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Monday, August 2nd
Used by over a million Canadians to get free credit reports and solid financial advice, Borrowell is our top-ranked no-cost credit monitoring provider. While you may not get some features offered by paid membership platforms, Borrowell delivers a great set of tools to help you understand your credit score, maintain or improve it as desired, and become well-educated about your finances.
Despite being commonly used to report Canadians' credit scores, TransUnion comes up short when it comes to credit monitoring. They don't offer many details about the paid service prior to signing up, there aren't any package levels to choose from (like individual vs. couple/family), and customers report having a very hard time cancelling the membership. Top it off with an "F" rating from the BBB, and it's easy to see why TransUnion ends up with a low ranking among credit monitoring services.
You might remember the days when you had to pay $20 every time you wanted to access your credit score. Not anymore! These days, most banks give you free access to your score just for having an account. There are also several free services that provide your credit score on a weekly or monthly basis.
But, what if you want to keep a closer eye on your finances? Or you want alerts if any suspicious activity is detected on one of your accounts? You're smart to think that way: according to the Canadian Anti-Fraud Centre (CAFC), approximately 27,000 Canadians experience identity theft every year, but only 29% of people they surveyed actually check their credit reports regularly as a means of protecting their personal information.
That's where credit monitoring services come in. You have several options to choose from, ranging from those free services mentioned earlier to monthly subscriptions that go much more in-depth to monitor your accounts, alert you if anything unusual comes up, and may even help you recover if you become a victim of identity theft.
Which Canadian credit monitoring provider is right for you? That depends on what you're looking for, and here are several criteria to keep in mind that can help you decide:
TopConsumerReviews.com has reviewed and ranked the best credit monitoring services for Canadians. We hope this information helps you understand your credit score, keep track of your credit usage, and continue to establish healthy credit habits well into the future.
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