Our reviewers evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.

TransUnion Canada Review

Saturday, December 4th

2021 Canadian Credit Monitoring Company Reviews

TransUnion Canada Review 2.5 Star Rating

TransUnion Canada

2.5 Star Rating
  • $19.95/month
  • Unlimited access to TransUnion credit report and score
  • Alerts to key credit report changes to help spot potential identity theft
  • Credit and debt analysis personalized to your situation
  • $50,000 in identity theft insurance

TransUnion is one of the two bureaus that track consumer credit scores in Canada, along with Equifax. Although they provide essentially the same information, each company uses different formulas to calculate your credit score - and some lenders prefer to use one bureau over the other.

Disappointing Reputation

TransUnion winds up ranked lower than Equifax for one big reason: an "F" rating from the Better Business Bureau. At the time of our evaluation, there were nearly 100 complaints filed against TransUnion at the BBB, and almost every single one was in regards to the credit monitoring subscription. People felt that they'd been tricked into paying for a monthly plan when they just wanted to access their credit report, and some described having a very difficult time getting TransUnion to cancel their membership on request. That's not a good look for a company with the responsibility of accurately recording consumer credit.

Best Canadian Credit Monitoring Companies

Lacks Transparency

Another not-great aspect of TransUnion's credit monitoring is the lack of details offered about the service. Yes, you'll get unlimited access to your credit report and score, alerts if potential identity fraud is detected, credit and debt analysis to help you make better financial decisions, and $50,000 of identity theft insurance coverage. What about internet scanning? Lost wallet assistance? Bank or credit account monitoring? The TransUnion site won't tell you, even if you spend a good amount of time digging through the website. Their biggest rival, Equifax, doesn't make you guess at what you're getting with your $19.95/month subscription.

No Options To Choose From

This service also doesn't seem to offer any plans for couples or families, or tiered service levels that provide different amounts of coverage and combinations of features. That's another downside when compared with Equifax (and with most other paid credit monitoring providers).

Not Worth The Investment

Although we like the idea of being able to go directly to the credit bureau for our credit monitoring needs, TransUnion doesn't give consumers enough transparency about their service to make it worth the money - especially with so many reports about it being very hard to cancel. If you're really concerned about accessing your credit scores through both bureaus, you should consider a combination of platforms (free and paid) that will connect you with that information with much less hassle.

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.
Compare the Best Reviews

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.

See the Best Canadian Credit Monitoring Company
The Best Reviews of Canadian Credit Monitoring Companies