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[Equifax Canada] Free Equifax Credit Score and Report

  • Last Updated:
  • Mar 8th, 2021 9:23 pm
[OP]
Newbie
Nov 16, 2019
7 posts
328 upvotes

Free Equifax Credit Score and Report

Deal Link:
Price:
$0.00
Savings:
100%
Retailer:
Equifax Canada
Thanks to a new law in Québec that went into effect on February 1st, 2021, and that is meant to regulate credit bureaus after Desjardins' data leak, TransUnion and Equifax are required to provide customers with free credit scores and reports online.
The score provided by Equifax is, of course, an Equifax score (ERS 1.0 I assume, but it did not check), which is not widely used by lenders.
Credit freezes are also coming to Canada, thanks to this law; TransUnion and Equifax said that it will take about two years before they are available, though.
I have not seen any indication of a free credit score on TransUnion's website yet, but it should be coming soon.

EDIT:
Just to be clear--

- Every Canadian can get their score and report for free from Equifax. This is not a promotion linked to a data breach. Equifax is simply complying to the law -- it is not a "gift" from them.

- There are two credit bureaus in Canada: Equifax and TransUnion. Third parties like Borrowell and Credit Karma get your credit file and your credit score from Equifax (Borrowell) or TransUnion (Credit Karma).

- The free score and report from Equifax do not replace a credit monitoring product form either Equifax or TransUnion, since the free score and report do not provide alerts and since you'll need to manually "update" your score and report.

- The scores that Equifax and TransUnion offer are proprietary scores (scores developed by Equifax Canada and TransUnion Canada). Lenders generally do not use these scores; they will rather check your FICO 8 score which is not sold or made available to consumers. If you've read about VantageScore, it is a score model developed by Equifax (USA), TransUnion (USA) and Experian (USA) and made for US consumers -- not Canadians. Canadians do not have a VantageScore (therefore, lenders won't use it either).

- Yes, you could already get your Equifax score and report for free using Borrowell, Mogo, verify.me, CIBC, ... (which will provide you with your ERS 2.0 score based on your Equifax credit file). However, it is now possible to get your score and report directly from Equifax, without giving your information to third parties like Borrowell, which uses your information to match you with loans and credit cards offers.

- It is normal that the score you see from Equifax is different from your Borrowell/Mogo/CIBC/... score. The score you get directly from Equifax is the Equifax Risk Score 1.0 (ERS 1.0), whereas Borrowell/Mogo/CIBC/... gives you your Equifax Risk Score 2.0 (ERS 2.0). Different score models = different credit scores.

- It is normal that the score you see from TransUnion (or from third parties like Credit Karma, that use your TransUnion credit file) is different from the one you will see from Equifax: TransUnion and Credit Karma (and the CreditVision Dashboard that is available with BMO, RBC, Scotia, Desjardins, Capital One, ...) use data from your TransUnion credit file to calculate the TransUnion CreditVision Risk Score. Since your Equifax credit file might be different from your TransUnion credit file, and since different credit score formulas give different credit score, this is normal.

- Checking your score will not lower it.

Hope this clarifies.

EDIT 2:
- Clarified that your report and score are not automatically updated. You'll need to request another score and report for $0 if you want an update. Equifax does not work the same way as the CreditVision Dashboard (myTrueIdentity, RBC, BMO, Scotia, Desjardins...) which updates your score and report every time you log in (if an update can be made).
Last edited by genral on Feb 22nd, 2021 4:45 pm, edited 5 times in total.
287 replies
Member
Sep 17, 2012
248 posts
196 upvotes
Mississauga
Thanks OP!

My score is 30 points lower than what Mogo shows me so as I suspected Mogo's free Equifax score is a different score from what lenders see.
Jr. Member
Dec 5, 2012
118 posts
114 upvotes
ETOBICOKE
"We apologize for the inconvenience, however due to a system delay please check back again in 24 hours."

wtf?
Member
Aug 28, 2013
491 posts
259 upvotes
Richmond Hill
genral wrote: Thanks to a new law in Québec that went into effect on February 1st, 2021, and that is meant to regulate credit bureaus after Desjardins' leak, TransUnion and Equifax are required to provide customers with free credit scores and reports online.
The score provided by Equifax is, of course, an Equifax score (ERS 1.0 I assume, but it did not check), which is not widely used by lenders.
Credit freezes are also coming to Canada, thanks to this law; TransUnion and Equifax said that it will take about two years before they are available, though.
I have not seen any indication of a free credit score on TransUnion's website yet, but it should be coming soon.
When I check my own score does it affect the score? like make it go down?
Member
Oct 16, 2011
342 posts
237 upvotes
Wait so Equifax and TransUnion's paid service is obsolete then?

They have to give it away for free?

The TransUnion score seems to be much more widely used than Equifax so I would love to get access to the TransUnion score for free on a regular basis.
Deal Addict
Nov 15, 2003
1081 posts
268 upvotes
Toronto
SillyRabbit wrote: They have to give it away for free?

The TransUnion score seems to be much more widely used than Equifax so I would love to get access to the TransUnion score for free on a regular basis.
If you have an account (might need to be a credit card?) with Scotiabank, you get free access to your TransUnion score.

There's a link on the right side after you login to your Scotiabank account. I check it every 1 or 2 months.
Jr. Member
Sep 12, 2018
178 posts
110 upvotes
Edmonton
CanadianConsumerYEG wrote: Any point in doing this if one already has a borrowell account?
The actual question is if you can get Equifax score from the source, do you really need to have a Borrowell account? Why sell your data to middleman when you can get the actual product for free.
Deal Fanatic
User avatar
Apr 10, 2011
5341 posts
8449 upvotes
Montreal
RoyF482 wrote: When I check my own score does it affect the score? like make it go down?
Of course not.
Newbie
Jul 23, 2020
19 posts
9 upvotes
Made an account and tried twice both times status came as failed ! Please call your customer care centre' . Anyone know why this could happen ?
Member
Aug 24, 2018
360 posts
138 upvotes
Langley BC
I had an account, no problem logging in and getting a free score.
Thanks
Member
Feb 2, 2011
324 posts
142 upvotes
New Westminster
I've used Credit Karma, Borrowell, and Mogo
My favorite would be Credit Karma App, its free, and provide significantly more detailed info:
Your credit score, all your credit cards that are opened, car loans, lines of credit
1. Payment History
2. Balance
3. Credit Limit etc.

If anyone fraudulently opens a credit card, you will see it in the app, unfortunately its after the fraud has occurred. CBC marketplace mentioned tools in the USA, such as credit freezes are not yet available in Canada
https://www.cbc.ca/news/canada/marketpl ... -1.4937903
Images
  • Screenshot_20210207-202453_Credit Karma.jpg
Newbie
Jun 25, 2017
58 posts
90 upvotes
As some one mentioned, few banks let you view your credit score backed by TransUnion on their website. RBC and Scotiabank definitely do.
Sr. Member
Mar 14, 2014
751 posts
890 upvotes
rayydar wrote: Thanks OP!

My score is 30 points lower than what Mogo shows me so as I suspected Mogo's free Equifax score is a different score from what lenders see.
Similar situation. I previously received my Equifax scores from CIBC's and Verified.Me apps. those are ERS 2.0 scores. The score I just received from Equifax must be ERS 1.0 as it was 24 points lower than ERS 2.0 score. I suspect the ERS 1.0 score is closer to what financial institutions and other lenders use.
Last edited by flyjazz on Feb 8th, 2021 12:01 am, edited 1 time in total.
Member
Jan 10, 2006
473 posts
236 upvotes
Nice, worked for me.

Interesting to note a 31 point difference between the scores from Borrowell and Equifax. Both scores are in the same category range though.

Also, Equifax's website requires Flash to view certain parts.. Face With Tears Of Joy
Sr. Member
User avatar
Aug 30, 2019
826 posts
636 upvotes
Brampton
What should be considered as good credit score ? I never did credit score check and this is first time i am doing it.
Sr. Member
Mar 14, 2014
751 posts
890 upvotes
fsteiner wrote: I've used Credit Karma, Borrowell, and Mogo
My favorite would be Credit Karma App, its free, and provide significantly more detailed info:
Your credit score, all your credit cards that are opened, car loans, lines of credit
1. Payment History
2. Balance
3. Credit Limit etc.

If anyone fraudulently opens a credit card, you will see it in the app, unfortunately its after the fraud has occurred. CBC marketplace mentioned tools in the USA, such as credit freezes are not yet available in Canada
https://www.cbc.ca/news/canada/marketpl ... -1.4937903
I bank with CIBC and receive alerts for inquiries and new trade lines. Combined with this Equifax Score and Report provides all the necessary information I require.

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