Author Topic: Canadian Mustachians, Are Free Credit Scoring Websites Safe  (Read 1153 times)

Raj

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Canadian Mustachians, Are Free Credit Scoring Websites Safe
« on: December 09, 2017, 06:54:05 PM »
Does anyone use one of these online free credit score reporting sites

https://www.creditkarma.ca/
https://www.creditsesame.com/free-credit-score/
https://www.ratehub.ca/free-credit-score
https://www.mogo.ca/free-credit-score
https://www.quizzle.com/what-is-quizzle/free-credit-report


If so can you tell me how secure they are, because I could easily imagine a website scamming you by getting you to provide them information, I'm especially hoping you guys know about Credit Karma as it gives Tranunion and Equifax while creditsesasame doesn't specify what it gives, while ratehub and mogo only give you equifax.

Quizzle gives a free VantageScore which is less useful then the others, but the more options you have the better as it means your more likely to catch identity theft.

In addition all five seen new, which does not increase my trust in them, as they didn't pop as options last time I looked for free credit scores a few months ago.

But it could be that they are just more popular with search engine now due to more people using them.

Speaking of Free Credit Scores, did any of you apply using letters or the phone to Equifax or Tranunion before?

I considered it but it always felt really unsafe to send out a letter with my a photocopy of my driver's license?  I feel leery of the idea even though I'm sure many people send it, through Canada post.
« Last Edit: December 10, 2017, 04:52:33 AM by Raj »

sieben

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Re: Canadian Mustachians, Are Free Credit Scoring Websites Safe
« Reply #1 on: December 10, 2017, 10:42:00 AM »
I've used CreditKarma.
I've been happy with the data they provide any they seem like a fairly established/reputable company.
They're new up here in Canada but I believe they've been operating in the US for quite some time.

Can't really say much beyond that, some others here may have more experience with some of these?

Raj

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Re: Canadian Mustachians, Are Free Credit Scoring Websites Safe
« Reply #2 on: December 10, 2017, 04:38:26 PM »
I'm glad to hear that sieben, a lot of these did seem to have an established history so I thought they may have come from the US, but glad to get that confirmed.

I'm heavily considering giving CreditKarma at least a try, since I now have at least one confirmation, but I'm hoping that there are other mustachian's who have used the various services as well.

sieben

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Re: Canadian Mustachians, Are Free Credit Scoring Websites Safe
« Reply #3 on: December 11, 2017, 04:03:06 PM »
These are becoming more and more common. A lot of the banks/credit-card companies are starting to offer them as well.
I've seen both CIBC and Capital One offer free credit checks on their sites.

Raj

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Re: Canadian Mustachians, Are Free Credit Scoring Websites Safe
« Reply #4 on: December 15, 2017, 05:53:13 PM »
These are becoming more and more common. A lot of the banks/credit-card companies are starting to offer them as well.
I've seen both CIBC and Capital One offer free credit checks on their sites.
Interesting, the fact that more companies are starting to offer them does lend credit that more of them are likely true.

It being part of a major bank at least near guarantees that one at least is true.  Although any one associated with a Bank like that probably has a bunch of conditions to be used.  Or you'd have to be a premium customer etc.

Prairie Stash

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Re: Canadian Mustachians, Are Free Credit Scoring Websites Safe
« Reply #5 on: December 22, 2017, 10:47:39 AM »
Royal Bank gives out free credit scores now, I can see my score from Transunion at any time. This is not tied to any status I have.

I can also see the entire report, its even got a mistake where they have my work address for my home address. If I cared I could probably have it fixed...I'm sure it would only cost $20...


Raj

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Re: Canadian Mustachians, Are Free Credit Scoring Websites Safe
« Reply #6 on: December 22, 2017, 12:01:02 PM »
Royal Bank gives out free credit scores now, I can see my score from Transunion at any time. This is not tied to any status I have.

I can also see the entire report, its even got a mistake where they have my work address for my home address. If I cared I could probably have it fixed...I'm sure it would only cost $20...
That's good to know.

Sadly I only have TD Bank, as from what I've looked up all of RB's checking accounts have a monthly fee.

TD Bank's checking is free as long as I have more than $5,000 deposited.

The cheapest account Day to day banking is fairly limited at $4 a month, putting it at $48 a year.

$5,000 could earn more than that easily but I have to admit I prefer not having to worry about a monthly fee and it also doubles as an emergency fund.

Prairie Stash

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Re: Canadian Mustachians, Are Free Credit Scoring Websites Safe
« Reply #7 on: January 05, 2018, 10:08:05 AM »
Royal Bank gives out free credit scores now, I can see my score from Transunion at any time. This is not tied to any status I have.

I can also see the entire report, its even got a mistake where they have my work address for my home address. If I cared I could probably have it fixed...I'm sure it would only cost $20...
That's good to know.

Sadly I only have TD Bank, as from what I've looked up all of RB's checking accounts have a monthly fee.

TD Bank's checking is free as long as I have more than $5,000 deposited.

The cheapest account Day to day banking is fairly limited at $4 a month, putting it at $48 a year.

$5,000 could earn more than that easily but I have to admit I prefer not having to worry about a monthly fee and it also doubles as an emergency fund.
Its been years (decade?) since I paid a fee at RBC (okay I think there was a couple months in there when they switched my account, got that cleared up quick). The multiproduct rebate is the RBC equivalent of TD's minimum amount. On the $4 account you need to make a purchase every 3 months with a CC (I buy a jug of milk every 3 months with it, I share the card with my wife so she also has free banking) and hold an investment account. Its pretty much free to every mustachian.

Currently if I needed to park $5000 I would have it at tangerine and get $50 in interest/year (currently tangerine is paying me 2.75% on savings, regular rate is 1%). That would more than cover the RBC $4 account, unless you didn't pay a fee like myself. A RBC the savings account on $5000 is currently paying 0.8% or $40/year.

$50 is more than the cost of a full credit score report.

Raj

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Re: Canadian Mustachians, Are Free Credit Scoring Websites Safe
« Reply #8 on: January 06, 2018, 10:40:37 AM »
Its been years (decade?) since I paid a fee at RBC (okay I think there was a couple months in there when they switched my account, got that cleared up quick). The multiproduct rebate is the RBC equivalent of TD's minimum amount. On the $4 account you need to make a purchase every 3 months with a CC (I buy a jug of milk every 3 months with it, I share the card with my wife so she also has free banking) and hold an investment account. Its pretty much free to every mustachian.

Currently if I needed to park $5000 I would have it at tangerine and get $50 in interest/year (currently tangerine is paying me 2.75% on savings, regular rate is 1%). That would more than cover the RBC $4 account, unless you didn't pay a fee like myself. A RBC the savings account on $5000 is currently paying 0.8% or $40/year.

$50 is more than the cost of a full credit score report.
I actually didn't know that, I was only comparing what it said on their website to TD.

It didn't mention their was a way to get around the rebate while TD outright states it on their website.

Clearly I didn't do enough research.

I'll have to keep this in mind, currently TD has most of my Investments and my credit card from TD is what contains most of my credit limit so I'm a bit hesitant to fully switch but I should be doing more research and checking what I would lose and gain by switching.

Prairie Stash

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Re: Canadian Mustachians, Are Free Credit Scoring Websites Safe
« Reply #9 on: January 08, 2018, 10:12:38 AM »
TD is fantastic, when you're starting out. RBC becomes better later on when you have investments. Both are great for certain scenarios and people. I like the low fee vanguard ETF that I can buy with RBC direct, I get better returns than similar products at TD, because I pay less in fees. But you can't get the no-fee options until you hit a minimum amount in your investment accounts ($25k I think), until then TD is better. Being at the wrong bank will cost you thousands, while you save a few hundred on immediate bank fees.

I'm ignoring Questrade at the moment, its even better for purchasing ETF funds, its identical for purchasing stocks at RBC. RBC was also a bit easier for my RESP, then Questrade, they did an okay job (long story, but eventually I sorted out a missing grant) getting matching grants. Every institution has a different focus, don't get trapped at an institution out of loyalty when another will serve you better.

Before getting a RBC account, get a Tangerine account. Having multiple banks is a valid strategy for wealth building. I deal with those two and President Choice, every one needs at least one discount bank they're dealing with.

Raj

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Re: Canadian Mustachians, Are Free Credit Scoring Websites Safe
« Reply #10 on: January 15, 2018, 04:37:26 PM »
TD is fantastic, when you're starting out. RBC becomes better later on when you have investments. Both are great for certain scenarios and people. I like the low fee vanguard ETF that I can buy with RBC direct, I get better returns than similar products at TD, because I pay less in fees. But you can't get the no-fee options until you hit a minimum amount in your investment accounts ($25k I think), until then TD is better. Being at the wrong bank will cost you thousands, while you save a few hundred on immediate bank fees.

I'm ignoring Questrade at the moment, its even better for purchasing ETF funds, its identical for purchasing stocks at RBC. RBC was also a bit easier for my RESP, then Questrade, they did an okay job (long story, but eventually I sorted out a missing grant) getting matching grants. Every institution has a different focus, don't get trapped at an institution out of loyalty when another will serve you better.

Before getting a RBC account, get a Tangerine account. Having multiple banks is a valid strategy for wealth building. I deal with those two and President Choice, every one needs at least one discount bank they're dealing with.
I'm currently in the process of opening a Savings and Checking Account in Tangerine but I'm not sure if I should leave at least 5,000 in my TD Account.

It would let me keep the services I'm used to rather than downgrading especially since the TD credit card I'm used to is closing soon.  If I keep my current services the new one will also be free.  Not sure what will happen if I switch.

Not willing to take anything that has an annual fee their but I'm reluctant to close it as it is the majority of my credit limit and it would probably negatively impact my credit score.

I also have to look into my investments in TD more and consider if I want to move them soon, RBC isn't the best idea due to requiring 25K before low fees is activated and I currently only have 10K invested.

I'll need to do research on Questrade as this is the first time I'm hearing about them.