Know your credit score fast and then fix it

How to get your credit report and credit scores for free in 5 minutes

How do you check your credit report and credit scores fast and free? Many Canadians and new immigrants frequently ask this question. Your credit report is now almost like your passport.

If you are planning to rent an apartment, buy a car, get a new phone or apply for a bank loan, your credit report and credit scores are usually the first set of documents you need to present. It is required for most financial transactions in Canada.

You can get your credit scores and credit report free and fast in 3 ways:

  1. Order online instantly

You can order and get your free credit report and scores from both Equifax and TransUnion.. For a fee, you can get it instantly in less than 5 minutes.

Equifax offers a free 30-day trial. After filling the form, you will get an online PDF copy of your credit report in less than five minutes. If you are not interested in an active credit monitoring service, do remember to cancel after the 30- day free trial to prevent being charged monthly.

You can also obtain your credit scores free and fast at Credit Karma. Equifax is probably the most preferred by Canadian merchants and financial institutions.  Each credit bureau may have different information about how you have used credit in the past.

  1. Order by mail or fax

Make your request in writing using the forms provided by Equifax and TransUnion. After providing two pieces of ID., your free credit report will be sent by mail.

  1. Order by telephone

Call the credit bureau and follow the instructions to get your credit report and scores for free:

Equifax Canada

Tel: 1-800-465-7166

TransUnion Canada

Tel: 1-800-663-9980

Ordering your credit report does not affect your credit score.

How to fix a bad credit score

Now that you know you can get your credit report free and fast, you need to also understand how to fix bad credit and start getting excellent credit scores. Here are our top three tips:

  1. Get out of collection – debts in collection agencies have the biggest hit on your credit score. You are classified as delinquent when your unpaid debts are sent to collections. Pay off these debts urgently. Call and negotiate. You can always get a massive discount
  2. Avoid applying for too many new credits– this increases the number of inquiries on your account, which also affects your credit scores.
  3. Pay your bills on time– do not miss your monthly payments. Set up automatic minimum payments on all your bills just in case you forget. Your credit scores are calculated using the following criteria:
  • Payment history (35%)
  • Credit usage (30%)
  • Age of credit accounts (15%)
  • Credit mix (10%)
  • New credit inquiries (10%)

How to check your credit report and credit scores for free in 5 minutes

Paul Kim, Founder & CEO of Simple Rate, emphasized that  “getting rid of all debts in collections, paying your bills on time, and lowering your overall credit utilization will all help to boost your credit score.”

Excellent credit history can still be yours. The best time to start building it is now.

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