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[Equifax] Free Equifax Credit reports due to Covid-19

  • Last Updated:
  • Jul 30th, 2020 11:43 am
Newbie
May 5, 2020
10 posts
15 upvotes
I find it absolutely ridiculous how difficult it is to get an accurate credit score in this day and age. The whole system is in need of a revamp. I shouldn't have to jump through so many hoops just to get my credit score and report. Actually it should be free for everyone.
Deal Expert
Aug 22, 2011
33718 posts
19506 upvotes
Ottawa
mapleninja wrote: I find it absolutely ridiculous how difficult it is to get an accurate credit score in this day and age. The whole system is in need of a revamp. I shouldn't have to jump through so many hoops just to get my credit score and report. Actually it should be free for everyone.
Who cares about the score, other than making sure the information is correct and you have no diliquency.
FIs uses their own scoring algorithm when processing loans.
Deal Expert
User avatar
Dec 11, 2005
19188 posts
1684 upvotes
vkizzle wrote: Who cares about the score, other than making sure the information is correct and you have no diliquency.
FIs uses their own scoring algorithm when processing loans.
It depends.

- If you're looking to rent an apartment, then your credit score may decide if you get it or not (landlords do not have their own scoring algorithm, they just take whatever score is coming from the subscription they have).

- If you're looking to get a security clearance, then a bad credit score can hamper you from getting it.

- Some job applications now also require a credit check
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Deal Addict
Dec 6, 2002
4720 posts
3034 upvotes
Vancouver
mapleninja wrote: I find it absolutely ridiculous how difficult it is to get an accurate credit score in this day and age. The whole system is in need of a revamp. I shouldn't have to jump through so many hoops just to get my credit score and report. Actually it should be free for everyone.
Credit Karma
Borrowwell
Mogo
Your FI web access

Many ways to access score for free.

Ron.
Deal Addict
User avatar
Apr 10, 2011
4372 posts
6201 upvotes
Montreal
mapleninja wrote: I find it absolutely ridiculous how difficult it is to get an accurate credit score in this day and age. The whole system is in need of a revamp. I shouldn't have to jump through so many hoops just to get my credit score and report. Actually it should be free for everyone.
There's no such thing as an "accurate credit score".
A credit score is an opinion based on many criteria that differ in nature and weight from one company to another.
It constantly varies in time as new information is added to your file such as payment history, credit levels, etc.
Credit reports are not that difficult to obtain and ARE free by law.
Sr. Member
Nov 30, 2016
692 posts
765 upvotes
Mississauga
brunes wrote: It depends.

- If you're looking to rent an apartment, then your credit score may decide if you get it or not (landlords do not have their own scoring algorithm, they just take whatever score is coming from the subscription they have).

- If you're looking to get a security clearance, then a bad credit score can hamper you from getting it.

- Some job applications now also require a credit check
The first two points make perfect sense. The third I absolutely abhor. Denying a job to a person ... because they desperately need one. Now that's just evil!
Deal Addict
Jun 25, 2009
1742 posts
683 upvotes
Too bad the score itself is not accurate. This is not your actual fico score. The only way to get it is to work in the financial industry or ask if someone can tell you that works in it.

In the US, it's easy to get.
Deal Addict
Jun 25, 2009
1742 posts
683 upvotes
Too bad these are not your fico score and don't mean much and they're all over the place.
newfbc wrote: Credit Karma
Borrowwell
Mogo
Your FI web access

Many ways to access score for free.

Ron.
Sr. Member
Aug 21, 2019
524 posts
330 upvotes
Markham
froesesp wrote: Too bad these are not your fico score and don't mean much and they're all over the place.
Which site gives a reliable FICO score then ?
Deal Expert
Aug 22, 2011
33718 posts
19506 upvotes
Ottawa
brunes wrote: It depends.

- If you're looking to rent an apartment, then your credit score may decide if you get it or not (landlords do not have their own scoring algorithm, they just take whatever score is coming from the subscription they have).

- If you're looking to get a security clearance, then a bad credit score can hamper you from getting it.

- Some job applications now also require a credit check
Agreed, but as I stated, if your information is correct and there's no delinquencies or incorrect public records, the score wouldn't be a concern.
Deal Addict
Jun 25, 2009
1742 posts
683 upvotes
Stallion86 wrote: Which site gives a reliable FICO score then ?
None in Canada. The majority of banks etc will use the fico score. In the US, it's easy to get. If you're lucky, your mortgage broker etc will tell you if you ask.
Sr. Member
Jun 10, 2017
635 posts
833 upvotes
Gangsta101 wrote: The first two points make perfect sense. The third I absolutely abhor. Denying a job to a person ... because they desperately need one. Now that's just evil!
Black mirror - nose dive!
Sr. Member
Nov 4, 2015
762 posts
526 upvotes
Ontario
sheyenne wrote: TransUnion offers free online downloading of your credit report. Equifax doesn't. I prefer the layout of TransUnion over Equifax too.
You can download the free Equifax one (assuming you can get it).
Newbie
User avatar
Mar 28, 2019
76 posts
204 upvotes
Not sure if its still the same but when I used to work for them you used to have the ability to call in to get a once a year credit report with equifax.

1-800-465-7166

Can't recall if it was the US or the Canadian line though but gave that out so many times that it etched into my mind lol.
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Member
Sep 9, 2010
217 posts
49 upvotes
Mississauga
froesesp wrote: None in Canada. The majority of banks etc will use the fico score. In the US, it's easy to get. If you're lucky, your mortgage broker etc will tell you if you ask.
I just saw something on Marketplace I think about this. Credit score is useless, it's for your own peace of mind. It will not help you get a mortgage, car loan etc. Banks will use FICO scores and those scores are not available to the general public.

My question is why in Canada can't we lock our credit score like they can in the US? This would solve a huge issue with fraud.

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