Canadians and their credit score

We recently discussed how to maintain a good credit score and discovered why your credit score might vary from website to websiteWe all know the importance of a credit score, and you must monitor this three-digit number to help shape your financial future. Your credit score is calculated from your credit report and reflects your financial situation, with an amount ranging from 300 to 900. And the higher the score, the better.  

Many Canadians are often left wondering how they go about monitoring their credit score. In a study recently conducted by Loans Canada, it resulted that many respondents were unsure of the implications around their loans, credit cards and debt. They discovered that 68 percent of surveyed use their credit cards regularly. Also, those surveyed had at least one maxed out. With a high volume of Canadians using credit cards often, it’s clear that learning to monitor your score should be a priority. But how do you control your credit score?  

 

What is a credit score?  

Your credit score is a three-digit number that forms from your credit report, which represents your “creditworthiness.” It ranges from 300 to 900, with 300 being poor and 900 being excellent. According to TransUnion, the average credit score in Canada is 650, which is considered a “fair” credit score. However, 20 percent of Canadians have a bad credit score of 600 or less. You can find out more about your credit score here 

 

Why is it important to monitor my credit score?  

Your credit score reflects your creditworthiness. It’s generally the first thing lenders see when looking to approve you for a loan or other financial products. It represents how reliable you are at paying back the money. And more importantly, if you’re a risk, they’re willing to take on. Even if your credit score may represent a time when you weren’t as financially responsible, there’s no way to plead your case if your credit score is poor. So, to ensure you’re not missing out on loan approval, reasonable interest rates, a cellphone plan and more, you must look for ways to boost your points to achieve a higher score.  

 

Where can I monitor my credit score online? 

Before you begin tracking your credit score, it’s essential to do your research. In Canada, there are lots of websites available that offer you your credit score for free. Some sites even help guide you with real-time recommendations with exact steps for you to take to boost your credit score. Check out these five websites you can use to monitor and improve your credit score:  

 

Score-Up 

With Score-Up, you can now reach your desired credit score the fastest, most economical way. Score-up allows you to track, monitor and improve your credit score, with the combination of Point Deduction Technology, Credit Monitoring, and Budgeting Software. Whereas many credit software tells you what your credit score isthey often lack the sophistication to provide you with personalized recommendations on exactly how to improve it  

Score-Up uses personalized credit weight algorithm to make the best impact on your credit, through analyzing the right credit data points in real-time to identify those that make the most significant impact—both positively, negatively, and incorrectly—on your credit score.  

Everyone has different goals, different budgets and various creditors and debts to pay so that no general recommendation can help a wider population. Score-Up’s Target Score & Money Simulator is unique to you and allows us to use your credit data to recommend what to pay, when and within your desired budget to reach your target score.   

Key Features: Credit Monitoring & Alerts, Point Deduction Technology, Error & Omissions Tracking, Target Score Simulator, Budget Simulator, Credit Coach. Find out how they work here.

Price: Boost: $49.99, Boost Plus: $66.99, Boost Premium: $99.99 

 

Borrowell  

Borrowell provides you with your credit score for free, alongside their Credit Coach, Molly, who shares personalized tips that may help you understand your credit. They also provide you with recommendations that analyze your unique credit profile to make personalized financial product recommendations, which include loans, mortgages and more.  

Key Features: Credit Score & Monitoring

Price: Free credit score, Borrowell Boost $4.99 +tax per month

 

Credit Karma 

Credit Karma provides you with your free credit score and report, with the option to update every single week. Furthermore, they also provide you with financial education tools to teach you about your score.  

Key Features: Credit Score & Monitoring

Price: Free soft-pull credit report.

 

Equifax  

Equifax is one of the major credit bureaus in Canada, which many credit score sites use to source credit reports. They allow you to access your credit report and find out your credit score, alongside providing you with educational and support tools to comprehend your credit score.  

Key Features: Credit Score & Monitoring

Price: $19.95 per month

 

Transunion 

Transunion is a credit bureau that acts in a similar way to Equifax. It provides you with unlimited access to your credit score and credit report. A membership with Transunion will give you access to many features such as alerts to any significant changes to your report, and personalized credit and debt analysis, allowing you to make smarter credit moves.  

Key Features: Credit Score, Monitoring & Alerts, Credit & Debt Analysis

Price: $19.95 per month

 

Credit Verify 

Credit Verify provides you with your credit score and credit report, alongside error monitoring and corrections, disputes and daily credit monitoring to ensure your report is always accurate and correct. 

Key Features: Credit Score, Monitoring, Error & Corrections

Price: $29.95 per month.  

  

About Marble Financial Inc. (CSE: MRBL; OTCQB: MRBLF). We are a group of forward-thinking financial technology experts that fully understand the benefits and drawbacks of credit in Canada. Marble helps Canadians rebuild their confidence to gain access to prime lending. Through our industry-leading proprietary technology solutions: Fast- Track, Score-Up, and Credit-Meds. Since 2016, Marble is proud to have empowered thousands of Canadians to a positive financial future. We continue to establish ourselves as leaders in financial wellness.