Monday, July 7th
2025 Canadian Credit Monitoring Company Reviews
Equifax Canada
- $24.95/month for 1 adult, $34.95/month for 2 adults
- Daily access to your Equifax credit score
- Receive alerts when critical changes to your report are detected
- Up to $1M in identity theft insurance (some restrictions for residents of Quebec)
- "A+” rated by the BBB
Thinking of going directly to one of the credit bureaus for monitoring services? Equifax is likely a better choice than TransUnion. Both bureaus employ distinct algorithms for credit score calculations, but Equifax's approach to credit monitoring services has some distinctive features that set it apart.
Daily credit score updates
Equifax provides subscribers with daily access to their credit scores. While daily monitoring might be more than what most people need, the option is available for those interested in staying constantly informed.
$24.95/month for individuals, $34.95/month for a pair
Equifax Complete Premier, priced at $24.95 per month, offers real-time alerts when significant changes occur in your credit report. This feature enables quick intervention in case of any fraudulent attempts to use your credit. Also, Equifax offers the Equifax Complete Friends and Family plan for two adults at $34.95 per month, providing comprehensive coverage for couples (or roommates, friends, siblings - your call).
Monitoring + ID theft protection
Either plan package encompasses both credit monitoring and identity theft protection. It includes features such as lost wallet assistance, up to $1M in identity theft insurance (different terms apply for Quebec residents, so see the site for details if this applies to you), and internet scanning to detect unauthorized use of personal account numbers.
Cancel at any time
We like that this company doesn't require a long-term commitment for its credit monitoring subscriptions. You have the flexibility to cancel at any time, although there won't be a refund for any remaining partial month on your account.
Mostly positive reputation
Reputation-wise, Equifax gets mixed results. On the one hand, the company has been in operation for over 100 years and gets an "A+” rating from the Better Business Bureau (which is more than can be said for its rival credit bureau). And yes, it's true that consumers nationwide like to complain about credit bureaus in general: credit is a delicate subject, and mistakes or problems with reporting can have long-lasting consequences. But, even taking those kinds of complaints into account and just looking for comments on the subscription itself, we were underwhelmed by what we found. Some people had issues with getting their plan cancelled, and others felt tricked into subscribing in the first place.
Good-but-not-great credit monitoring
Equifax only rates as slightly above average for their credit monitoring services. They don't come cheap, and Canadians aren't exactly racing to offer their praise for the value of the subscription. But, with options out there that are downright fraudulent, you can at least trust that Equifax has been around long enough to not be a scam (even if you do have a hard time stopping the monthly charges when you're ready to quit). Keep Equifax in mind as a backup choice if our top services can't offer what you're looking for.
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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.
Canadian Credit Monitoring Company FAQ
Continued from above...
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:
- Credit score monitoring. This is the most basic feature that should be included in any service you choose. But, be sure you understand which credit bureaus are tracked: is it Equifax Canada or TransUnion (or both)? The more inclusive the service, the better informed you'll be. Also, check out how often your credit score will be updated: daily, weekly, or monthly?
- Early detection of suspicious activity. Credit monitoring services can alert you to any unusual or suspicious activity on your credit report, allowing you to take swift action if unauthorized changes or transactions occur.
- Identity theft protection. Will the service you're considering contact you if there's an attempt to open a new account or misuse your credit information (to rent an apartment, for example)?
- Personal finance management. Some services offer additional tools and resources to help users manage their finances more effectively, such as budgeting tools and credit score simulators.
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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