualify for most TD standard credit card or a 300 and above score to qualify for a TD secured card.
In Canada, TD Canada Trust pulls credit reports from Equifax for new credit applications while TD Bank USA pulls from TransUnion.
If you’re a TD client and want to check your credit report, you can request your Equifax credit report for free every month by phone, online or email. But if you’re looking for a regular Equifax credit score, use Borrowell or Mogo to enjoy free weekly reports.
Yes, you can view your credit score and credit report from the other 4 big banks in Canada namely RBC, Scotiabank, BMO and CIBC. In fact, some of them will let you simulate what your credit score will be based on some actions like applying for new credit, missing a payment etc.
Final Thoughts
Improving your credit score is an ongoing commitment that comes with long-term benefits.
While TD doesn’t currently offer credit score services, you have many free options to consider at the moment.
Whether you’re going with Borrowell, Mogo or Credit Karma, ensure to choose the one that supports your needs.
So which free credit score app are you going with? Let me know in the comment below.
Kindly explore our existing blog posts to learn more about relevant credit-building resources, such as:
