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Equifax Review

Sunday, October 17th

2021 Canadian Credit Monitoring Company Reviews

Equifax Review 4 Star Rating

Equifax

4 Star Rating
  • $19.95/month for one adult
  • $29.95/month for two adults
  • Daily access to Equifax credit score
  • Alerts when key changes are detected in credit report
  • Up to $50,000 in identity theft insurance (exclusions apply for Quebec residents)
  • Access to identity restoration specialists if fraud/theft occurs
  • Internet scanning to detect use of personal account numbers

When it comes to accessing your credit score and getting monitoring services directly from the credit bureau, Equifax has a few advantages over TransUnion. Each bureau uses a different algorithm for calculating your credit score, but essentially provides the same information: how likely you are to make good on your debts with on-time payments and no defaults. But, the way each bureau provides credit monitoring services is different: read on to find out more.

Credit Monitoring Plus Identity Theft Protection

There are two main components of Equifax Complete Premier, priced at $19.95 per month: credit monitoring and identity theft protection . First, you'll have unlimited access to your Equifax credit score. We don't think most people need to see their score on a daily basis, but you've got that capability if it interests you. The feature that convinces most people to sign up for Equifax's service is the real-time alerts when key changes are made to their credit report. This lets you intervene quickly if there are any attempts to use your credit fraudulently.

Identity Theft Insurance Included

Your Premier package also includes many identity theft features, like lost wallet assistance, up to $50,000 in identity theft insurance, and internet scanning that looks for any unauthorized use of your bank/credit account numbers or Social Insurance Number.

Look For Discounts

As we browsed the Equifax Canada site, we got a popup offering a 75% discount for our first month's subscription, bringing the price down to $4.95. That's a great offer, making it much more affordable to get credit monitoring and see how well it works.

Best Canadian Credit Monitoring Companies

Multiple Packages Available

While the Equifax site doesn't make it obvious, there are actually several different types of coverage you can get that go beyond the most prominently-advertised Complete Premier for one person. You can also get Equifax Complete Friends and Family for two adults ($29.95/month), Equifax Complete (credit monitoring only, no identity theft features or protection) for $16.95/month, or Equifax Identity (focused on identity protection but also with limited credit monitoring features) for $11.95/month. We recommend that you scroll down on the main Equifax Complete Premier page until you see the "Compare All Products" button; click to get access to everything Equifax is currently offering and decide which product is right for your situation.

Cancel Anytime

There's no long-term commitment when using any of Equifax's credit monitoring subscriptions. You can cancel at any time, though you won't receive a refund for any partial month time period that may be left on your account.

Good Reputation Overall

Is it worth it to pay almost $20/month (or more, for a couple) to access Equifax's credit monitoring? That's hard to say on customer reviews alone: most of them relate to their services for consumers in the United States. Equifax itself has a good reputation, with over 120 years in operation and an "A+" from the Better Business Bureau, and we have no doubt that all of their monitoring packages deliver on their promises.

Paid Credit Monitoring = Extra Peace Of Mind

Ultimately, it comes down to what you can get from a paid service compared with the free credit monitoring platforms out there. Most no-fee credit "monitoring" companies only keep track of your score and give you hints for how to improve it, but do nothing to let you know if something suspicious pops up on your credit report. If you're looking for an added level of security, or if you know that it's not likely that you're going to remember to get the details on your credit history in time to spot a problem, it may be well worth the $20 each month to let Equifax do that for you - and to get their help if your credit is used by a fraudster.

Good Option For Comprehensive Coverage

While there are less expensive paid credit monitoring services available, Equifax has several different types of coverage that may give you what you're looking for. It's a solid option for most Canadian consumers who want credit monitoring and identity theft protection in one package.

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.

The Best Canadian Credit Monitoring Companies Compare Canadian Credit Monitoring Companies Compare Canadian Credit Monitoring Company Reviews What are the best Canadian Credit Monitoring Companies Best Canadian Credit Monitoring Company Reviews

Canadian Credit Monitoring Company FAQ

Credit monitoring can mean two things: getting your credit score and report, or tracking inquiries made on your credit report with the intention of spotting fraud or identity theft. When you see services offering "credit monitoring" , most free platforms in Canada only offer you access to your credit score/report, while paid providers include tracking of your credit report and insurance against identity theft.
In Canada, there are two bureaus responsible for reporting consumer credit: Equifax and TransUnion. Each bureau uses different methods of calculating your credit score; some lenders and creditors prefer one over the other.
It might, depending on which service you select. Some free credit monitoring platforms in Canada give you access to your credit score and history, but you're responsible for looking for errors and fixing any problems you find. Paid services almost always monitor your account for any suspicious activity, help you freeze your accounts, and often include restoration specialists to guide you through the process of recovering your identity. You may even have identity theft insurance included in your paid package.
Some credit monitoring services in Canada are absolutely free. Most paid credit monitoring services cost between $11 and $30 per month, depending on the level of service you select and how many people you're covering (an individual vs. a couple or household).
Not necessarily. Your bank probably gives you access to your credit score when you sign into your account, but not a copy of your credit report. Plus, your bank doesn't have access to your credit cards, loans, or other creditors' information; they won't be able to spot fraudulent activity on any accounts outside of their institution.
If you use your monitoring service well, yes. Even with a no-fee credit monitoring platform, you can keep an eye on your credit score and act quickly if you notice anything out of the ordinary. Also, almost every credit monitoring service includes ample financial education, to help you understand money even better and to make good decisions for a healthy credit report.
Contact the company that is reporting the inaccurate information. It could be a simple administrative mistake. However, if you suspect that it's fraud, you should contact Equifax and TransUnion to inform them and ask that a fraud alert be placed on your credit reports. You should also report the fraud to the Canadian Anti-fraud Centre, and contact any lenders or other organizations that might be affected by the breach.
It's worth considering. Identity thieves often target children's information, because they can often use it for many years before being caught. Some credit monitoring programs in Canada offer discounted pricing for family plans.
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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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