Canadians Face Increasing Financial Scrutiny as Credit Scores Impact Daily Life
Toronto, ON – A strong credit score is no longer just a prerequisite for loans; it’s increasingly influencing access to essential services like housing, insurance, and even employment, according to financial experts. With reported fraud losses reaching $554 million in Canada in 2023, largely due to identity theft, proactively monitoring one’s credit is more critical than ever.
Your credit score dictates borrowing costs, with a score of at least 680 generally needed for mortgage approval.However, securing the lowest mortgage rates requires a score of 760 or higher. But the impact extends far beyond loans. landlords routinely check credit reports to assess potential tenants’ reliability, and insurance premiums are often tied to creditworthiness.
“Your credit score in Canada is more than just a number,” emphasizes the article. “It affects your insurance premiums, career options, housing, borrowing costs and protection from fraud.”
Fortunately, checking your credit score is now more accessible and affordable. Several online services offer free access, including borrowell, Credit Karma, and the major Canadian banks – RBC, CIBC, BMO, Scotiabank, and TD – through their online banking platforms or apps. Canada’s two official credit bureaus, Equifax and TransUnion, also allow individuals to request a free copy of their credit report annually, though score access may incur a fee. Importantly, these checks are considered “soft inquiries” and won’t negatively impact your credit rating.Experts recommend reviewing your credit report at least once a year to ensure accuracy and detect potential identity theft. Free credit monitoring services can also alert you to sudden drops in your score, providing an opportunity to address fraudulent activity quickly.
Monitoring and improving your credit score is presented as a key step towards financial control, offering benefits that extend beyond immediate financial transactions.
