Personal Finance

Canadian credit score?

  • Last Updated:
  • Apr 7th, 2017 10:18 am
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[OP]
Temp. Banned
Dec 2, 2007
899 posts
107 upvotes
Toronto

Canadian credit score?

How is individual credit score determined in Canada?
3 replies
Deal Addict
User avatar
Mar 3, 2005
1054 posts
785 upvotes
Mississauga
Visit TransUnion and Equifax web sites and read their information.
Verified Rep
Jun 19, 2016
135 posts
79 upvotes
picard12 wrote: How is individual credit score determined in Canada?
You can check your Canadian credit score for free with Borrowell. We show you the Equifax Risk Score 2.0., which is one of the more widely used scores used by financial institutions and lenders in Canada.

There are many different score models and this creates some confusion for consumers.

In fact, there's actually no "standard" Credit Score in Canada. For example, there are industry-specific scores, scores primarily used for educational purposes, as well, score models may be based on specific lending criteria. Just on the Equifax side, there's ERS 1.1, ERS 2.0, ERS 3.0 (USA-only), BEACON 4.0, BEACON 5.0, BEACON 9.0, CRP 3.0, and BNI 2.0 (probably missing a few)...all of these scores are proprietary to Equifax and powered by Equifax’s comprehensive and unique data assets.

One score is not more correct than another score. As mentioned above, there are many score models available in the market from credit reporting agencies like Equifax and Transuion.

Hope this helps any other curious RFD'ers as well!
Deal Guru
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Mar 23, 2008
12726 posts
9374 upvotes
Edmonton
You can also use CreditKarma and Mogo for free. They offer weekly and monthly updates, instead of quarterly updates like Borrowell.

Borrowell and Mogo both offer scores based on the Equifax system. They also both only provide the "credit score" (just the number), with no information on what's behind the score (like accounts, inquiries, etc). CreditKarma pulls from the Transunion data, and shows virtually a complete copy of the data that Transunion shows you if you sign up for their services. So you can see your payment information on every account, you can see inquiries by lenders, etc. It's a much more complete view.

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