TransUnion Canada Credit Monitoring Review

  • 5 min read

A quick bit of research shows that TransUnion Canada is one of the most popular credit report companies that Canadians interact with on a regular basis. One popular service is credit monitoring services in conjunction with a free credit report. The signup page for their subscription services is clear. For $19.95 per month, TransUnion credit monitoring offers a number of advantages to consumers who are concerned about their credit report and credit score. The plan also includes up to $50,000 ID Theft Insurance.

Even though your TransUnion credit report information may or may not be what your lender chooses to use when evaluating you for a credit product, it is still vitally important to know what information your report contains.

  • Members receive unlimited updates. You will always know what is on your credit report. There is no 30 day or 7 day waiting period like some credit reporting sites offer Canadians. When you want information, you get it.
  • Instant notifications about questionable activity. Any change that is considered critical in nature will be emailed to you immediately after it happens so you know about it.
  • A personalized debt analysis is also available. Not only can you see how your budget is faring in a sometimes tough economy, but you can see how others are trending in your area as well.

You may have 1 star credit today, but with the help of regular credit monitoring and the helpful bonus tools that will be at your disposal with a subscription, you can achieve a 5 star credit with proper credit use.

You are entitled by law to get a free copy of your credit report from the major three credit reporting agencies which are Equifax, Experian and Transunion.

Mistakes inside the report will bring down your credit score making it harder to secure low interest rates.

If you have recently received your credit report from TransUnion Canada and noticed that there are some issues that you need to repair, like high loan accounts, negative information or inaccuracies, then going into credit report repair is a good idea.

  1. Get rid of any negative information on your credit report. It is highly recommended that you dispute any inaccuracies that are on your credit report as these can stay on your report from anywhere from 7-10 years.
  2. Open new accounts as you need them but don’t take on too many. As you open new accounts, your average credit age is lowered and the additional inquiry may hurt your credit score. Only open new accounts as you need them and if you are looking to either rebuild credit, repair credit or switch over carriers.
  3. Keep old accounts alive and active. Your credit age is averaged between your oldest account and the average age of all your accounts, so keeping older accounts active helps you boost this.
  4. Make sure information is accurate including your credit limits. If your credit limits are reported inaccurately, it may look like you’ve gone over your credit limit which hurts your score as your credit to debt ratio is too high.
  5. Reduce your debt and keep balances low. Having low balances increases the chances that your credit score will be better. Try to keep your balances below 10% of your credit score.
  6. Keep your accounts out of collection agencies! Even small forgotten fees may get reported on your credit report if they are sent to a collection agency.
  7. Always pay all of your bills on time including the ones that are not reported to the credit bureau.

When the time is right, open up different types of accounts. Ones that are installment loans such as a mortgage or a car loan as well as having credit cards which are revolving accounts. This illustrates that you can take on different types of credit obligations.

Each time a person completes and sends in a credit application, it may reduce your chance of being approved for additional credit as it temporarily lowers your credit score. It is safer to apply when you are absolutely sure that you want the specific credit product and that you wont change your mind.

The following steps should be considered as part of your application process.

1: Get Educated: What is a credit score?
It is a three-digit number between 300 and 850 that is derived from an analysis of your credit report. The lower the score, the higher the risk; this normally results in a decline of an applicant for credit or reception of poor and unfavorable terms.

The precise formula that is used to compute a credit score is not usually disclosed, but the factors that may determine your score are:

  • Payment history (35%)
  • Amounts owed (30%)
  • Length of credit history (15%)
  • New credit (10 %)
  • Types of credit used (10%)

2: Checking Your Credit Scores
A soft inquiry is when you check your own credit score. This does not affect your score in a negative way. On the other hand, a hard inquiry is when a creditor checks your account, which does lower your score.

3: Review your credit reports
It is important that one review all the sections of the credit reports in order to dispute any inaccuracies that may arise in turn the credit bureau should respond within a period of 30-45 days.

By doing the above things, you will be able to boost your credit score and keep track of your credit report, ultimately repairing it if it is in disarray.

View more information about TransUnion credit monitoring.

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Christopher - BSc, MBA

With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.