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Saturday, December 4th
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.
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.
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.
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.
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:
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.
Select any 2 Canadian Credit Monitoring Companies to compare them head to head
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