There are two main credit bureaus in Canada – Equifax and TransUnion. Until recently, it was nearly impossible to get a free credit score/report. Thankfully, many free services have popped up recently to help you to do that. Most recently, you can now get a free CIBC credit score through their mobile app.
If you haven’t already, I highly recommend starting with CreditKarma, which will display your score and report for free. They give you only your TransUnion score.
Additional Reading: Free Credit Score with Credit Karma!
There are two types of scenarios when companies access your information. A hard inquiry occur only when an institution needs to make some kind of a lending decision, whether it’s a new mortgage, credit card, or even post-paid phone plan. This will decrease your score generally by a few points, and will show on your report for up to 24 months. If checking your own credit, however, only a soft pull occurs. This has no effect on your credit score at all.
Free CIBC Credit Score with Borrowell
You can now get a free CIBC credit score. CIBC has partnered with Borrowell, a personal loan startup. The credit score pulls Equifax, which means for CIBC clients, it’s extremely easy to get your credit scores from both credit bureaus.
You can check your Equifax score online on the iOS or Android app by accessing the side menu and scrolling down. I do question why CIBC, with all their assets, couldn’t come up with an in-house solution of their own (probably for a lower cost).
Nonetheless, this is a very simple and straight-forward process, which is fantastic.