Equifax Canada offers a credit monitoring service that gives you daily access to your credit report and score, as well as help with identity theft, web crawling and more. If you don’t want to pay the monthly fee ($20 or more) to access your credit report and credit score, free credit monitoring services like Borrowell, Credit Karma, and Mogo can help. While Canadians can apply for a free credit report from two credit bureaus annually, credit score checks and credit monitoring will cost you $20 or more per month. While there are many benefits to signing up for the free service, including regular credit score updates, you won’t have access to triple office credit monitoring and identity theft insurance, among other premium benefits.
You get more comprehensive protection by paying a monthly fee, including triple office credit monitoring, advanced fraud alerts, and up to $1 million in identity theft insurance, which is not available on free plans. When you create a free account, you will receive weekly updates to your credit score and TransUnion report, as well as information about financial education and product offerings. In addition, TransUnion Canada allows you to order a credit report online for free once a month.
Experian’s mobile credit monitoring app allows you to track your Experian EXPGY credit report and FICO FICO scores with a credit report that updates automatically every 30 days. The app notifies you when your account or score changes and recommends a credit card based on your FICO score. As an additional tool, you can use a credit score simulator to test the potential impact of specific actions, such as paying off debt or closing a credit card, on your credit score.
Best Credit Monitoring App Canada
Each credit bureau may have different information about how you have used your credit in the past. Therefore, it’s essential to check your score with two additional credit bureaus, not just one, because they report different entries. The following apps are entirely free, and ideally, you’ll want to check your scores with both credit bureaus.
Credit card companies offer free notification of suspicious payments to paid tracking. Since the launch of the free credit rating offer, Borrowell has served over a million Canadians across the country. They provide you with one of the best Canadian credit monitoring services; a free credit check updated every month and advice on personal financial products. With Borrowell’s free credit monitoring and reporting, automated credit learning tools, and AI-powered financial product recommendations, Borrowell empowers consumers to improve their financial well-being and become their heroes.
While you may not get some of the features that paid subscription platforms to offer, Borrowell offers an excellent set of tools to help you understand your credit score, maintain or improve it at will, and get a complete picture of your finances. Whether you’re looking for a new credit card, auto loan or mortgage, Borrowell can help you find the best product that matches your credit profile. Borrowell believes in having your credit score checked at any time, so they provide you with the necessary tools that can help you improve your finances. In addition, this is Canada’s only free credit monitoring service that updates your monthly Equifax score daily and checks any complex issues with your credit report.
When you sign up for Mogo Protect’s free identity fraud protection service, you’ll be alerted when complex claims are discovered on your Equifax credit file. Mogo is a new player on the block, and it also allows you to check your Equifax account for free. Like Borrowell, they will also provide you with a comprehensive monthly report where you can view a detailed breakdown of your current credit status. In addition, if you’ve signed up for Lexington Law’s credit recovery services, you can use their free mobile app to track your progress.
While myFICO is the most official credit reporting service you can find, the price of myFICO service is steep, and you may find it cheaper than some of the other apps I recommend in this article. For example, free sites Borrowell and Credit Karma buy the valuations Credit Karma offers to consumers from Equifax and TransUnion, respectively. Still, all four companies have different valuations under different names. Free Services Borrowell and Credit Karma Borrowell makes money by organizing loan and credit card offers for customers who visit Free Services websites. Companies such as Borrowell that provide free loan-related services make money by using alternative financial products on their platforms, assuming that you will use them to facilitate having a one-stop financial shop.
Credit Karma was one of the first free credit scoring companies, with over 60 million users in North America. Capital One’s CreditWise is free for anyone, whether you’re a Capital One member or not. The main advantage of this app is that it only focuses on monitoring your credit score and reports, unlike other apps that focus on different aspects of your financial situation. One of the few free credit monitoring apps – most others require a paid subscription to their digital service to use the “free” app – this mobile app gives you access to your entire credit profile, including your credit score and information about you How to use the data compared to their peers.
There are also paid out-of-office identity theft monitoring and protection services, including ID Shield, Score Up, ID Assist, Credit Alert, and FirstReport. You can also easily control your credit in Canada with free services like Borrowell and Mogo. Learn about the best loan options for your financial situation from Borrowell’s trusted financial partners. Borrowell is committed to making financial stability accessible to everyone.