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TransUnion Canada Review

Wednesday, May 29th

2024 Canadian Credit Monitoring Company Reviews

TransUnion Canada Review 2 Star Rating

TransUnion Canada

2 Star Rating
  • $24.95/month
  • Unlimited access to TransUnion credit report and score
  • Alerts you to key credit report changes
  • Personalized credit and debit analysis
  • ID restoration services with up to $1M in expense reimbursement insurance

When it comes to tracking consumer credit scores in Canada, TransUnion stands alongside Equifax as one of the two major credit bureaus. While both provide similar credit information, each utilizes distinct formulas to calculate your credit score, leading some lenders to favor one bureau over the other.

Robust features included in your $24.95/month fee

TransUnion's credit monitoring service, priced at $24.95 per month, includes unlimited access to your TransUnion credit report and score. The package also incorporates alerts for significant credit report changes to aid in identifying potential identity theft, personalized credit and debt analysis based on your unique financial situation, and a substantial $1M in expense reimbursement insurance if you're the victim of identity theft.

Disappointed clients and low BBB grade

However, TransUnion falls short compared to Equifax, primarily due to its disappointing reputation reflected in an "F" rating from the Better Business Bureau. Almost 150 complaints filed against TransUnion at the BBB, predominantly related to credit monitoring subscriptions, raise concerns about the company's practices. Many customers felt misled into paying for a monthly plan when their intention was solely to access their credit report. Additionally, numerous users reported difficulties in cancelling their TransUnion membership upon request.

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Missing some features

Another drawback is the lack of transparency regarding the full extent of TransUnion's credit monitoring service. While the $24.95/month subscription promises unlimited access to credit reports and scores, alerts for potential identity fraud, and credit analysis, crucial features you'll typically find with a paid credit monitoring service, such as internet scanning, lost wallet assistance, or bank and credit account monitoring, aren't even mentioned by TransUnion.

Expensive for what you get (or don't get)

Considering the challenges reported by subscribers in cancelling their memberships and the overall lack of transparency, TransUnion may not offer sufficient value for the monthly fee, especially when compared to other credit monitoring options. The absence of detailed information about the extent of services, coupled with a disappointing BBB rating, leaves us with questions about the reliability of TransUnion's credit monitoring.

Get your TransUnion score elsewhere

If your priority is accessing credit scores through both bureaus with minimal hassle, look at setting up accounts on a combination of platforms - both free and paid - that provide the needed information without the difficulties frequently associated with TransUnion. Ultimately, transparency and ease of use should be a given when selecting a credit monitoring service, and TransUnion falls short on these fronts.

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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.

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.

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...

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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