If you’re a CIBC client, you can use the CIBC Mobile Banking app to get your credit score for free.
The Canadian Imperial Bank of Commerce (CIBC) is making it easier for Canadians to access their credit scores by partnering with Equifax Canada to provide credit score checks within its mobile app.
Is the CIBC credit score accurate? How can you check your credit score on CIBC? What are the alternatives to CIBC’s credit score?
Below is an overview of how the CIBC credit score works, how you can use it and more.
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CIBC Free Credit Score Overview
CIBC’s credit score is the CIBC equivalent of RBC, BMO, and Scotiabank’s free credit score services. The free credit score service is available within the CIBC mobile banking app and is available to all CIBC clients.
Unlike the other big banks that provide credit information powered by TransUnion, the CIBC free credit score is based on Equifax’s proprietary model and your scores are updated every three months.
This reporting frequency is the major drawback of the CIBC credit score as you can access your Equifax credit score weekly through Borrowell or monthly through Mogo.
How to Check your Free Credit Score at CIBC
As a CIBC client, you can check your credit score for free through your bank account.
However, you can only check your credit score on CIBC through the bank mobile app. The following are the steps on how to do so:
- Download the CIBC Mobile Banking App on Google Playstore of App Store
- Install and open the app
- Login to your CIBC account
- Click “free credit score” from the menu options
You will now see your credit score and credit report including factors that affect your score and what to do to get back on track.
Quarterly, CIBC will update your credit score and report areas that need improvement.
Why You Need to Know Your Credit Score
Your credit score and credit report is a reflection of your financial habits. It tells lenders more about you than your other personal information.
So knowing your credit score will help you improve your score and access the best deals from lenders on personal loans, lines of credit or mortgages.
Some financial products are exclusively available for people with good-excellent credit scores. You may be sidelined from these offers if you don’t know where you stand on the credit score scale.
Sometimes errors may appear in your credit file due to inaccurate reporting or even worse as a result of fraudulent activities. You may not be aware of these errors if you don’t check your credit score regularly.
Overall, monitoring your credit score and credit report is a good financial habit that will can you identify areas of improvement in your financial life.
How Can I Maintain a Good Credit Report?
If you already have a good credit score, congratulations! The following are ways you can maintain a good credit score in Canada.
- Avoid late payments on your dues
- Don’t exceed your credit limit
- Don’t over-utilize your credit (keep your utilization ratio below 30%)
- Avoid too many hard inquiries on your credit
- Don’t sign up for multiple credit cards
- Apply the recommendations of your credit bureau
Related: Ways to Improve your Credit Score fast!
Free Credit Score Checks in Canada
If you’re not satisfied with the CIBC credit score check, here are other options for free credit score checks in Canada.
Borrowell
In 2014, Borrowell emerged as the first Canadian company to provide access to free credit score services in the country.
Unlike CIBC’s credit score that’s updated quarterly, your credit score is updated weekly on Borrowell based on Equifax’s proprietary model.
Also, Borrowell offers access to financial products including banking, credit cards, mortgages, loans, and insurance products, recommended by their partners.
With an AI-powered credit coach, bill tracker and other unique features, Borrowell has the tools you need to build or rebuild your credit score fast.
Learn more: Borrowell Review
Credit Karma Canada
Credit Karma Canada is the extension of Credit Karma, a US-based personal finance company. It was introduced to Canada in 2016 to provide free credit score services to Canadians.
There are two major differences between Credit Karma Canada’s free credit score and CIBC’s free credit score.
First, Credit Karma Canada uses a TransUnion proprietary model while CIBC uses Equifax proprietary model.
Secondly, Credit Karma Canada updates your score weekly while CIBC updates your score quarterly.
With free educational resources on building credit scores and customized financial products, Credit Karma Canada may be your perfect option for a TransUnion credit check in Canada.
READ: Borrowell vs Credit Karma
Mogo
Mogo is a fintech company that has been in existence since 2003. The company also offers free Equifax credit scores and reports but updated monthly.
As a Mogo user, you can also access free identity fraud protection and other financial products like:
- Bitcoin trading
- Mortgages
- Personal loans
- Prepaid card
FAQs on CIBC credit score
Can I check my credit score through CIBC?
You can check your credit score through CIBC by downloading the CIBC Mobile Banking App. CIBC will ask you to provide your personal information which it will use to pull your credit score from Equifax without any impact on your score.
The downside of checking your credit score through CIBC is that your score will be updated every three months. You can get a weekly or monthly update of your credit score through Borrowell, Credit Karma or Mogo.
What credit bureau does CIBC use?
CIBC uses Equifax, one of the largest credit bureaus worldwide.
Is CIBC’s credit score accurate?
The CIBC credit score is accurate based on the Equifax proprietary model. However, the credit score may not be the same as other credit bureaus and it will likely be different from the ones used by lenders.
What credit score is needed for a CIBC credit card?
You will need a good credit score to qualify for most CIBC credit cards. Per Equifax, a good credit score starts from 660. That said, you generally need a very good to excellent credit score (725+) to qualify for the best rates on loans.
Final Thoughts on CIBC Credit Score
Checking your credit score can help you stay on track. But how often you check your credit score can determine the result you get.
The CIBC credit score is accurate just like other free credit score services such as Credit Karma Canada, Borrowell, and Mogo, or the ones provided by the other big banks.
Due to CIBC’s credit score quarterly report frequency, you may want to consider its alternatives if you’re looking for fast results.
All things being equal, you can’t make the wrong choice with the CIBC credit score or any of the above free credit score companies in Canada.
To get your credit scores from the other big Banks, check the links below:
- RBC Credit Score – Free TransUnion Credit Score and Credit Report
- Scotiabank Credit Score – TransUnion Credit Score Update
Related: How to Get Your Credit Score and Credit Report for Free in Canada
