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How to check credit score in RBC?

What is a credit score?

Your credit score indicates your capacity to borrow money and repay it properly, and it is a good indicator of your financial health. It’s one of the essential tools used by banks, credit card companies, and other financial institutions to assess if you’re eligible for credit.

Customers who use online banking at the Royal Bank of Canada (RBC) can get a free credit score check. In addition to the free credit report, you will also given access to a simulator that will show you how changes in your credit behavior may affect your credit score. It’s straightforward to check the report using internet banking. This article will walk you through every step of the procedure. Unlike other service providers, RBC does not damage your credit score when examining your credit report online. There is no limit to how many times you can look at the score. You can access it at any time via the RBC online banking website.

Steps to check your credit score

  • To access your RBC banking account, go to www.rbc.com and log in.
  • Scroll-down to My Services on the Accounts Summary Page.
  • Select View Your Credit Score from the drop-down menu. The Dashboard will get displayed.
  • The free credit report gets displayed on a dashboard that gets separated into four sections:

TransUnion Credit score

Your current credit score, which ranges from 300 to 900, gets displayed. Once a month, the score is updated.

Where you stand

This part depicted a graphic representation of your credit score. A percentage of the population also offered, indicating where you stand about your credit score.

My score history

It is a graph displaying the evolution of your credit over a year.

Score simulator

Simulates the impact of several variables on your credit score. Adding a new credit card, taking out a new loan, canceling an old credit card, and so on are all variables that can change.

How to get a free RBC Bank account?

You can get a basic banking account for 4 dollars per month if you are not an RBC customer and need an RBC Online Bank account to view your free credit report. To avoid paying this cost, you must join up for three additional products, including a credit card and an RRSP account. This account is also cost-free for seniors.

Reasons to monitor your credit score.

Here are some of the reasons why you should monitor your credit report:

  • Identity theft is all too rampant these days, and your credit record is often the first sign of trouble. Keep a watch on your credit report for any unidentified credit cards or loans that may have issued in your name.
  • Maintain a close eye on your credit score. Human errors might harm your credit score, such as failing to pay a bill because you moved and failed to update your address. Also, you may have signed up for online banking but stopped receiving the billing notification email.
  • You can strive to improve your credit score by reading your credit report. It will help you acquire better lending rates and acceptance for new credit cards in the future.
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