Checking your credit score is free and relatively easy to do. You can check your credit score for free using the national credit reporting bodies (CRBs) listed on the government website:

1. Credit Simple
2. Equifax Australia (formerly known as Veda)
3. Experian
4. Get Credit Score

Note: Equifax gives 1 free credit report a year and another within 90 days of a rejected credit application. Any other credit reports are subject to their payment plans. 

You will have to provide identification information to find out your credit score, but you can do this very quickly and easily and you should be able to get an immediate indication of your credit score.

All of these credit reporting agencies also allow you to check your full credit history by ordering a free copy of your credit report once a year.

To obtain your credit report, you need to be formally identified. You may be asked to provide your full name, address, date of birth, previous address, and/or driver’s licence number. A free credit report will arrive within 10 days of the request, but you can acquire it sooner if you’re willing to pay for it.

Why do you need to check your credit score?

Your credit score is important because it may influence how much credit a lender will give you as a borrower. People with a lower credit score may be viewed by lenders as being a bigger risk of not paying back the money.

If your credit score is good, it shows a lender that you have the ability to meet your financial obligations if they give you a credit card or a loan. A bad credit score could result in you getting charged extra interest or getting knocked back on a loan altogether.

Case Study

Tim always paid off his debts on time. After moving house, Tim didn’t receive his credit card statements for almost 6 months.

This resulted in him missing some of his payments, and a default was listed on his credit report.
The next time he applied for a loan, Tim had to pay a much higher interest rate. This could’ve been avoided if he’d checked his credit score and listed an error with his bank.

How much does it cost to check your credit rating?

It is free to check your credit rating with the three main credit reporting agencies: Equifax, Dun&Bradstreet, and Experian.

How much does it cost to check your credit report?

You can get a free copy of your credit report within 10 working days from the main credit reporting agencies: Equifax, Dun&Bradstreet, and Experian. You can obtain a free copy once per year. However, it is probably best to check your credit report more often than this.

If you want to get your credit report faster, you can pay upwards of $60 for a 1-day turnaround in accessing your report.

It is important to know that a free copy of your credit report is available. According to Fiona Guthrie, the Executive Director of Financial Counselling Australia (FCA), credit reporting bodies often make it difficult for customers to know that a free check is an option.

The FCA reported a recent website check revealing that the two largest credit reporting agencies in Australia prominently promote access to their fee-based credit reports, but make it much harder to find information about the free option.

“Under the new Credit Reporting Privacy Code, credit reporting agencies must make sure that the free option is as available and easy to access as the fee-based service,” said Ms Guthrie.

According to the Office of the Australian Information Commissioner, you can get a copy of your credit report for free from a Credit Reporting Body in all of the following circumstances:

• If you have applied for, and been refused credit, within the past 90 days.
• Where your request for access relates to a decision by a CRB or a credit provider to correct information included in your credit report.
• Once a year (not counting the above circumstances).

1. Pay down revolving balances to less than 30%

Your aggregate debt and the amounts owed on all credit cards and all installment accounts make up about 30% of your credit score. The most common revolving balances are amounts owed on your credit cards. However, there is a big difference between the revolving balances of someone with a 780 credit score and a 680 credit score.

• Credit score of 680 → revolving balances of 40%-50% of their credit card limits.
• Credit score of 780 → revolving balances of 15%-25% of their credit card limits.

Essentially, don’t worry too much about paying installment accounts. They have a low impact on your score. Instead, pay your revolving balances off as soon as possible. At the very least, aim to pay those balances down to less than 30%. This will help to improve your credit score in 30 days or less.

2. Remove recent late payments

A single late payment can drop your credit score by 60 to 110 points. Yikes!

• A 680 credit score → a 30-day late payment can drop your score by 60 to 80 points. On the other hand, a 90-day late payment can drop your score 70 to 90.
• A 780 credit score → a 30-day late payment can drop your score by 90 to 110 points. In contrast, it can drop 105 to 135 points if you have a 90-day late payment.

The difference between a person with a 780 score and a 680 score is that the 780 score has no late payments, while a person with the 680 may have a 30 day late payment within the last year or a 90 day late payment 2 years ago.

Removing a late payment will take persistence. There are a couple of ways to request removal. The most common and effective way is to call the original creditor and ask for a goodwill adjustment. If they resist, you can even negotiate the removal of the late payment by agreeing to sign up for automatic payments. For other late payments, you can file a dispute against the late payment for inaccuracy.

3. Remove a collection account

People with a 780 credit score do not have any collections or other major derogatory items on their credit report. If you do have a collection account reporting on your credit report, you should try to get the collection deleted.

Do NOT just pay a collection. A paid collection usually doesn’t help improve your credit score! Instead, negotiate a “pay for delete” IN WRITING with the collector. Only when you have a written agreement should you pay a collection account, and then work on getting the account deleted.

4. Raise your credit limits

Call your credit card companies and request a raise to your credit limits. Ask if they can raise your credit limit with a soft pull of your credit since a hard inquiry will appear under the “New Credit” category of your FICO score. If you can negotiate an increase of your credit limit with a soft inquiry, then you will instantly decrease your revolving balance ratio (revolving balance divided by your credit card limits).

If you have low balances and good payment history, then your chances of successfully executing this tactic will increase.

5. Charge small amounts to inactive credit card

It’s easy to neglect older credit cards when you have a primary credit card that you use every day. If your credit cards haven’t had activity in the last six months, charge a small amount to the credit card. Creditors want to see that you are using the credit available to you as well as paying the balances off responsibly. Charging a small amount and paying off the balance shows that you have a different mix of credit in use, which makes up a portion of your FICO score.

6. Get credit

No credit equals bad credit. You need credit accounts to be reporting to your credit report in order to improve your credit score. You must have at least 1 open revolving account, even if you have no negative accounts. In addition, this revolving credit account must have been used in the last 6 months.

There are a couple of ways to get credit to improve your credit score in 30 days. One way is opening a secured credit card, with preference being given to a card that reports as an unsecured card with your credit limit to all three bureaus.

The other way is to add yourself to a seasoned tradeline. Someone with good credit history can add you as a co-signer, where you are equally responsible for all debt. Or, they can add you as an authorized user, where you are not responsible for any of the debt – and Mortgage FICO 5 will count the history as yours.

Canada operates with a credit score range between 300 and 900. The lower your score, the less likely you are to be approved for a credit card or loan. If you do manage to qualify for a credit card or loan despite a low score, the interest rate you receive will likely be high.

Conversely, the higher your credit score, the more likely you are to be approved for a credit card or loan, and the lower the interest rate will likely be. Good credit can also help you rent an apartment, get a better job, get approved for insurance coverage at a lower premium and get a better plan for your cable, phone or utilities.

Excellent (741-900)

Consumers with excellent credit will likely have no or very few late payments in their credit report, will regularly pay off their balances in full, and will have a low credit utilization across all their lines of credit. Those with excellent credit enjoy rapid approval for their credit card and loan applications, as well as the lowest interest rates available, high credit and loan limits, and access to premium credit card benefits. In other words, all the financial doors are open to Canadians with excellent credit scores and banks roll out the red carpet to get their business. The median credit score in Canada is 749, which means 50% of the population has excellent credit.

*note that credit score ranges in this article are modeled on the Equifax Risk 2.0 scoring model. Designations are subjective and can vary by credit bureau and credit issuer.

Good (690-740)

Consumers with a credit score in this range still enjoy some of the best financial products and interest rates available. This credit score means you are generally financially responsible: Canadians who sit in this credit score range make most of their payments on time with only the occasional late payment on rare occasions. Their credit card utilization is pretty low given the amount of credit they have available. Those with scores in this range are unlikely to have difficulty obtaining most credit products and loans.

Fair/Average (660-689)

You still have a lot of credit options at the ‘average’ credit score evaluation, but borrowers on the lower end of this range will certainly experience higher interest rates from lenders. Those on the mid to lower end probably have been late on their payments multiple times to more than one lender and may have defaulted on a loan at some point.

Below Average (575-659)

Borrowers with below average credit will face higher interest rates for the lines of credit they are approved for, which can cost quite a bit of money over time. They also are not eligible for the more lucrative credit cards that provide accelerated levels of cash back and rewards.

Poor (300-574)

If you’re in this credit score range, you unfortunately have a significantly damaged credit history. Perhaps you have defaulted on multiple loans, your debt is very close to your credit limit, or you have declared bankruptcy, which stays on your credit report for at least seven years. In this range you will have a difficult time obtaining credit or getting approved for a loan.

For a score with a range between 300-850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most credit scores fall between 600 and 750. Higher scores represent better credit decisions and can make creditors more confident that you will repay your future debts as agreed.

Credit scores are used by lenders, including banks providing mortgage loans, credit card companies, and even car dealerships financing auto purchases, to make decisions about whether or not to offer your credit (such as a credit card or loan) and what the terms of the offer (such as the interest rate or down payment) will be. There are many different types of credit scores. FICO^® Scores^*  and scores by VantageScore are two of the most common types of credit scores, but industry-specific scores also exist.

What Is a Good FICO^® Score?

One of the most well-known types of credit score are FICO^® Scores, created by the Fair Isaac Corporation. FICO^® Scores are used by many lenders, and often range from 300 to 850. Generally, a FICO^® Score above 670 is considered a good credit score on these models, and a score above 800 is usually perceived to be exceptional.

What Is a Good VantageScore?

Scores by VantageScore are also types of credit scores that are commonly used by lenders. The VantageScore was developed by the 3 major credit bureaus including Experian, Equifax, and TransUnion. The latest VantageScore 3.0 model uses a range between 300 and 850. A VantageScore above 700 is generally considered to be good, while above 750 is considered to be excellent.

Why Credit Scores Matter

Credit scores are decision-making tools that lenders use to help them anticipate how likely you are to repay your loan on time. Credit scores are also sometimes called risk scores because they help lenders assess the risk that you won’t be able to repay the debt as agreed.

Having good credit is important because it determines whether you’ll qualify for a loan. And, depending on the interest rate of the loan you qualify for, it could mean the difference between hundreds and even thousands of dollars in savings. A good credit score could also mean that you are able to rent the apartment you want, or even get cell phone service that you need.

Think of your credit scores like a report card that you might review at the end of a school term, but instead of letter grades, your activity ends up within a scoring range. However, unlike academic grades, credit scores aren’t stored as part of your credit history. Rather, your score is generated each time a lender requests it, according to the credit scoring model of their choice.

Credit Scores Do Not Consider the Following Information:

• Your race, color, religion, national origin, sex or marital status (U. S. law prohibits credit scoring formulas from considering these facts, any receipt of public assistance or the exercise of any consumer right under the Consumer Credit Protection Act.)
• Your age
• Your salary, occupation, title, employer, date employed or employment history (However, lenders may consider this information in making their overall approval decisions.)
• Where you live
• Certain types of inquiries (requests for your credit report). The score does not count “consumer disclosure inquiry,” which is a request you have made for your own credit report in order to check it. It also does not count “promotional inquiry” requests made by lenders in order to make a “preapproved” credit offer or “account review inquiry” requests made by lenders to review your account with them. Inquiries for employment purposes are also not counted.

Minimum Credit Scores

There is no minimum credit score needed to apply for most loans or credit cards. However, you are less likely to qualify for a loan or credit card and less likely to receive favorable rates when your credit score is low. If you are trying to qualify for a conventional loan or credit card with a low credit score, you may wish to wait until your credit improves, so you can ensure you get the best rates possible.

Some mortgage servicers such as the FHA provide general guidelines for those with credit scores on the lower end:

• FHA mortgage loans require a minimum of 580 or higher with a 3.5% down payment.
• For FHA applicants under 580, qualification for a loan is still possible, but a 10% down payment would be required along with meeting other requirements. See FHA’s site for more information.

What to Do If You Don’t Have a Credit Score

In some cases, you might not have enough credit history to have a credit score. Depending on your age, there are several ways to establish credit.

If you are under 21, you must have a cosigner or be able to demonstrate that you have an adequate source of income to pay back any credit that is extended. With responsible usage, a parent cosigning a credit card (or adding you as an authorized user to one of their accounts) is a great way to help establish a positive credit history.

For others, the best way to establish credit may be to work with your bank or credit union to open an account with a small credit limit to get you started. Opening a secured credit card is another way to get started building your credit. Then, with time and good account management, a good credit history (and scores) will be within your reach.

Once you know or estimate your credit score, avoid being declined when you shop for a new credit card by choosing a card for which you have an above-average chance of approval.

If you walk into a bank for a loan or apply for a credit card online, you have no idea what credit score is required to get approved. So if you know your score is 665 (and that’s about average), that doesn’t help you if the credit card you’re applying for requires a 670 credit score.

One of the things I try to do as a financial blogger is shed light on areas of finance that you wouldn’t know about if this stuff isn’t your job. Most people go about life, see a celebrity pitching a credit card and apply.

I sit around running spreadsheets looking at how much a 0 percent balance transfer with a 4 percent fee will save you over a card with a 10.99 percent regular APR over 18 months. (Answer: $110.27 per $1,000 transferred. You can use our balance transfer calculator to try other scenarios.)

The same is true for credit scores required for credit card approval. All you care about is getting a good card. I care about who the bank will give that card to and who it won’t.

Most credit card offers require very good credit

Let’s be clear about that. A lot of people who apply for credit cards are denied. And if you get denied too many times in a year, that can actually hurt your credit further.

Most so-called “prime” and “superprime” credit cards are only available to applicants with credit scores of 750 or better. These include most American Express, Chase, and Bank of America credit cards.

Even with good credit, there are other reasons you might still be declined—like too much overall debt or even just one recent late payment.

To help you avoid that, let’s look at what cards you can get with various credit scores. You can also browse the credit card section of this website. Each card features a minimum required credit quality category.

Excellent credit: 750+

Reaching the excellent or superprime credit level often requires at least 10 years of on-time payments and a mix of credit accounts such as credit cards, student loans, and a mortgage.

Even if you’ve responsibly used credit for up to five years, you may still be declined for many cards simply because the banks want customers who have an even longer track record of timely payments.

Obviously, if you’re in this range, you have your pick of any of the best credit cards, and you can take advantage of promotions in which the banks will actually pay you in cash or travel rewards for opening and using a new credit card. You can see examples of this with these credit cards that offer sign-up bonuses, some worth $500 or more. See recommended credit cards if your FICO score is 750 or better.

Good credit: 700—749

To have good credit, your credit scores need to be in the 700s. Scores in the high 600s are borderline “good”.

While our scale for “good” originally went as low as 680, you’ll have a much harder time getting approved for credit card offers the further below 700 your credit score is. Based on new data, we’ve increased the minimum level for “good credit” to 700. At this level of credit score, other factors—such as your income, debt levels, and recent payment history will be big factors in the banks decision to approve you.

To get a credit score close to 700, you will need to have been using credit for at least three years without any late payments. You’ll have a good chance of credit card approval provided you aren’t overextended with too much debt or too many credit card accounts.

Order a copy of your credit report from both Equifax Canada and TransUnion Canada. Each credit bureau may have different information about how you have used credit in the past. Ordering your own credit report has no effect on your credit score.

Equifax Canada refers to your credit report as “credit file disclosure”.

TransUnion Canada refers to your credit report as “consumer disclosure”.

Order by mail or fax

• Make your request in writing using the forms provided by Equifax and TransUnion
• Provide copies of two pieces of acceptable identification, such as a driver’s licence or passport
• You must receive your credit report by mail

Order by telephone

• Call the credit bureau and follow the instructions
  
  • Equifax Canada
    Tel: 1-800-465-7166
    
  • TransUnion Canada
    Tel: 1-800-663-9980 (except Quebec)
    Tel: 1-877-713-3393 (Quebec residents)
• Confirm your identity by answering a series of personal and financial questions
• You may also need to provide your Social Insurance Number and/or a credit card number to confirm your identity
• You must receive your credit report by mail

Get your credit report online

You may pay a fee to order your credit report online if you want to see it right away. TransUnion allows you to order your credit report online once a month for free.

Get your credit score

A lender will use your credit score to determine if they will lend you money and how much interest they will charge you to borrow it. Your credit score is a number calculated from the information in your credit report. It shows the risk you represent to a lender compared to other consumers.

Knowing your credit score before a major purchase, such as a car or a home, may help you to negotiate lower interest rates.

You usually need to pay a fee when you order your credit score online from the two credit bureaus.

Some companies offer to provide your credit score for free. Others may ask you to sign up for a paid service to see your score.

Make sure you do your research before providing a company with your information. Carefully read the terms of use and privacy policy to know how your personal information will be used and stored. For example, find out if your information will be sold to a third party. This could result in you receiving unexpected offers for products and services. Fraudsters may also offer free credit scores in an attempt to get you to share your personal and financial information.

Always check to see if a website is secured before providing any of your personal information. A secured website will start with “https” instead of “http”.

What is credit monitoring

Canada’s credit bureaus, as well as many credit card issuers and financial institutions, offer credit monitoring services. These services provide you with a notification after certain updates to your credit file, such as a credit inquiry.

You could consider using this service if you think you’ve been the victim of fraud or if you have been affected by a data breach. This can help you see if somebody is trying to apply for credit in your name.

You usually need to pay for these services.

How often you should check your credit report

Consider requesting your report from one bureau, then wait six months before you order from the other bureau. By spacing out your requests, you may be able to detect problems sooner.

Sometimes, people talk about your credit. What they mean is your credit history. Your credit history describes how you use money:

• How many credit cards do you have?
• How many loans do you have?
• Do you pay your bills on time?

If you have a credit card or a loan from a bank, you have a credit history. Companies collect information about your loans and credit cards. 

Companies also collect information about how you pay your bills. They put this information in one place: your credit report.

What is a credit report?

Your credit report is a summary of your credit history. It lists:

• your name, address, and Social Security number
• your credit cards
• your loans
• how much money you owe
• if you pay your bills on time or late

Why do I have a credit report?

Businesses want to know about you before they lend you money. Would you want to lend money to someone who pays bills on time? Or to someone who always pays late?

Businesses look at your credit report to learn about you. They decide if they want to lend you money, or give you a credit card. Sometimes, employers look at your credit report when you apply for a job. Cell phone companies and insurance companies look at your credit report, too.

Who makes my credit report?

A company called a credit reporting company collects your information. There are three big credit reporting companies:

• TransUnion
• Equifax
• Experian

These companies write and keep a report about you.

Can I see my credit report?

You can get a free copy of your credit report every year. That means one copy from each of the three companies that writes your reports.

The law says you can get your free credit reports if you:

• call Annual Credit Report at 1-877-322-8228 or
• go to AnnualCreditReport.com

Someone might say you can get a free report at another website. They probably are not telling the truth.

What is a credit score?

A credit score is a number. It is based on your credit history. But it does not come with your free credit report unless you pay for it. 

A high credit score means you have good credit. A low credit score means you have bad credit. Different companies have different scores. Low scores are around 300. High scores are around 700-850.

Do I need to get my credit score?

It is very important to know what is in your credit report. But a credit score is a number that matches your credit history. If you know your history is good, your score will be good. You can get your credit report for free.

It costs money to find out your credit score. Sometimes a company might say the score is free. But if you look closely, you might find that you signed up for a service that checks your credit for you. Those services charge you every month.

Before you pay any money, ask yourself if you need to see your credit score. It might be interesting. But is it worth paying money for? 

What if I do not have credit?

You might not have a credit history if:

• you have not had credit card
• you have not gotten a loan from a bank or credit union

Without a credit history, it can be harder to get a job, an apartment, or even a credit card. It sounds crazy: You need credit to get credit.

How do I get credit?

Do you want to build your credit history? You will need to pay bills that are included in a credit report.

• Sometimes, utility companies put information into a credit report. Do you have utility bills in your name? That can help build credit.
• Many credit cards put information into credit reports.
  • Sometimes, you can get a store credit card that can help build credit.
  • A secured credit card also can help you build your credit. 

1. INSPECT YOUR CREDIT REPORT AND SCORE

As per the Federal Trade Commission, about 1 in 5 consumers have errors on their credit report that negatively impacts their credit score. That’s a big number and is why you should routinely request your free credit report annually and read it through for any errors.

By law, the 2 major credit bureaus (Equifax and TransUnion) are required to each provide you with one copy of your credit report per year (upon request). Companies like Borrowell (Canada) or Credit Sesame (U.S.) also provide it for free on a monthly basis along with your credit score. Checking your own credit score (and report) does not impact it as it is deemed a “soft inquiry.” 

2. PAY YOUR BILLS ON TIME

The first step to improving your credit score is to pay your credit card balances on time – all of the time. Payment history is the most important factor for ranking your score. Late payments register on your credit as negative information. The later the payment is, the more the damage you can expect to your credit score.

Even if you have missed paying your bills on time in the past, the only way to revive your score is to start making payments before they are due. Automate your bill payments so you do not forget!

3. KEEP A LOW BALANCE

Credit reporting agencies dislike a high credit balance. When you max out your credit, it hurts your credit score. A popular ratio used to measure how you use credit is known as the “credit utilization ratio.” This ratio measures how much of the total credit available to you is being used.

4. KEEP OLD CREDIT ALIVE

The length of your credit history influences your credit score. Do not cancel old credit cards in good standing even if you rarely use them now. Keep these cards and use them every now and then to show some “activity” on your credit profile. 

Cancelling old lines of credit also lower your total credit limit and this hurts your credit utilization ratio.

5. VARY YOUR CREDIT

It helps to have a variety of credit accounts, for example, credit cards, installment loans, lines of credit, mortgage, etc. Your ability to manage all these different credit facilities well gives a signal to credit bureaus that you are a good borrower. The mix of credit you have affects your credit score by about 10%.

6. PLAN YOUR CREDIT SHOPPING

Every time you apply for credit, a hard inquiry is placed on your credit file – this results in a drop in your credit score. If you need to shop around in several places for credit, for example, if you are shopping around for a car loan with the best interest rate, try and do so within a 2-week period.

Credit reporting agencies will consider all the hard inquiries placed on your file within this period as one hit, limiting the potential impact that several hard inquiries would otherwise have.

7. CONSOLIDATE YOUR DEBT

If you have a significant credit balance and find it difficult to keep up with paying it down, a low-interest balance transfer credit card can save you thousands of dollars in interest payments. An example of a low-interest balance transfer card in Canada is the Scotiabank Value Visa Card that charges interest of 0.99% for 6 months!

To make the most of this strategy, you should plan to pay all or a significant portion of your debt during the low-interest period – usually 6 months.

If you qualify for a personal loan at a reasonable rate, you can use this to pay off your credit card balance as well and save money.

8. GET A SECURED CREDIT CARD

If your credit score is poor or you do not have a credit history at all (e.g. new immigrant or student), it may be difficult to qualify for a regular credit card. A “secured” credit card requires you to put down a deposit with the bank (such as in a GIC) that secures the amount of credit they are extending to you. For example, if your credit card has a limit of $2,000, you will be required to deposit $2,000 in a designated account.

A secured credit card helps you to build your credit score when there are limited options. You will still need to pay your balance on time and this is a good way to learn about how to use credit responsibly.

Our credit scores have been around for decades, but we haven’t been able to see them for free until recently.

The first score was developed by Fair, Isaac and Company (now known as FICO) in the 1950s, but it wasn’t until 2003 that the Fair and Accurate Credit Transactions Act allowed consumers to order one free credit report from the three major credit bureaus. For a “reasonable fee,” they could add FICO scores to the report.

In 2008, Credit Karma started letting people check their credit scores for free. After creating an account, you can view your scores whenever you want. Although Credit Karma provides an invaluable service, it does have its limitations.

Just how accurate is Credit Karma? Here are three possible limitations to be aware of.

1. Credit Karma uses the Vantage 3.0 scoring model

Before looking at how accurate Credit Karma is, let’s consider what a credit score is. This score gives lenders a picture of your creditworthiness at a glance. It’s a representation of your financial history, based on factors like your debt-to-income ratio, payment history, and credit card usage.

Lenders often rely on a credit score to evaluate you for a new loan or credit card. If your score is low, your application might get rejected. If your score is high, you’ll likely qualify — and get competitive interest rates to boot.

But one person can have multiple credit scores. For one thing, there are three major credit bureaus (TransUnion, Equifax, and Experian), and your financial records at each may be slightly different. That means your credit score based on information from TransUnion might not exactly match the score based on data from Experian.

Plus, credit scores come from different scoring models, including FICO and Vantage 3.0. More than 90% of lenders prefer the FICO scoring model, but Credit Karma uses the Vantage 3.0 scoring model.

“FICO is the most popular credit score used by lenders and creditors,” said Tracy Becker, credit expert and founder of North Shore Advisory Inc. “Although the Vantage 3.0 has the same score range as the FICO score, it is not the same algorithm and can give the viewer a misconception that their score is going to be the same when they apply for most credit.”

According to Becker, it’s important to know which credit score lenders will look at if you’re applying for a new loan.

2. You’ll only see information from two of the three credit bureaus

A second limitation of Credit Karma’s credit reporting is that it shows you information from only two of the three credit bureaus. The credit scores you see are based on data from just TransUnion and Equifax.

If you want to see your credit information from all three credit bureaus, you can order one free annual report from each at AnnualCreditReport.com. This credit report will go over your financial history, but it will not contain your credit score — to add your FICO scores to the report, you’ll pay an additional fee to each credit bureau.SIGN UP FOR MYLENDINGTREE

Chances are, your Vantage 3.0 score from Experian would be similar to the scores Credit Karma brings you from TransUnion and Equifax. This omission isn’t a huge limitation, but it’s worth noting you don’t have all the information.

3. Your credit scores don’t update immediately

Once you sign up for Credit Karma, you’ll get emails prompting you to check your scores every so often. You’ll also get notified if there’s been a major change to your credit score. But you won’t see changes on a daily basis, since Credit Karma updates your scores once a week.

It also might not always have the most up-to-date information from lenders, a fact that personal finance reporter J.R. Duren learned the hard way. “I transferred a $5,000 balance from one card to another,” said Duren. “The transfer was a success, but ended up dropping my Credit Karma scores by nearly 30 points.”

Your credit report contains a nearly complete record of your credit history. Many of your financial applications are based either directly or indirectly on the information in your credit report. It goes without saying that you want to be sure the information in your credit report is accurate.

It’s recommended that you check your credit report at least once a year to be sure there are no errors. The more often you can check your credit report the better. Fortunately, there are a number of ways to check your credit report for free. The best free credit reports don’t ask for any credit card information for sign-up and can easily be accessed online. When you’re checking your free credit report, make sure you’re accessing a secure website and read any fine print on the site. With that said, take a look below to see the best free credit reports we recommend using.

01 Best Overall: AnnualCreditReport.com

AnnualCreditReport.com is the centralized site where every consumer gets access to their free credit report granted by Federal law. It’s the only website that allows you to access each of your credit reports from all three of the major credit bureaus: Equifax, Experian, and TransUnion. You can obtain one free credit report every 12 months and you don’t have to sign up or create an account and you’ll get access to your full credit report from all three of the major credit bureaus.

Credit reports are available as a PDF download. The downside is that you receive your full credit report, which hasn’t been formatted for user-friendliness. Depending on the length of your credit history and the number of accounts you’ve had, your credit reports can be dozens of pages each. You won’t receive a credit score with your credit report from AnnualCreditReport.com.

02 Best for Credit Monitoring: Credit Karma

Credit Karma has been around since 2006 and has partnered with two of the major credit bureaus — Equifax and TransUnion — to offer your free credit report. Because you can access two of your major credit reports, it’s the next best option to AnnualCreditReport.com. You don’t have to enter any credit card information required to access your free credit report, but you’ll have to create an account. You can access your credit reports at any time by logging into your account. Your credit report information is updated as often as once per week, so you have continued access to changes in your credit information.

You’ll have access to your credit report information along with an explanation of the factors that are contributing to your credit score. Credit Karma also uses your free credit report information to show credit card and loan offers that you may qualify for. You don’t have to take advantage of these offers if you’re not on the market for a new credit card or loan product.

03 Best for Single Bureau Access: Credit Sesame

Credit Sesame pulls information from your TransUnion credit report to help you keep track of all your latest credit information and factors affecting your credit. There’s no credit card information required to sign up, but you will have to create an online account with Credit Sesame to access your credit report information. Once you’ve created an account, your membership gives you access to a monthly update of your credit information.

In addition to your TransUnion credit report information, you’ll also have access to your TransUnion credit score. This gives you an idea of where your credit stands and whether you need to improve your score. Credit Sesame uses your credit information to make recommendations for credit cards, loans, and other financial products, but you don’t have to apply if you’re not on the market for a new loan.

04 Best for Homebuyers: Quizzle

Quizzle provides you with your free TransUnion credit report every three months. You’ll also have access to a free copy of your VantageScore bases on your TransUnion credit report information. Your credit score is also updated quarterly.

There’s no credit card required to sign up when you create your account. Along with access to your free credit report, you’ll also be able to receive personalized recommendations and even receive an estimate of your home value. Both are also free. Quizzle is great for consumers who are on the market for a new home. The service analyzes your credit information to determine whether you’re ready to buy a home and offers personalized recommendations to get your credit in the best shape to qualify for a mortgage.

05 Easiest Sign-Up: NerdWallet

Sign up with NerdWallet and get access to your free TransUnion credit report. While your credit report is updated weekly, you can log on at any time to check your credit report information.

In addition to your free credit report, you’ll also be able to view your VantageScore 3.0 based on your TransUnion credit report information. Your credit score is also updated on a weekly basis.

Registering is fairly simple. You can use your Google accounts and you only have to enter the last four digits of your social security to create your account.