Credit Monitoring Canada

Canadian credit watch services offered by reporting agencies are a great way to take control of your financial health. Keep your good credit rating safe from fraud by staying informed and getting instant credit alerts about your credit history,  credit score and suspicious changes to your financial accounts.

Credit Monitoring in Canada is one of those value-add services that enable you to instantly be notified about any changes to your credit report. Monitoring services are offered by credit reporting agencies and provide more comprehensive protection than your regular one-time credit reports. The monitoring service, unlike the consumer disclosures that are usually offer for free to Canadians, enables you to take a proactive approach to protection yourself from unauthorized activity on your accounts.

What is Credit Monitoring?

The word monitoring is defined as an action taken to observe and check the progress or quality of something over a period of time. It is an active and regular surveillance that is ON.  Likewise, Canadian credit watch services provide active surveillance to protect you from unauthorized changes to your credit history, and to alert you of any changes to your report. The constant 24/7 monitoring of your credit profile helps to alert you of any new credit applications, score changes, late payments and much more.

Credit monitoring is a valuable service that helps you to take control of your financial profile to detect and protect against fraud. Over the past 5 years, Canadians doing financial transactions online, including online banking and shopping has increases exponentially.  This increase has unfortunately lead to more and more people being scammed online. These unauthorized activities can wreak havoc on your credit score, history and can have a detrimental impact on your personal well-being. Canadian credit alert services offer a worry free way to protect yourself against the fraudsters and fight back against ID theft.

Advantages of Credit Monitoring Services

  • Unlimited online credit report access, 24/7
  • Comprehensive review of your credit profile and analysis of your credit score
  • Personalized credit and debt analysis helping you to improve and manage your financials
  • Access to a dedicated team of fraud specialist
  • Automatic notification of recent credit/loan applications
  • Opportunities to correct errors

Credit Monitoring Services are offered by many companies in both the US and Canada. However, Canadians looking for monitoring services should be aware that not every company offers monitoring services specifically for Canadians. The chart below outlines some of the popular and reputable companies. The level of service and each product feature will differ slightly.

Monitoring Services for Canadians – What to look for?

  • Look for a reputable company that provides high level of service, protection and is committed to keeping personal data safe and secure
  • A company that will provide ongoing monitoring of credit cards, loans, and social insurance number
  • Offers expert advice and help to clean up your credit profile
  • Providing continuous monitoring. Non-stop review of your credit profile and alerts you of changes

 Credit Monitoring Canada Reviews

Best Monitoring Services for Canadians
Services

TransUnion

Equifax

ProtectionPower

FreeCreditScore

Overview

Recommended
Best Value

High-cost

Low-Cost

Owned by Experian. No longer operates in Canada

Service Name

Credit Monitoring Unlimited

Equifax Complete Premier Plan

SpotMyID

Advantage

For Canadians?

Yes

Yes

Yes

Yes No

Credit Score

Yes, unlimited updates

Yes, every 3 months

No

Yes

Online Access

Yes (24/7)

Yes (24/7)

Yes

Yes

Auto Notification of Changes

Yes

Yes

No

No

Dedicated Support

Yes

Yes

Access to Canadian Member Support

No

Credit Alert – alerts when personal info is being used on internet

Yes

Yes

Yes

 N/A
Debt Analysis

Yes. Personalized. Progress tracking. Graphical credit trending reports

Yes. Personalized Reports.

Yes

N/A

Monthly Fee

$14.95 CDN

$19.95 CDN

$9.95 CDN

$14.95/month US

Rating 5 45 35 2
Website

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