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2021 Canadian Credit Monitoring Company Reviews
Credit Verify
- $1 for 7-day trial
- $24.95/month thereafter
- Daily TransUnion credit monitoring and alerts
- Guidance for disputing errors and fraud
- $25 in "reward dollars" every month
- Real-time credit score simulator
- Only available in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario, Prince Edward Island and Saskatchewan
At the outset, Credit Verify looks like a well-rounded service for credit monitoring in Canada. Their coverage includes daily monitoring of your TransUnion credit score and alerts if anything suspicious is detected, guidance if you find errors on your credit history, and even reward "dollars" that can be used to get discounts at top retailers and services. So far, so good, right?
Have To Pay For A 1-week Trial First
You'll have to start by paying $1 for a 7-day trial, which then rolls into a $24.95/month membership plan. While most services don't offer a paid trial - it's either start paying right away or get all features for free, all the time - Credit Verify's monthly fees are on par with their rivals in the industry.
Poor Reputation
Unfortunately, Credit Verify doesn't have a good reputation. Listed under the name of its parent company, Credique LLC, this service earns a dismal "D" rating from the BBB. We were particularly troubled to see allegations of the platform using a job search site to get people to pay for credit checks through Credit Verify. Worse than that, many consumers report that the toll-free number provided by the company - the one you're required to use to cancel your monthly subscription - is out of service: calls never connect to an actual person or even a voicemail account.
Impossible To Cancel Membership
Even when customers are able to reach an agent and request cancellation, charges continue to be placed by Credit Verify. Many people say that the only way to get it to stop is by filing a dispute with their credit card company: ironic, don't you think, given that this service is meant to detect and prevent fraud?
Go Elsewhere For Trustworthy Credit Monitoring
There are better, more reliable ways to get credit monitoring in Canada, whether you go directly to one of the credit bureaus and pay for their services or use a third-party platform. When dealing with something as important as your credit history, you shouldn't have to worry that your monitoring service is working against you - and maybe even perpetuating the kind of fraud you're trying to detect and prevent! Credit Verify shouldn't be trusted with your sensitive information or your credit card number. You'll have a much better experience with any of the higher-ranked services in our review.
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The 8 Best Canadian Credit Monitoring Companies
Who Provides the Best Credit Monitoring Service for Canadians?
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.
Canadian Credit Monitoring Company FAQ
Continued from above...
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:
- Credit score reporting vs. account monitoring. Are you interested in regular updates of your credit score, tools to help you manage your finances, and education about building and maintaining a healthy credit profile? You can get all of that for free with several reputable services. On the other hand, if you want your accounts actively monitored, so that you're alerted in the event of potential fraud, you'll probably need to consider a paid subscription plan.
- Experian vs. TransUnion. Canada has two main credit bureaus, and most credit monitoring services only report your score with one or the other. Because each bureau uses different algorithms and metrics for making their calculations, your score can be significantly different depending on which one you use. If you sign up for a membership plan with a service that only reports your credit history at one bureau, consider also getting a free account with a second credit monitoring provider that pulls your score from the other bureau.
- Reputation. Not all credit monitoring services are created equal. What do other Canadians have to say about the platform? If it's a subscription-based program, do most clients feel it's worth the monthly cost? Has the company been rated favorably by the Better Business Bureau? Does it provide credit and finance information and advice specific to Canadians, or is it just a repackaged service that was originally geared towards consumers in the US?
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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