Many Canadians Aren’t Checking Their Credit Scores — and That Could Cost Them

A significant number of Canadians are not taking advantage of free tools to monitor their credit scores and reports, even though these resources are widely available and can play a crucial role in financial planning. Understanding and tracking your credit score is important because it affects everything from your ability to get a mortgage or loan to the interest rates you’re offered and even insurance costs. Yet many Canadians either don’t realise they can access these scores without cost or simply haven’t made it a financial priority.

One of the main issues is lack of awareness and understanding. Credit scores are often viewed as something needed only right before a loan application, but they influence a broad range of financial decisions. For example, a strong credit score can reduce borrowing costs significantly, while errors or outdated information on a credit report can go undetected and harm your financial standing. Regularly checking your score helps you spot discrepancies early and resolve them before they affect major transactions.

Contrary to popular belief, free credit scores and reports are readily accessible. Canadians can request their credit reports at no cost from both major credit bureaus, Equifax and TransUnion, with some online platforms providing quick, digital access. Equifax now offers online credit scores for free, and in many cases financial institutions and fintech services make it even easier to view and track changes over time. These tools are designed to help consumers stay informed about their credit health without recurring fees.

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Despite these options, many Canadians still fail to check their credit regularly. Some hold misconceptions — such as believing credit checks will hurt their score — or find the process confusing, leading them to delay or avoid it altogether. In reality, checking your own credit score through these free channels does not negatively impact your credit rating, and is a key step in responsible money management.

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Experts emphasise that proactively monitoring your credit reduces risk of surprises when you need to borrow, helps identify identity theft early, and improves financial decision-making overall. With household debt levels high and credit behaviour increasingly complex, neglecting your credit profile could lead to higher costs and missed opportunities down the road. Regularly accessing your free credit score and understanding what it tells you can strengthen your financial foundation and give you greater leverage when negotiating loans or planning long-term goals.