Who Provides the Best Credit Monitoring Service for Canadians? Credit monitoring services have become very popular in recent years. Because financial transactions are increasingly conducted online, the risk of identity theft and fraud is greater now than ever before. Credit monitoring services act as a vigilant guardian against such threats by continuously monitoring credit reports for any suspicious activity.
Best Option
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Borrowell, a standout in Canada's credit monitoring industry, is our top choice for its exceptional no-cost services. Offering weekly Equifax credit score updates, Borrowell provides a unique advantage over other platforms that typically offer only monthly updates. Beyond monitoring, Borrowell's AI-powered credit coach delivers personalized credit education, making it an invaluable resource for over two million Canadians. The platform's commitment to financial literacy is evident through a wealth of free information available on its website, even without creating an account. With a stellar reputation, BBB accreditation, and a proven track record of assisting users in improving their credit, Borrowell emerges as the premier choice among credit monitoring services in Canada.
Great
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ID Shield, part of the Legal Shield family with nearly 50 years of experience, stands out as a top choice for comprehensive credit monitoring in Canada. With features like dark web surveillance, credit monitoring, and social media scanning, it offers robust identity protection. Priced starting at $12.95/month for individuals and $24.95/month for families, it's an affordable yet fully-featured option. The service caters specifically to Canadians' needs, providing address monitoring, Canadian directory scanning, and monitoring of Canadian Medical IDs. ID Shield's impeccable "A+" rating from the Better Business Bureau and over 80% 5-star customer ratings reinforce its position as one of the best credit monitoring services in Canada.
Good
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Considering credit monitoring directly from a bureau? Equifax, at $24.95/month for one adult (or $34.95/month for two), offers daily access to your credit score and real-time alerts for key changes. The plans include identity theft protection with features like lost wallet assistance and up to $1 million in insurance (though Quebec residents have some restrictions). Equifax allows flexible cancellations without a long-term commitment, though no partial month refunds are provided. Despite mixed reviews, Equifax, with an "A+" BBB rating and over 100 years of operation, is a reliable backup if our top choices don't meet your needs.
Average
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Credit Karma, a popular platform with over 60 million users in Canada and the US, provides free credit scores and reports, aiming to empower users with financial education. While offering daily TransUnion credit score updates and alerts for critical changes, the service is not available in Quebec, Nunavut, Yukon Territory, and Northwest Territory. Despite its widespread use, Credit Karma has faced challenges, including a decline in reputation from an "A+" to an "F" from the BBB and a $3M lawsuit settlement with the US FTC. However, its Canadian branch boasts a positive 4.6-star average rating, with users praising its effectiveness in monitoring and helping to improve credit scores. Overall, Credit Karma Canada receives a "just average" ranking here: you'll find several other credit monitoring options on our list that offer comparable or superior services.
Subpar
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TransUnion, a major player in Canadian credit monitoring, offers a $24.95/month service with unlimited access to credit reports, alerts for potential identity fraud, and $1M in identity restoration insurance. However, its disappointing "F" rating from the Better Business Bureau and nearly 150 complaints raise concerns, particularly about difficulties in canceling memberships. The lack of transparency regarding additional features, such as internet scanning or lost wallet assistance, further diminishes its appeal. Considering these drawbacks, we can't confidently recommend TransUnion as a credit monitoring subscription that's worth the cost.
Weak
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KOHO, a Canadian fintech company, offers a mobile banking platform with a prepaid Visa card and an app for financial management. They throw in a free credit score during a 30-day trial, but afterward, you're stuck with whatever plan you picked, and there's no real credit monitoring happening - no alerts or updates. You can use KOHO to boost your credit, theoretically getting a 22-point bump in three months, but here's the catch: lots of unhappy customers, to the tune of over 350 BBB complaints and 85% 1-star ratings in other places, with people ranting about how KOHO messed up their credit, getting help from KOHO can take ages, and accounts may be randomly closed without answers. Long story short, give KOHO a pass. There are better options out there without the headaches.
Poor
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Thinking of using Credit Verify for your credit monitoring needs in Canada? Be cautious. Despite its surface-level appeal with daily TransUnion score checks and unique perks like "reward dollars," there are significant drawbacks. To test the service, you'll need to invest in a $1, 7-day trial that automatically transitions into a $34.95 monthly plan that is almost impossible to cancel. Hundreds of complaints detail the problems here, with some users even resorting to credit card disputes to stop Credit Verify's charges. For a more reliable and secure credit monitoring experience, we recommend any of the trustworthy alternatives highlighted in our review.
Continued from above...
Credit monitoring services have become very popular in recent years. Because financial transactions are increasingly conducted online, the risk of identity theft and fraud is greater now than ever before. Credit monitoring services act as a vigilant guardian against such threats by continuously monitoring credit reports for any suspicious activity.
In Canada, these services help you keep track of your credit information and detect any potential signs of identity theft or fraudulent activity. These services typically provide ongoing monitoring of your credit report and alert you to any significant changes, such as new accounts being opened, inquiries into your credit history, or changes in your credit score.
Manually reviewing credit reports and scoring systems can be daunting for the average person to navigate. Credit monitoring services simplify this process by providing easy-to-understand analyses and explanations of credit reports and scores. By demystifying financial jargon and offering insights into creditworthiness, these services empower individuals to make informed decisions about their finances.
The increasing prevalence of data breaches and cyberattacks targeting personal information has made many people more aware of the importance of data security. Credit monitoring services often include features such as identity theft insurance and dark web monitoring. These features further enhance their appeal by providing comprehensive protection against various threats to personal and financial security.
Several credit monitoring options operate in Canada, offering various features and levels of protection. Some of the key players include Equifax and TransUnion, which are the two major credit reporting agencies nationwide. In addition to these credit bureaus, there are also third-party services that offer comprehensive credit monitoring, identity theft protection, and other related features.
However, not all services are created equal. It's one thing if you just want an updated credit score every year (after all, you can get that for free from the credit bureaus), but another thing entirely if you want your service to be actively tracking what's going on with your credit profile. You may even be surprised to see that some free credit monitoring options provide more features than their paid counterparts.
Not sure what you want? Here are some key features that may appeal to you; take a look and see which ones are a must-have, and choose your credit monitoring service accordingly:
To give you an overview of the credit monitoring landscape in Canada, the experts at Top Consumer Reviews have evaluated and ranked today's most popular services. Whether you're just looking for a basic, free option to watch over your credit score or a robust monitoring platform, use our research to choose the service that's the right fit for you!
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Why Should You Check Your Credit Report?
Would you go for months without checking the balance of your bank account? Would you ignore reviewing your monthly credit card statement under the assumption that all the charges on it were valid? Chances are, if you're like most people, you wouldn't.
The same rule applies to your credit report. It should be reviewed at least once annually, and ideally 3 times a year or more, to make sure everything is in order.
What, exactly, is a credit report? It is the compilation of an individual's financial history, from their first bank account to their latest credit card, it's all in there. The history of where a person has taken out credit - as well as whether they've been able to pay on time or are chronically late with repaying their debts - is all included in one handy document. Financial brokers, credit card companies, potential employers and any creditor with whom you wish to do business has the right to view you credit history.
Credit history also is used to assign a credit score to each individual. The score is calculated through a mathematical algorithm, which pulls data from the credit report and generates a three-digit number. Credit scores range from 300 to 850. Persons with scores over 700 are considered to be in good financial standing and rarely are turned down by creditors. They also are able to secure the best interest rates on loans.
Knowing your credit score, as well as how it can affect your everyday life, is a valuable tool for all consumers. Credit histories and credit scores are used to determine credit-worthiness by credit card companies, cell phone providers, utility companies and even landlords and insurance companies. Having a bad credit report can have lifelong consequences for the consumer.
Credit reports are issued through three major reporting agencies - Equifax, Experian and Transunion. Each of the three agencies compiles its own report on individual consumers, and each report may vary slightly from the others.
There are many reasons why consumers should make a habit of viewing their credit reports:
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