Discover how to get a fully descriptive credit report in this ClearScore review. ClearScore is a fairly new company in the Canadian credit industry, and it offers top-notch credit checking services.
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Last Updated: Sep 18, 2023
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ClearScore is a credit reference agency that offers free credit score and credit report services. Canadians choose ClearScore because its reports are easily understood, its services are free, its sign-up process is easy, and its recommendations are good.
However, Clearscore’s credit score reporting is not 100% comprehensive, as it reliefs on TransUnion data only. Canadians who want other alternatives can consider Mogo and CIBC.
This ClearScore review shows the various pros and cons of this credit broker. It also shows why Canadians should choose this company and how to get started with its services.
ClearScore is a credit broker that was established in 2014 in the United Kingdom. This company recently extended its services to Canada in 2022, and in this ClearScore review, we’ll tell you why it’s a good option.
Unlike other credit reference services available to Canadians, the ClearScore credit check is easy to understand. This company makes clever use of graphs, report tabs, and a user-friendly interface to show users their credit scores.
This way, even Canadians who are bad with numbers will be able to understand their credit situation at a glance.
ClearScore also uses these graphic elements to offer an easy-to-understand breakdown of an individual’s credit score. The visual breakdown on this platform includes a summary of a user’s credit accounts and credit limits.
You can sign up on ClearScore within 3 minutes, as you only need to provide some basic personal information. After providing all this and later verifying your identity by answering a few simple questions, you’ll be set.
In a few minutes, your credit information will be retrieved, and you can look at your credit score.
This is a straightforward registration process that anyone can go through in no time. It’s much easier than most of the credit reference companies out there.
One thing that has stood out about this company is that its services are free. This means that you don’t have to pay to view your credit score. So, you get to save the $4.95 that you would have paid for using Experian or the $24.95 for using Transunion.
After providing your credit information, ClearScore Canada goes ahead and provides personalized loan offers for you.
These include personalised offers across credit cards, loans and mortgages. This recommendation is obtained after reviewing your credit information, so it’s always accurate.
With such recommendations, Canadians will have a high chance of securing loan approvals when they visit those lenders. Some of the loan companies that ClearScore is partnered with include Fairstone, Symple Loans and Parachute Loans.
In this section of the ClearScore review, you’ll learn the advantages and disadvantages that come with using this platform.
After retrieving your credit score, you can scroll down the credit report to the “Insights” section.
Here, you’ll see various tips that you can use to improve your credit score. In this section, you’ll also see tips that you may have unconsciously implemented, like keeping a credit account.
With your credit score as a guide, ClearScore can offer you some of the best credit card deals in Canada. Since this credit broker doesn’t charge users for its services, it only earns money by referring its users to its partners.
Most of the credit card recommendations on this platform also come with bonus offers that are available to only ClearScore users.
ClearScore makes it easy to track the rate at which your credit score changes. Your credit report on this platform is updated weekly, so Canadians can easily verify if their credit score has increased or decreased.
ClearScore also offers a credit utilization history feature that makes it easier to track changes in a credit score.
ClearScore Canada offers a secure online platform that’s protected with 256-bit encryption. With this bank-level encryption on the site, you can rest assured that your credit information will be kept secure.
Most credit reference agencies in Canada only offer a free trial period before customers have to pay. In contrast, ClearScore’s usage is unlimited from the get-go. This means that you don’t have to worry about payments, regardless of how long you use it.
There is a ClearScore app for Android and iOS users. The ClearScore app brings all the functionality of the main website to a mobile device, making it easier to access. This app is available for download on the Cleascore website.
While this might not mean much to some Canadians, others prefer that all their private information be kept confidential.
However, this is not possible when one signs up to use ClearScore’s services. That’s because signing up with ClearScore means that users have agreed to allow this credit broker to use their information.
This section of the ClearScore review provides insight into the various services this platform has to offer.
This is the most important function of ClearScore, and it does it really well. This service allows Canadians to check their credit score and also get their credit report. In this credit report, users will find tips on how to improve their credit score, limits on their balances, and other important information.
ClearScore provides a 6-year financial history of a user’s credit information. This includes any short-term and long-term debts. Included in this information are the user’s spending and aggregate purchases on all credit cards and similar lines of credit.
This information is usually represented in the form of a graph, which makes it easy for most users to understand.
ClearScore offers a credit card marketplace to compare deals. This service is offered after the platform has gone over the user’s credit information. It shows the best credit cards for each user based on their credit report.
Users can also compare various recommended credit cards using this service to get the best options. This is another free service that has zero impact on your credit score.
Security on the internet has never been more important in the present than at any point in history. Hence, ClearScore is also interested in protecting the interests of its customers, and it does this through ClearScore Protect.
ClearScore Protect offers free identity protection services and helps users check if any of their passwords have been compromised.
When users sign up on this platform, they can have this feature scan the dark web for any stolen data related to them. If there are any cases of theft, ClearScore will offer tips on how to change passwords for better options.
You might be wondering how legitimate it is for ClearScore to offer so much for free. Well, you can lay all doubts to rest as we’ll go into this section of the ClearScore review.
ClearScore uses 256-bit encryption to protect customer data. It also employs Two-Factor Authentication (2FA) to provide another layer of security for user accounts.
This way, an extra login process is added to the password requirement to prevent unlawful access to a user’s account.
ClearScore is also partnered with TransUnion to provide user credit scores. This means that its credit reports are legit and accurate. Its partnership with other Canadian institutions like TD Bank, RBC, and BMO also shows that it’s a legit financial institution.
This section of the ClearScore review will tell you how to get started with this credit reference agency. The first thing potential users need to understand is that ClearScore’s services are only open to Canadians (except those living in Quebec).
It’s only available to adults over 18 years of age and individuals that require ClearScore’s services for personal use.
The first step in the ClearScore Canada application process is to provide your email and the country you’re registering from. After this, you’ll be required to provide your first and last names as they appear on your ID.
You’ll also need to create a secure password of at least 8 characters. Take note that this email and password will be your ClearScore login details.
The next step requires more personal details, like your date of birth and residential address. When you’re done, you’ll need to give your consent for ClearScore to obtain your report from TransUnion.
Do you feel that the ClearScore credit check services might not be suitable for you? Then, you can consider some of the alternatives we have in this section of the ClearScore review.
CIBC has earned its place as one of Canada’s biggest banks due to the variety of financial services that it offers. This bank offers a user-friendly platform and a mobile app loaded with various financial tools to benefit Canadians.
Mogo is a FINTRAC-regulated financial company that has been offering Canadians reliable financial services since 2003. This company offers cryptocurrency trading services, a mobile app, and credit checking services.
Mogo credit checks only offer a credit score, not an entire credit report
ClearScore is a reliable credit broker and app that has already established itself in Canada. After partnering with numerous Canadian organizations like Capital One and TD Bank, this institution is able to offer numerous useful services.
All these services are covered in this ClearScore review, and they make it a good option for free credit checks. When ClearScore provides recommendations after your credit report, they do this through a soft credit search.
A soft credit search is invisible to lenders and will not affect their possibility of approving your loan.
However, any ClearScore lending partner that you apply to can decide to conduct a hard search on your credit information, pending you sign off on their terms and conditions that you will allow so.
A hard search stays on your record for 6 years, and too many of them can prevent your chances of getting future loans.
Can you put up with ClearScore’s weekly credit information updates from TransUnion and its access to your private data? If you can, then you should follow the steps outlined in this ClearScore review and open an account with this company.
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Yes, ClearScore is a safe credit reference agency for any Canadian to check their credit information. As stated in this ClearScore Canada review, this platform employs 256-bit encryption services and two-factor authentication to protect customer data. This makes it secure enough to withstand any hack attempts.
No, ClearScore uses a soft credit check process that does not affect your credit score. The soft credit check floats under the radar and is invisible to lenders, so it doesn’t reflect on your credit score. As such, it won’t affect a lender’s decision to approve or disapprove your loan application.
ClearScore is a fairly accurate platform since its information is acquired from TransUnion, a reliable Canadian credit agency. However, ClearScore updates its information on a weekly basis, and while this is good, it's affected by TransUnion updates. TransUnion updates its credit information less frequently, which means that updates from ClearScore might not be too accurate.
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