CIBC, one of Canada’s leading banks, provides its customers with the valuable service of accessing their credit scores for free. However, it’s essential to note that CIBC is not the only option available to Canadians interested in checking their credit scores. Several financial technology companies offer this service, with options for weekly or monthly updates.
A credit score is a three-digit number that reflects your creditworthiness and indicates to lenders whether you are likely to make timely payments on your debts.
If you are a CIBC client, you have the convenience of accessing your credit score through the CIBC mobile banking app. It’s important to note that this credit score check is considered a “soft” inquiry, which means it does not negatively impact your credit rating. Additionally, the credit score provided by CIBC is based on Equifax’s proprietary model, which may differ from your TransUnion credit score. CIBC updates your credit score every three months. If you require more frequent updates, such as on a weekly basis, you can use Borrowell, a service that offers free credit score monitoring.
CIBC is not the only Canadian bank that provides free credit scores. Other major banks like RBC and Scotiabank also offer this service to their clients.
To access your CIBC credit score, you need to be a CIBC client. Follow these steps:
CIBC, at present, does not provide direct access to your credit report. To obtain your credit report, you can contact the two major credit bureaus in Canada, TransUnion and Equifax, directly. Alternatively, you can obtain your free credit report from various companies, including Borrowell and Credit Karma.
Several companies offer free credit score checks and credit monitoring services in Canada. Here are some options:
Borrowell was the first Canadian company to offer free credit score checks, serving over 2 million Canadians since its establishment in 2016. Borrowell’s free credit score is updated weekly and is based on the Equifax Risk Score 2.0 model. Additionally, Borrowell provides a platform for comparing credit cards, loans, mortgages, insurance, and banking products.
Loans Canada offers free access to your Equifax credit score and assists in comparing loans from various Canadian lenders.
ClearScore offers free access to your TransUnion credit score, along with your credit report and identity theft monitoring. It serves over 19 million users.
Credit Karma operates in both Canada and the U.S. It provides access to your free TransUnion credit score, updated monthly, and offers the ability to compare rates for various financial products.
A credit report provides a comprehensive summary of your credit usage, including the types of credit accounts you have, your payment history, and more. You can obtain your credit report directly from Canadian credit bureaus:
The Canadian Imperial Bank of Commerce (CIBC) is one of the five largest banks in Canada, boasting over 44,000 employees and serving 10 million clients across Canada and several other countries. CIBC offers a range of financial products and services, including personal and business banking, as well as wealth management.
Yes, the credit score provided by CIBC through its mobile app is accurate and sourced from Equifax. However, please note that it may differ from your TransUnion credit score, as these credit bureaus use different scoring models.
When you apply for a credit product with CIBC, they typically review your Equifax credit score report.
According to Equifax, a good credit score in Canada falls within the range of 660 to 724. A very good credit score is between 725 and 759, while a score of 760 or higher is considered excellent.
Credit scores in Canada typically range from 300 to 900.
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