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 a Neo membership that include credit score monitoring, you can check your credit score on the Neo app or website.
Neo app
Log in to the Neo app
Select Insights
Tap Credit score from the top
Web
Log in to member.neofinancial.com
Click on Insights from the left-side menu
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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