A credit report brand is a company that collects all the information about you and your spending from various resources. They then compile it together in the form of a credit report. The agency serves as a library for your future creditors, allowing them to pull up your credit report and score. This helps them analyze whether you have been responsible for the credit handed to you.
Your credit report includes your personal information, including your name, age, address, and job details. It also has closed accounts, payments history, and all your available credit.
Borrowell is one of Canada's most accurate credit report brands that lets you access your credit report for free. The company was launched in 2014 and was the first to offer this service. More than 1.5 million Canadians have used it to date. It provides a detailed picture of your financial health, including your credit score and upcoming bills.
This credit report agency has partnered up with Equifax, the world's largest credit monitoring bureau. Your credit score is calculated by Equifax and displayed through Borrowell. The platform also offers an AI-powered credit coach. It helps you understand your credit score and provides you with tips on how to improve it.
Borrowell offers a fully-featured application, allowing you to track your upcoming bills. It also predicts your future account balance.
Credit Verify is amongst the most popular credit report brands in Canada. Besides offering credit monitoring, it also gives you access to personalized financial information and education. You can instantly access your credit report online by signing up with the platform within a few minutes.
The platform is entirely accurate due to its association with TransUnion. TransUnion is a leading credit reporting agency in Canada that updates your credit report every week. Credit Verify has a dedicated security team that instantly investigates all the issues on the platform.
Credit Verify also gives you access to a real-time credit simulator. With this simulator, you can analyze how specific actions will affect your credit report.
Mogo is a financial services company that has recently gained recognition as one of the most popular credit report brands. The company offers free credit score monitoring, identity fraud protection, credit cards, loans, and mortgages. Mogo is trusted by more than 1.6 million Canadians.
The platform is affiliated with Equifax, ensuring that your credit report is accurate. It automatically sends you an updated credit report every month. Mogo also informs you every time someone runs a hard credit inquiry on your profile. Apart from credit reports, the company is well known for its credit cards and rewards.
Mogo keeps your data secure by employing the latest security measures, including TLS protocol. The Amazon web services data centers secure sensitive information and multiple firewalls that protect the company's internal and external networks. Mogo also offers educational tips on saving, budgeting, and investing your money.
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As per Equifax, a credit score from 660 to 724 is good in Canada. A score over 725 and 759 is considered very good. And a credit score over 760 is an exceptional credit score.
Simply order a credit report from TransUnion Canada and Equifax Canada. Every bureau uses its own approaches to analyze your credit score. Applying for a credit report does not affect your credit score at all.
Credit monitoring is a service provided by various credit report brands and financial institutions. This service sends you a notification every time an update is made to your credit profile, like a credit score inquiry.
The service can be beneficial if you have been affected by a data breach or fraud. It will alert you if someone tries to apply for credit in your name.
It would be best if you considered requesting your credit report from a bureau. You should wait for six months before applying again. This method will help you detect your problem more clearly.