Credit Repair

766 Credit Score – FREE CREDIT SCORES vs. LENDER CREDIT SCORES

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766 Credit Score – Most Popular?

It has never been easier to check your credit score for free in Canada. Companies that offer free credit scores are popping up all over the place, but what’s the catch. Well, getting your score for free comes with potential strings attached, especially when you are getting it from companies like Credit Karma, Borrowell, and Mogo. Your free credit score is a loss leader as those companies hope that they will be able to hook you into applying for a credit card or loan either with them or with one of their partner companies.

In this video we compare the credit score obtained at three free credit score companies with that of a score provided by a banks mobile banking app, credit reports bought directly from Canada’s two big credit reporting agencies, and a score obtained for the purposes of getting a mortgage. You won’t believe the range of fico scores we found for the exact same client.

#CreditScore #Credit #CanadianFinance #PersonalFinance #Borrowell #CreditKarma #CreditCheck #Mogo #Equifax #Transunion

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19 Comments

  1. DJC
    August 1, 2021 at 2:26 pm

    i get borrowell weekly updates every tuesday morning my credit score went up fifty points since last novemeber so its good to be kept into the loop. They use equifax

  2. Kajal Singh
    August 1, 2021 at 2:26 pm

    Just wanna share something, about a month ago , my husband and i went to cibc bank in order to open our business account, the manager asked us about our credit score i said 680 for myself and 635 for my husband as per credit karma report. Manager had to check the score in order to open the business account and found my score 735 and my husband’s 710. We were shocked , then i checked my personal Scotiabank application for credit check and found my score 735. And my husband’s score was 710. Now , i don’t believe these third party app for score. By the way on borrowell it was around 684 for me around 632 for my husband. I want to bring this to people so that they don’t just trust these 3rd party system

  3. Ed Kennedy
    August 1, 2021 at 2:26 pm

    Equifax is a joke, says my score is 677…..Trans Union say 776!!! Thats a huge difference!

  4. Javier Martinez
    August 1, 2021 at 2:26 pm

    Nolan, I crushed the subscribe button!

  5. Smart ChaChing
    August 1, 2021 at 2:26 pm

    Hey there, I found you have a deep understanding about credit score. I am a real estate agent and have a group 10k who like to know more about you and your content. Would it be cool to chat?

  6. Jordan S
    August 1, 2021 at 2:26 pm

    So glad I watched this my equifax was so much lower than my transunion which made me hesitate which one to believe

  7. jhn924
    August 1, 2021 at 2:26 pm

    TD doesn't offer this because they provide your information to Credit Alert in a cross marketing arrangement and want you to pay $20.99/month for credit monitoring…

  8. Randisney
    August 1, 2021 at 2:26 pm

    Very informative, but for me, it's information I already knew. What I'd love you to address is why we, as Canadians, are not allowed to obtain our true credit score; The Beacon score that practically ALL lenders actually use? Even when we go directly to the credit bureaus, we can't get it as your experiment clearly showed.

    We go into mortgage applications, car loans, credit card applications etc essentially blind with only a somewhat educated guess as to what the lender will see when they pull our score.

    In the US you can buy your FICO score, the score lenders use. Why can't we do that in Canada? FICO/BEACON says it's because lenders here won't allow it. Is that true? Is there any hope this will change? It's our information and we should have a right to know it without having to actually apply for credit. Even then, some lenders won't tell you your score.

  9. evonybee
    August 1, 2021 at 2:26 pm

    Does the beacon 9 scoring model ignore paid collection accounts? Or will a paid collections account still have a negative effect on the score until it falls off your credit report in 6-7 years?

  10. Derek Ouellette
    August 1, 2021 at 2:26 pm

    Bro, great video!!!

  11. Tim Cook
    August 1, 2021 at 2:26 pm

    I’m writing here to tell all Americans facing challenges in their credit report, there’s a Reputable credit specialist called (Spy Hacker) I meet him on a credit blog with good reviews and I told him the issues I’m having regarding my credit report then I was having Bankruptcy, Tax liens, DMV two closed accounts in my collections with one credit card debts after I told him all this and he helped me removed all those from my report within a couple of days that I wasn’t expecting and he raise my fico score to high 798 I got lifted again with good a credit profile all gratitude goes to this great specialist and I will advice everyone out there to go for him he’s good and trustworthy. contact him
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  12. Mickle Pickle
    August 1, 2021 at 2:26 pm

    Great videos, thanks for posting.

    I just tried the same process, signing up with Transunion and Equifax directly, then checking my score through my online banking app and the score though a cc, which both pull from Transunion. I then added a Mogo account as the free source for Equifax.

    Mogo came back at 40 points less than Equifax direct, while Transunion with my bank and cc apps were exactly the same.

    There should be much better clarity in our scoring models. When consumers are left playing the guessing game about our own credit positioning, it's ridiculous. It reminds me of that episode of Seinfeld where Elaine was trying to see the contents of her medical file.

    Wouldn't a true 'educational' system like Equifax and Transunion consumer direct models claim to be, better benefit the consumer by knowing full well what's recorded on their files and where they sit with respect to the various credit types available? It seems logical that only then could we truly learn and grow.

    How many different scores are shown from our reporting agencies? Is it literally broken down to each of the recognized types of credit products: revolving VS Installment VS Mortgage etc…with each of the products showing a different score to lenders, meanwhile the consumer really has no clue to their accurate score prior to applying.

  13. Heather Helfield
    August 1, 2021 at 2:26 pm

    Great explanation!

  14. Bald Prairie Real Estate
    August 1, 2021 at 2:26 pm

    Great video Nolan. I really like the way you have broken this down.

  15. s syed
    August 1, 2021 at 2:26 pm

    Excellent explanation..Thanks

  16. Calgary charlie
    August 1, 2021 at 2:26 pm

    Thanks a lot, You always rock buddy!!

  17. Phokham Sengdy
    August 1, 2021 at 2:26 pm

    Very very informative, thank you.

  18. Smooth Operator
    August 1, 2021 at 2:26 pm

    I wish an honest company such as yours was available in ONTario…Over here has nothing but sharks itching to milk every cent from your account….Only reason I have the free Credit report is because Capital one offered it because of the system hack they had a while back.

    Oh & I’ve got a question,I make around $80kish a year & my spouse works part time so I should round out hers to $20kish…If our credit is okay when applying would the max amount be $300k?

  19. Warren Greenidge
    August 1, 2021 at 2:26 pm

    Please make a video on refinancing a Canadian property for Canadians who live in the USA. Lots of people want to know.