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Importance of credit scores and credit reporting

  • Updated

Your credit score is a three-digit number that determines your credit worthiness. Lenders consider credit scores to understand the risks of providing credit.

Credit providers and the importance of credit scores

Credit lenders, including mortgage lenders, credit card issuers, and auto dealerships, consider your credit score when evaluating your creditworthiness. 

Having a better credit score shows you manage your credit well. This increases your chances of getting credit products. With a lower score, you may face higher interest rates or even be denied credit.

Credit reporting

Your credit information is submitted to credit bureaus for evaluation. Equifax® and TransUnion® are the two main credit bureaus in Canada. Credit scores may differ between these bureaus because of their use of different calculation methods.

Neo reports credit information to TransUnion® and Equifax®.

Check your credit score

If you have the Premium plan, you can check your credit score on the Neo app or website.

Neo app

  1. Log in to the Neo app
  2. Select Insights
  3. Tap Credit score from the top


  1. Log in to
  2. Click on Insights from the left-side menu
  3. Select Credit score from the left-side menu

Inaccuracies on credit reports

If you see incorrect information in your credit report, you can dispute it with TransUnion or Equifax. The credit bureau will look into the matter for you.

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