Royal Bank of Canada (RBC) offers free credit score check to its online banking customers. The score is provided by TransUnion Interactive Inc. In addition to the free credit report, you are also provided with a simulator which shows how your credit score could be affected with changes to your credit behaviour.
Checking the report through online banking is quite simple. This post will guide you through the entire process. As opposed to other service providers, checking your credit report online through RBC does not affect your credit score. There is no limit to the number of times the score can be viewed. It is available at all times through the RBC online banking website.
How to Check Your Free Credit Report Through RBC
- Login to your RBC Online Banking account.
- Under Accounts Summary Page, scroll down and locate My Services.
- Click on the View Your Credit Score link. The CreditView Dashboard will open.
The CreditView Dashboard displaying the free credit report is divided into four sections:
- TransUnion Credit Score: Displays your current credit score, from 300 to 900. The score is updated once every month.
- Where You Stand: This section shown an illustrated version of your credit score. A Population Comparison percentage is also provided indicating where you stand depending on your credit score.
- My Score History: A graph showing how your credit has changed over a period of one year.
- Score Simulator: Simulates how your credit score maybe affected through multiple variables. Adjustable variables include adding a new credit card, taking a new loan, cancelling an existing credit card, etc.
How to Get a Free RBC Bank Account
If you are not an RBC client and since you need to have an RBC Online Bank account to view your free credit report, you can get a basic banking account for $4 per month. In order to waive this fee, you can sign up for three more products such as having a credit card and a RRSP account. Seniors can also get this account for free.
Why You Should Closely Monitor Your Credit Report
Here are few reasons why you should keep an eye on your credit report:
- Identity theft is very common these days; your credit report is the first indication of a potential problem. Keep an eye on your credit report to identify unknown credit cards or loans which may appear in your name.
- Keep an eye on your credit score. The credit score can be affected by human errors such as not paying a bill because you have moved and forgot to change your address. Also, you may have signed up for online banking and the billing notification email was overlooked.
- By reviewing your credit report, you can work to increase your credit score. This will help you get better rates for future loans and approval for new credit cards.