How to Check Credit Score with TD Bank in Canada
As a TD bank customer, knowing how to check credit score TD is as essential as knowing how to send money. A credit score helps lenders to decide if you qualify for a mortgage, a credit card, and other financial products. In addition, the lender can determine the amount of money to give and the interest rates to charge you from your score.
Unfortunately, TD bank does not offer credit score checks, but it provides customers with information on how to get a credit score. You can check your score directly from the two leading credit reporting agencies in Canada, Equifax or Transunion. You can also check the score through third-party companies like Borrowell, Credit Karma, and Verified.Me.
The agency will require your personal and financial information when checking your credit score. Ensure you do your due diligence about the company before disclosing your information. You should also read their terms and conditions about how they will use your data.
Learn How to Check Your Credit Score TD
Although TD Bank Canada does not offer a free credit score to its customers, it advises them on where to check them. Some of the websites to check your credit score are;
Equifax and TransUnion are the two main credit bureaus in Canada. They allow Canadians to check their credit scores online for free. With Equifax, you can access your credit report and update it monthly. TransUnion also lets you download the credit report and update it monthly.
You can also order your credit report from Equifax and TransUnion by mail. First, you must provide identification forms, like a driver’s license or passport. Then, they will post your score by mail, and you can collect it.
Besides ordering by mail, you can request your credit report by phone. You will need to call Equifax Canada on their official telephone line 1-800-465-7166 and confirm your identity by giving personal and financial details. For example, the office might ask for your Social Insurance Number or Credit card number for identity confirmation.
The last way to get your credit report from Equifax and TransUnion is by visiting their office in person. Ensure you carry identification cards like a driver’s license or passport before going.
Besides Equifax and TransUnion, you can get credit scores from Borrowell Canada. It is a digital service that provides free credit scores to Canadians. Borrowell gets credit scores from Equifax.
The site is user-friendly, and besides showing your credit score, it offers other products and services related to your profile. You also get a credit coach to help you understand why you are stuck at the current score and advise you on improving.
Borrowell recommends other financial products you would benefit from, like personal loans, credit cards, mortgages, and insurance policies. It can also show the likelihood of getting approved for a particular financial product before applying.
Credit Karma is another free online platform that allows Canadian citizens to check their credit scores. It is user-friendly, and your score gets generated from TransUnion and Equifax, the two leading credit score bureaus.
Besides checking your credit score using Credit Karma, you can also use the platform to check your credit profile and see other product recommendations. In addition, credit Karma will send you alerts if there are any changes to your credit report at TransUnion.
Once you become a member, you will enjoy financial tools like financial calculators. You also get to read free financial articles to help you understand more about credit and its importance. You can also compare different mortgages, loans, and credit cards on the platform.
When learning ‘how to check TD credit score,’ you will come across Verified.Me. That is an Interac app that Canadians use to check their credit scores. Verified.Me by Interac gets the credit report from Equifax.
It is easy, secure, and free to use, and you can use your bank login to prove your identity. You must first select a financial institution with an active Mobile Banking account to use the app. Then, you can use your TD bank password to access the app.
Ensure you practice internet safety when using Verified.Me to avoid cybercrimes which can lead to financial losses. Also, please do not share your passwords or access codes, as they can be used to access your account.
To check your credit score after logging in, swipe left in the app and select “where Can I Use It?” A “Get your updated credit score” option will appear, so tap on it to connect to Equifax. You will be able to read your credit score within a few seconds.
Verified.Me by Interac is free and safe, but you must be aware of the scams. It has bank-grade fraud prevention protocols but ensures you also practice internet safety. For example, avoid using public Wi-Fi to access your bank accounts, as cybercriminals can steal your data.
When accessing your bank information, only use personal computers and phones. Using an office desktop leaves a trace of your login details that you might not know how to delete, exposing you to theft.
Can You Calculate Your Credit Score?
You cannot calculate your credit score, but you can monitor it. You can do it by practicing all the factors that improve credit scores like;
Credit score agencies check your payment history to determine your credit score. If you pay bills past due dates, this might drag down your score. You can raise it by paying your dues on time.
High credit card debts and other loans might lower your credit score. However, you can keep it in check by reducing your debts.
Monitor Your Credit Report
Go through your credit report and check for any inaccurate information that could affect your credit score. Sometimes mistakes happen, but you can correct them to save your credit score.
How Credit Score is Calculated
You can’t calculate credit scores since TransUnion and Equifax use complex systems to do so. There are also credit scoring algorithms to analyze your credit reports. The statistical analysis is sophisticated; they look for behaviour patterns that could lead to failure to pay loans.
Checking your credit score at the agencies is fast and easy, and it is also free. Besides, you can check the score from the comfort of your home or visit the agency in their office. However, always ensure you trust the firm before giving out your details.
Although TD Canada trust does not offer free credit scores directly, customers of other banks like BMO, RBC, Scotiabank, and CIBC enjoy the free service. These banks also offer another critical customer service, like insights into their financial practices.
BMO has a Credit View service where they educate their customers about credit. In addition, Scotiabank customers enjoy free credit score updates, while CIBC makes instant requests when you check for your credit score.
If you don’t know how to check your credit score, TD can help you understand your credit position and keeps you aware of whether you can qualify for a loan, mortgage, and interest to pay. TD Bank Canada does not offer credit scores to its customers; it gives information on where to check your score. You can directly check through Equifax and TransUnion or use third-party agencies like Borrowell, Credit Karma, or Verified.Me.