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Tuesday, 19 July 2016

Finally in Canada-FREE Credit Score-UPDATED INFO

For years, it's never been an option to get your credit score for free in Canada without some kind of deal-1 month free, Home Depot flipping the bill for a full year free--and while this new option does not provide details other than your credit score, , whether it's excellent, good, fair, etc., and how that fairs against the general population, it's still something.  Unfortunately, it only updates once every 3 months.
The weird thing is that even though it claims to get its information from Equifax (one of two credit reporting agencies in Canada, along with TransUnion), the numbers don't match with my Equifax score directly from the Equifax website.  The discrepancy is 27 points, which is due to Borrowell using a different scoring model based on the information provided by Equifax.  Sort of how FICO and TransUnion use the same info to get a different score.  Equifax claims that banks use Equifax more than the other credit reporting agencies.  Frankly, I didn't even know and I'm suspicious as to whether FICO even does Canadian scores.  That is what the agent at Equifax told me, but when you go to myfico.ca, it redirects you to TransUnion Canada.
It's important to know your credit score, as it should influence you as to whether you should apply for premium credit cards (ones that expect you to have a high score), whether there's a problem that you're unaware of (e.g., your score is being badly impacted by a card you haven't paid off the minimum payment for over 60 days because they email you your bill, and you changed your email address (YIKES!)), or whether you need to buy the whole package with Equifax to find out what is impacting your score, considering you are looking at getting a mortgage and you're unhappy with your credit score (should be at least 660).
Click here to sign up for your free credit score!

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