How do I check my credit report for free?

Credit Report
Knowing your credit score is important, as that number can affect your life. From whether or not you can get your mortgage approved, a car loan, credit card or you land that job. This is not to be confused with your credit report.

A credit report is comprised of all of your personal financial history from the past six years. This includes any loans you’ve taken out, whether or not you pay your credit card and other bills on time, to any legal items filed against you. So any time you apply for a credit card, the financial institution or bank can and most likely will look into the past six years of your personal financial history to assess your credit health.

A number and letter is attached to your credit report, denoting your financial standing: “R” stands for “revolving debt,” “I” stands for “installment account,” and the number ranges from 0 (too new to rate) to 9 (poor debt or bankruptcy).

Your credit score (or rating) is not usually a part of your credit report. A credit score is calculated based on the information on your credit report. This number ranges from 300 to 900 (as calculated by a specific mathematic equation), and a higher number represents better financial health. Anything below 650 may result in you having a harder time in getting a loan.

Credit information such as your payment history (whether or not you pay your bills on time) and any debt you may carry will affect credit score. Learn what a poor credit score is and why it’s important to have good credit health here.

In Canada, you can easily get a free copy of your credit report via the two national credit bureaus, Equifax Canada and TransUnion Canada. All that is required from you are photocopies of two pieces of identification and basic background information. The only caveat is that for the free credit report, you will need to wait roughly two to three weeks. For those in a bit of a hurry, TransUnion and Equifax offer instant credit reports online, charging $14.95 and $15.50, respectively.

Credit scores, however, cost a little bit more, with both credit bureaus offering real-time online access to your credit score. TransUnion and Equifax charge $22.90 and $23.95, respectively, and your credit report is included in the cost.

Certain companies, such as Borrowell and Credit Karma, do offer free credit score checks, though you are required to sign up with them and provide them with your personal information (including your social insurance number). Such companies then seek out your credit score through TransUnion and Equifax. For example, Credit Karma uses information from TransUnion, and Borrowell uses information from Equifax.

Some companies manage offer this service free of charge thanks to the credit card offers they have on their websites. Whenever a user takes an offer through such companies, some money is made through the credit card partner. Others provide credit score checks in order to promote their other services, such as personal loans.

Poor credit scores can cause a number of potential problems, like not being able to receive loans. Thankfully, not every establishment requires such stringent regiments when it comes to providing loans.

urLoan approvals are based on employment and verifiable income, unlike any other traditional means of credit score used by such institutions as banks, or taking security on your assets.

Learn more about what urLoan can offer you and call us at 1-855-723-5626.