Scotiabank provides its clients in Canada with the opportunity to check their credit scores conveniently through the bank’s website and mobile app. Monitoring your credit score is crucial for assessing the effectiveness of your efforts in building good credit.
It’s important to note that Scotiabank is not the only financial institution in Canada offering free credit score checks. Other options include RBC, CIBC, BMO, Borrowell, Credit Karma, and Mogo. In this article, we’ll explain how Scotiabank’s credit score checking service works.
Your credit score is a three-digit number that ranges from 300 to 900, representing your creditworthiness. Lenders use this score, along with your credit report, to determine your likelihood of repaying loans and avoiding defaults.
Scotiabank retrieves your credit score from TransUnion through a “soft inquiry,” which does not impact your credit rating. This score is updated every 30 days.
If you’re interested in obtaining a free credit score update from TransUnion or weekly Equifax credit score updates, you can use ClearScore and Borrowell, respectively.
If you’re a Scotiabank personal banking account holder, you can easily view your credit score for free using either the bank’s website or mobile app. Here’s how:
1. Log in to your Scotiabank account.
2. Click on “See your credit score” from the menu on the right-hand side of your account dashboard.
1. Open the Scotiabank app.
2. From the Home screen, click on “My updates.”
3. Select “TransUnion Credit Score.”
4. Click on “Register” and accept the terms and conditions to view your credit score.
Your credit report contains vital information about your credit history, including details about your accounts, credit limits, outstanding balances, credit inquiries, collections, and bankruptcy information. This information is used to calculate your credit score. You can also access your credit report for free through Scotiabank.
Within your Scotiabank credit score page, you can click on “Credit score report” to view your detailed credit report. If you encounter any issues or cannot view your credit score and report on Scotiabank, you can contact TransUnion directly at 1-844-580-9978 for assistance. Additionally, you can obtain your free credit report from other sources.
If you’re not a Scotiabank client or need to see your Equifax credit score, there are other platforms available:
Borrowell has been providing free Equifax credit score checks since 2016. It’s a quick process that doesn’t require you to provide credit card information. Borrowell also offers a free bill-tracking tool and a portal for comparing rates on various financial products. Your Equifax score obtained through Borrowell is updated weekly.
ClearScore recently introduced its free credit score check service in Canada, in addition to operating in the United States, Australia, New Zealand, and South Africa. The score you receive on this platform is from TransUnion. Upon signing up, you gain access to your credit report and identity theft monitoring. The score is updated regularly.
If you’re not a Scotiabank client, you can easily obtain your credit report through Borrowell (Equifax) and ClearScore (TransUnion). Alternatively, you can contact the credit bureaus directly to request your credit report:
Scotiabank is one of Canada’s leading banks, ranking as the third-largest in terms of market capitalization. With over 10 million customers and 900 branches, the bank offers a wide range of financial products, including chequing accounts, loans, credit cards, investments, insurance, savings accounts, and commercial banking services.
A credit score in the 700-900 range increases your chances of qualifying for Scotiabank’s credit products.
When applying for a Scotiabank credit card, they typically access your Equifax credit report.
Yes, Scotiabank’s credit score is accurate and is based on TransUnion’s scoring models. It may differ from your Equifax credit score.
No, checking your credit score through Scotiabank is considered a “soft” inquiry, and it does not impact your credit score.
You can improve your credit score by paying your bills on time, using less than 35% of your credit limit, keeping your old credit accounts open, and limiting new credit applications.
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