In Canada, your Credit Score is a number between 300 and 900 that is assigned to you by a credit bureau (Canada’s two major credit bureaus are Equifax and TransUnion) and is used to tell lenders how you have dealt with available credit in the past. There are a few ways you can check your credit score.
Traditionally, Canadians had to pay either Equifax or TransUnion for a report and their credit score, or you had to sit down with a mortgage broker and get them to check it for free. More recently, however, many banks provide to customers information about their Credit Score online. This information maybe not very recent, but still can give you understanding about what you Credit Score is. But best part is – it’s free.
If you’ve paid all of your bills on time, had no major bankruptcies and generally don’t have more debt than you can reasonably afford to pay back, you should have a credit score above 680 – anything less and you’ll want to keep reading.