Where Do I Get My Free Credit Report from TransUnion Canada? A step-by-step guide and information about your credit report, rating, and score

What Does a Credit Score Mean?

Your credit score is built on a range from 300 to between 850 or 900 (depending on the credit reporting agency). Depending on where you fall between this range, your credit can vary between poor, fair, good, very good, and excellent. A lower score can indicate a poor credit history or “too new to score” for someone who hasn’t had a chance to build up their credit history – i.e. a young adult or newcomer to Canada.

Another way to look at it is if a person’s credit score is 590, it means that “590 people out of 900 are likely to repay their debt.” If someone’s score is 780, it means that “780 people out of 900 are likely to repay their debt.” The number represents the odds that a lender will get the money back that they lend to someone. The higher the number, the better the odds.

What’s the Difference Between My Credit Report and My Credit Score?

Does My Credit Score Matter?

While getting overly fixated on the perfect credit score is not something we’d encourage, being aware of it, and its impact on your financial future is important. The closer your credit score is to 900, the less of a borrowing risk you are to creditors and other lenders. This can make your financial life significantly easier, gaining you easier access to affordable credit products and loans when you need them. A solid credit score is a great help when you’re buying your first home, getting a car loan, and depending on the sector you work in – it can impact where you work as well.

7 Things That Are Not On Your Credit Report

Free Credit Report from TransUnion Is a Consumer Disclosure

TransUnion calls their free credit report a “consumer disclosure.” It includes a complete account of all the information on your TransUnion credit report, and lists the inquiries made for your credit information, including account management inquiries, non-credit related inquiries, and your own inquiries. Meanwhile, that eye-catching banner that advertises your “free credit score” is actually more of an advertisement for something you likely don’t need.

Is a Free Credit Score Really Free?

Other Options to Access Your Credit Reports and to Get Help With Debt

There are several options for getting your free credit reports from TransUnion and Equifax. If they don’t work for you, don’t worry. It doesn’t necessarily mean you’ve done anything wrong; it just means that you’ll have to try one of their other methods. It’s possible that for some reason the information you entered doesn’t perfectly match the credit reporting agency’s records. Then, once you do get your reports, if you need help reading the credit reports or dealing with the debts listed, we’re happy to help you.