Equifax, TransUnion, Credit Karma, Borrowell: Should you trust your credit score? (Marketplace)

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It's easier than ever to check your credit score online but is there a catch? We ask three people to check their scores on Credit Karma, TransUnion, Equifax, and Borrowell. The results might surprise you.
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10 окт 2019

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Комментарии : 1,2 тыс.

@kuwait85 4 года назад

At least borrowell actually stood in front of a camera and answered questions

@90deltaderivatives35 4 года назад

kuwait85 Underrated comment. Takes a lot to do that people don’t realize.

@froesesp 4 года назад

@@90deltaderivatives35 Yes, except he was full of sh*#.

@RealityHurts923 4 года назад

Except he didn’t really answer anything

@ratcamp 4 года назад

Only reason that Rat CEO took the interview was for free advertising due to the fact they are the most unknown of all credit bureau's.

@MelvinJ64 4 года назад

I bet he ended up wishing he didn't. Looked like he was sweating in his pants trying to come up with legit reasons why his website's credit scores are absolutely useless and false.

@princeataya4167 4 года назад

I respect Borrowell CEO for been a man enough to come on camera and answer questions. Kudos sir. 👍🏿👍🏿👍🏿👌🏿🙏🏿

@gkrishnan4829 4 года назад

But he said all the time transparent but never gave any information.

@bananaparty928 3 года назад

Credit bureaus such as Equifax and TransUnion in Canada should be subject to more coherent and exhaustive legislative and regulatory scrutiny. In my opinion.

@np494609 4 года назад

Lol no surprise here the whole credit system is a scam

@SHUJINCELL 4 года назад

💯

@michaelbell3952 4 года назад

Intrest is the basic scam

@chasingsunsets87 4 года назад

Thank you!

@enjoythedreamlife5658 4 года назад

How that when you dont even know or understand your score. Borrowell is for people mainly bad credit, like yourself. Dont pay your bills on time, borrow too much, max out your credit card limits all affect your score. Not complicated, Read up on the 5 C's of credit. Before you make a dumb statement know what you are talking about

@kennyshapiro3833 4 года назад

@@michaelbell3952 child support is debtors prison

@PapaAndrea 3 года назад

Finally an insight of how credit scores work . I’ve been saying it all along , why 4 different credit companies always have different scores . Excellent programming ...keep up the good work !!

@seriousshenanigans7609 4 года назад

CBC at it again! Busting the tough questions. Credit scores need to be standardized and fully transparent to the consumer.

@1982blvd 4 года назад

Well done CBC. This video clearly shows that a standardized formula should be enforced towards these "educational" organizations that are currently providing their own version of credit score. In fact, it should be made illegal to be called "credit score" since it's misleading and inaccurate for consumers. This secret Beacon score that they speak of should be made available to the public and not just businesses can see.

@setinthestones 4 года назад

I think the only beneficial thing to pulling your own credit report on any of these consumer sites is making sure your credit information is accurate. In addition to the score, these reports will tell you how many open credit accounts you have, which is important to check from time to time to ensure no one has stolen your identity and opening credit in your name.

@Shonti25 4 года назад

Aliyah Shannelle agreed👐🏿

@caracrabtree715 4 года назад

A huge scam that should not be allowed to have so much control over our lives

@yugiohpokemon5285 4 года назад

Hows it a scam? Sounds like you have bad credit.

@seanwatts392 4 года назад

@@yugiohpokemon5285 right. I'm 26. I have 11 credit cards with a total of 80k in credit limit. I make 30k a year and I'm debt free. I only charge what I normally would on a few credit cards and pay it back on full each month. I never paid intrest in my 8 years Uru credit cards. Now if I need to leverage my credit to start a business and make money in the best position.

@infini.tesimo 4 года назад

No it's, you sound like you've been hurt by your scores and therefore couldn't get a rate on anything. These are useful in being able to determine if you're a liability or an asset to anyone lending or letting you use a service or product.

@akatobi2002 4 года назад

Nah it's a scam. People who know how to game the system can win. But if you want to live a life with zero credit, you're heavily penalized. You can pay off a credit card and your score goes down. It means very little.

@CalvinHodgson 4 года назад

@@akatobi2002 for most people, a single credit card that is always paid off in full gives them an average score. Which is fine because do they really need a perfect score? Not unless they are getting loans. A zero credit score puts a lot of people on edge as you seem risky. If I were a landlord I would be too. Who knows what type of income they make or job history they have.

@nibblesd.biscuits4270 4 года назад

When that Borrowell guy said "well we're using it" I laughed out loud.

@G0ZERIAN 4 года назад

lol same!

@sarahj6795 5 месяцев назад

Totally, I lost it!

@benl6328 4 года назад

Okay now I got it. It's just a scam to give you credit cards and high interest loans.

@kdilli6426 4 года назад

Long story short: Pay your bills, and stop worrying so much about a made up number.

@codycast 4 года назад

K Dilli totally. I don’t give two craps about my #. If I borrow money I pay it back as promised. Period

@codygallope9310 4 года назад

Just a made up number that controls your entire life 😂😂 okay financial ghandi, your wisdom is unmatched. I’ll stick to paying off my bills strategically so I can actually buy a house or get a business loan and you can just keep handing money away on your newest loan with a. 28% interest rate 😂

@Mhel2023 4 года назад

Exactly...pay your bills on time, pay your credit card balance in full every month, don't max out your cards, don't be asking for new credit every 5 minutes and you'll be fine. I love Credit Karma. I find their articles and the scores they show me very informative. But that's all those sites are...general information.

@kdilli6426 4 года назад

@JOHN Q PUBLIC Oh my god... I know what a freaking credit score is. Hence why I said pay your bills! You're score shouldn't be a concern if you are doing this regularly. I am saying there is a lot you don't know about your score. What you think is your score may not be. Hence, don't stress over it. Get it?

@ZygimantasA 4 года назад

Long story short? I had 2 entires of default made on my credit file from companies that I had no dealings with. No worrying you say? I only found about it when I applied for a loan at my bank.

@tonycow4238 4 года назад

I stopped caring about my credit score after a 4 year period of my life ware my score fell 200 points all the while I payed off a mortgage, car, doubled my income, and never had a late payment for anything. Its just a scam.

@lgee9027 4 года назад

Tony cow exactly!!! I paid my student loans to ZERO and my score dropped

@MichalCanecky 4 года назад

You two have high credit utilization, that's why your scores dropped.

@lgee9027 4 года назад

Michal C no I dont have a mortgage or car loan paid my car off🤷🏽‍♀️ bought a cash house.

@Tigerkem 4 года назад

Closing an account of an installment loan, especially early temporarily drops your credit score. It affects your # of open accounts, credit diversification and your credit utilization.

@Sesamestreet9080 4 года назад

You score can drop because closing credit cards or borrowing to much money available to you which can seem as a risk

@Phlegethon 4 года назад

If you’re just an independent landlord you have all the discretion to take whatever score

@user-zd9fc4vs4q 4 года назад

Pick 1 report & use it as a standard, that's the best. If you take varying reports, a lower quality tenant might appear to be of higher quality. I would just stick with CreditKarma since it's the most widespread & has the most consumer trust, just tell them to make an account & you might end up helping them improve their score in the future too.

@highstreetkillers4377 4 года назад

Landlords want welfare bums. I almost had to quit my job to get an apartment. Making 80k a year is no good

@leely577 3 года назад

@@highstreetkillers4377 that's because the more money you make, the less likely you are to borrow. Capitalism runs off of your need to borrow. It's how banks make billions

@kylejones4858 4 года назад

Credit scores are a total scam.

@yugiohpokemon5285 4 года назад

How so?

@Sean-mc4iq 4 года назад

@@yugiohpokemon5285 technically speaking yes the score you see is a number holding no value in the eyes of lenders... however, the credit report is what you pay for.

@tejano2828 4 года назад

@@yugiohpokemon5285 Prime example......pay something off 100% like a car and watch your score dip...why? so the bankers can reap the benefits of higher interest for a new loan....total scam.

@amjads5194 4 года назад

It is just a way to control citizens and dont ever let middle class and poor people to go up. Definitely more than just a scam

@amjads5194 4 года назад

@@yugiohpokemon5285 I think I can help u understand. Try to pull your report from all credit companies. If ur information isnt correct in all three n again u r giving your own personal data to these companies to update it but why ?? If these companies are not in sync and dont share data then that means there are chances you might get accepted or reject for certain loan if bank pulls the credit report from a company which is showing a lower score which is unfair on you. This is all crap system.

@TheAbsoluteZ33RO 4 года назад

Thank you CBC. I was literally on the phone with Equifax cancelling my monthly membership because of this!

@NicholasLittlejohn 4 года назад

👏🏼👏🏼👏🏼

@johnmoney7626 4 года назад

How was canceling it? Did you have any trouble?

@Livetoeat171 3 года назад

I thought Equifax was a free company as well as the other ones that you could just call up and find out your credit score. I didn't know you had to have a membership

@amosrivera13 4 года назад

“I’m going in blind. That’s the game plan” yep he’s going places

@bluestonemetallic7 4 года назад

I don’t think that individual is gonna qualify for that “high-end” vehicle with “low-end” job. Make no mistake....lenders look at the complete picture....not just the credit score factor (however, it does play a major role) during decision making process from the lenders.

@EverydayVlogable 4 года назад

Places?! The universe is our playground

@GeneralChangFromDanang 4 года назад

Well seeing as I somehow already have a 700 credit score after going through a foreclosure this year, I don't really trust mine.

@ToddStafford 4 года назад

A good credit score is NOT a sign of winning. You could a million dollars in the bank and it’ll have no impact on your credit score.

@SakuraaaHarmony 4 года назад

Todd Stafford right! But, a good credit score does show that you’re able to pay back money you owe.

@highstreetkillers4377 4 года назад

My mom had a high credit score, they lend her $80 000 when she's a waitress making minimum wage. BS! She never had a chance of paying that off. Meanwhile I have skills and make that in a year and my score wucks. I don't care though. Cash talks better than a score

@dominicbelleyweb 4 года назад

Credit score .. a rating of your ability to incur a debt !! Nice.

@roxcyn 4 года назад

Yeah, it's a debt score

@geromegeronimo8312 4 года назад

you have to get debt to get more debt.

@Vrin137 3 года назад

Slave system

@wileecoyote5749 3 года назад

And end up with a home. Not bad

@MrGameboy12367 4 года назад

Good for Borrowell for doing an interview and answering questions

@cityhawk 3 года назад

He answered nothing. Just danced around the questions providing little to no transparency into what factors into your score. When asked about the 200 point discrepancy between his company and Beacon, he didn’t provide an answer there either. He was useless to listen to.

@ttowen02271 4 года назад

Crystal looking like she wanna cry all the time

@slav7221 4 года назад

Hasheem K 😅😅😅

@MrMlbfan6 4 года назад

I would too with that score

@infini.tesimo 4 года назад

Debt does that

@stereomaster4231 4 года назад

she has the Droopy Dog face

@jraqa2593 4 года назад

😭😂😂

@matildamaher2650 4 года назад

At 43, never owned a credit card, I only use my debit card once when I get my wages, rest transactions are done by cash.

@whardisty 4 года назад

Just finished deactivating my CreditKarma profile, thanks for information CBC 👌

@dividedshark7511 4 года назад

Dave Ramsey has been saying for decades that credit scores are a scam.

@davidpepiton1187 4 года назад

Amen!

@mysunnysunshiine 4 года назад

Dave Ramsey works wonders!

@nicolejennings8389 4 года назад

Not when you are suddenly without a job and need your credit line to use.

@mysunnysunshiine 4 года назад

If you're saving money the way you're supposed to, you wouldnt need the use of a credit line and would have 3 to 4 months worth of expenses saved for situations like this til you find another job.

@x0Kamix0x 4 года назад

To be fair, with identity theft on the rise, it's actually a good thing to have at least an indicator just in case someone is screwing with your credit. Credit bureaus are also notoriously incompetent in keeping their records on people straight. Through these tools I was actually able to find out that they accidentally put my sister's student debt under my credit report. Took me months to get it corrected.

@MichelBonin 4 года назад

Based on my own score tracking, my Borrowell score uses Equifax as their source (this is stated on the text shown in one of the CBC video frames). Strangely, neither the CBC presenter brought this up nor did the CEO of Borrowell who did not ,mention that his company uses Equifax as its source. My own credit score tracked for free through my ScotiaBank account uses Trans-Union as their source.

@maxbee6648 Год назад

I use bmo app to check my score and I recently checked it in credit karma app which were both the same exact number, in the other hand Borrowell showed my credit score 140 points lower than bmo and credit karma

@emilybusby6922 3 года назад

That lady in the middle is SALTY about that kid’s 811 score. Hahahahaha.

@tnt01 3 года назад

Lol

@cityhawk 3 года назад

So would I.

@Soundsliketara 4 года назад

19% interest and an 811 credit score?? I can get that with my 550 lol

@bluewaters3100 4 года назад

What card gives you 19% with 550? I want to get that card.

@Thegoatt84 4 года назад

@@bluewaters3100 capital one.

@robertupchurch9728 4 года назад

@@bluewaters3100 I got connected to Gibbs, thinking I would get ripped the same way Lexington Law and Actify Solutions ripped me off , but to my biggest surprise on a beautiful shinning Monday morning the credit repair specialist at 'Gibbs@creditpatchup.com' texted me and told me to check my credit , signing in on IdentiyIQ was my most happiest moment of my life... 21 INQUIRIES GONE , 19 COLLECTIONS and others I now have CREDIT SCORE of 790+ , thanks guys 🤗 ....

@Zoki4444 4 года назад

I checked my credit score last month. It was 768. I borrowed $500. Now it's 716. Thanks, TransUnion.

@j887276 2 года назад

Never had a credit score until I went to buy my home, even though I had cash and a good job no debt was told I needed to get more credit aka debt. Went out and 1 credit card and a personal loan. Then I qualified for a mortgage. After that I paid everything off except the mortgage, and haven't worried about my credit score since. Life's great being debt free and just a mortgage. I highly recommend it for normal people who just want to own a home and pay cash for everything else 😁. Credit score is just a way of judging people of who is good at being in debt and KEEPING THEM IN DEBT.

@justangvano 4 года назад

I've always wondered how credit scores work. It seems strange that a couple of companies hold all this power over our credit scores.

@az956 4 года назад

So, why are we not able to have access to our Beacon score information as it’s obviously the main player in determining our credit standing?

@Kabaselefh 4 года назад

That’s their ways of manipulating and exploiting us

@zepher664 4 года назад

Each type of score is for a different purpose, and there's nothing that requires a credit reporting agency to disclose how they rate your credit trustworthiness in each situation. It's quite a different thing to find out if you're trustworthy enough to pay your bills on time then it is to find out if you are trustworthy enough to take on a 25-year long mortgage.

@dwightstjohn6927 4 года назад

Banks have black lists, though you're not going to find that out either.

@zepher664 4 года назад

@@dwightstjohn6927 you realize this is Canada right? Opening a bank account here is not the hassle it is in the states. Besides, credit reporting agencies use information from all kinds of creditors. You sound like you're trying to push a conspiracy theory, like the banks are all out to get you.

@dustinjames1268 4 года назад

In the US you could In canada we lack the consumer protections laws

@Raju Год назад

Great job, CBC team. These are the videos we want to watch on RU-vid.

@xLeafs2012x 3 года назад

I can respect borrowell for showing up and answering these questions at least

@maxad1148 4 года назад

So there’s no universal credit score, it’s substantially different depending who you ask, and our beacon score is actually what is taken into account when applying for something but we’re not able to see it or know what it is? This was helpful, but it has just left me more confused lol

@antikommunistischaktion 4 года назад

Yeah you all are getting screwed. In the US we can actually see that "Beacon" score (as Marketplace points out it's called Fico here) for free in a lot of cases. I have two credit cards that give me free access to at least my Transunion Fico score, I have an account with Experian that gives me my Experian Fico for free, and I can just pay Experian for my Equifax Fico when I need to see it.

@maxad1148 4 года назад

Ryan Cavitt it’s strange how according to this video, here in Canada we use Transunion as well, but even that isn’t very accurate.

@donnakennedy430 4 года назад

Even in America it's confusing. We had our Fico score change because of how often one bank hit it while we were in the process of getting a mortgage with them.

@joepotentier 4 года назад

“Educational” like you can use it to track a general trend in your credit. Doesn’t mean it’s useless.

@magellanmax 3 года назад

True.

@Sam081590 3 года назад

Yes, it's true your beacon score may well be different from the credit scores from various sources, but the value these credit reports bring is that you get to know if there are any issues/discrepancies with your credit you maybe weren't aware of. If there are, you can identify them and advise your lender before you get the loan.

@alextheresias3045 4 года назад

Great job with the video!!!! Keep’em coming… thanks!

@Imagineitwrite123 4 года назад

When I went in for a car loan credit Karma had me 30 points lower than what the dealership said I was at. I dont believe any of it.

@LOSANGELES3 4 года назад

- AKOB it literally says on credit karma that it’s a projected score not an accurate score

@Soundsliketara 4 года назад

Credit karma doesn’t check all the bureaus that’s the problem that’s why it’s free

@CLARKakaSIX 4 года назад

Also, Credit Karma (at least for Transunion score) uses Vantagescore scoring, when pretty much every lender goes off FICO scores.

@KOLAkola 4 года назад

- Mikhail right karma is vantage score the dealership goes by your fico auto score

@n_u001 4 года назад

you can't even freeze your credit here in Canada, its a joke.

@lamasbelladelmundo 4 года назад

what do you mean "freeze"you credit?

@Samsung03 4 года назад

Consumer alert

@mphomolapo1562 4 года назад

@@carrickdubya4765 No, you're right. Honestly, I've often heard of divorcees and teens/young adults from abusive families freezing their credit. *EVERYONE SHOULD CONSIDER USING IT THOUGH!* Esp. when cleaning up their debt (imo) 🤷🏽‍♀

@Mhel2023 4 года назад

I froze everything. Even the lesser known bureaus like Innovis and ChexSystems. It sure puts the brakes on applying for anything and everything on a whim. It forces me to consider my choices. I got hit with about a dozen rejection letters in rapid succession from cc companies a couple years ago. I was excited about it because that told me the freeze was working. My score was unaffected. If I want a cc, I apply online. Call that bank's customer service and ask what bureau they pull. Then, unfreeze while they're on the phone. They pull, give me my approval then I freeze it again.

@yugiohpokemon5285 4 года назад

Considering he owns a business as well as i do. His credit goes doen when you borrow money to supoort the business and then goes up when its paid off.

@Srashid143 4 года назад

I ❤ Market Place! Thanks for working us.

@mstie1003 3 года назад

Interesting! I still think "credit score" is one of the greatest scams and discriminators of our time! When I paid off all my debt, my score went down significantly. Money in the bank, cash flowing paid for rental houses but nope, banks do not like that. No wonder the system went upside down! Really wanted to emote bad records and inquiries off my credit repott i came across 850creditrestoration🎡net just recently after i've been using Lexington Law for over two years, I'm glad i have a clean profile No.

@preranachakrabarti2021 3 года назад

My credit score was in tatters back in 2015 after I moved abroad to work.Both the electric company and internet provider kept charging me for another 6 months after moving out, and I stupidly left no contact info for them.I remember calling the internet provider and even physically going to their site to drop off their equipment. They knew full well my rent contract was finished and I was leaving the country. I also contacted the electric company and made sure they knew my rental contract was finished.I didn't even bother checking my credit score or even getting a credit card for a couple years, since I could afford everything with cash and I wasn't very knowledgeable about any of that. One day, I check my experian because I figured it was time to start being an adult, and find I have 2 collections on file lol.Long story short, it was a nightmare to dispute the collections across multiple credit report files and rebuild my credit. but all thanks goes to Alex of 850CREDITRESTORATION🟡NET best recommendations for any issue relating to credit repairs

@srinidhimoily3672 3 года назад

Thank you for the great advice and I love your energy! Yes, since pandemic actually made me slow down from working so much and focus more on my persona business. My credit is terrible due to personal situations and neglecting my bills to help my daughter pay for law school. It is my turn! I have been three credit cards and have one more to pay. I have a collections for a medical bill and I am grateful that you mentioned to give them a call and ask for a deletion letter. My main problem are the student loans. The pandemic saved me from having my check garnished from student loans. Long story cut short, 850CREDITRESTORATION🟡NET came to my rescue when needed, I saw some reviews from some women about them online and I went straight to their website to make a request, I'm glad I did cus they delivered at speculated time and all derogatory items in my reports was removed permanently, I am sitting on the 800 score today, thanks guys

@preranachakrabarti2021 3 года назад

That invisible credit problem was what I ran into when I tried to buy my first car. Partner that with a parent with zero financial knowledge (who had to co-sign the loan so I could get the car) and I walked away with the worst ever in history interest rate on a junk car from some sketchy dealership. I basically bought 1 1/2 cars buy the time I paid off the car, I was in the dumps via credit, owed $44k in card debts and 97k in student loans and really couldn’t afford anymore Tried Lexington law a while back and that was just a mistake My cousin referred me to *850CREDITRESTORATION🟢NET* I’m intrigued by their honesty and service

@sylwiasiemek4612 3 года назад

Interesting! I still think "credit score" is one of the greatest scams and discriminators of our time! When I paid off all my debt, my score went down significantly. Money in the bank, cash flowing paid for rental houses but nope, banks do not like that. No wonder the system went upside down! Really wanted to emote bad records and inquiries off my credit repott i came across 850creditrestoration🟡net just recently after i've been using Lexington Law for over two years, I'm glad i have a clean profile No

@shadesofdreams5957 4 года назад

Very useful video..CBC good job and appreciate it.

@TheMIghtyElmo 4 года назад

Lol the vast majority of credit cards have the same interest rate I don't even know why that was included in this video. Lines of credit and mortgages would be different for them likely.

@mk71618 4 года назад

Yeah, I found that part kind of pointless too. Interest rates across CCs don't vary a whole lot, from the most basic cards that are easiest to get to the ones that have the highest income/score/limit requirements.. Not including some types of specialized cards and the most prestigious invite-only ones.

@acreageliving 4 года назад

they included that part to show you how these credit report companies are taking advantage of you, its not free, they are there to sell you a loan to make money, not give you a free report. In the end, they want your money. After signing up to borrowell, i know get fairstone loan offers in my home mail box almost every other week

@duck5336 4 года назад

Too many factors go into a real “Good” credit score. Credit history, credit age, how many accounts you have open, number of hard inquiries on your score. You could have a 720 credit score, but if you have less than seven years of credit history, you may aswell have a 620, because those are the interest rates you’ll most likely be aligned with having less than 7 years of credit. If you dedicated your life to having perfect credit, you’ll be broke, and likely have a negative net worth.

@CalvinHodgson 4 года назад

At one point in my life I had 1 single card with a year of history. A hard pull score showed I had about 734 if I remember. An average score is just that, some credit history but no delinquencies and on time payments. Anyone in a 600 range with 5 years of history must miss payments or have many hard pulls.

@jrgordon47 4 года назад

In the US each reporting company, by law, must on request, give you a free report. Interesting note...Credit reporting companies and card issuers have stated that they feel people have scores that are TO HIGH...and they do their best to knock your score down... How you might ask...By cancelling cards you don't use or don't use often enough...according to them...they will cancel your card and your score goes down...Why, because the "Forgot" to state reason... . So, anytime you cancel a card or a card is canceled due to lack of use make sure the correct reason is listed...These companies state up front...They only report what they're told...they don't investigate, therefore they're not responsible for what they report.

@adavidtoremember Год назад

Never heard of Borrowell but when I bought my car the TransUnion report that the dealership used was actually up more than what I went in with on my Credit Karma. I guess since I'm in the US I can do the FICO score but that's a $40/month thing here.

@anewleafdavid 4 года назад

The different credit scores could be due to different credit accounts reporting to one and not another.

@stevescott8884 4 года назад

David Tran if you’re a Canadian, this is a must watch! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-NPax7r7Kv2c.html

@pmc_ 4 года назад

Also, FICO vs VantageScore (at least in the US, that's the majority of the difference between scores from different sites)

@wellyeah26 4 года назад

So what's being done about it?

@rotary65 4 года назад

Interesting fact. Borrowell states in their app that the score is provided by Equifax, while Credit Karma states theirs is from TransUnion. I also did see the credit request I made get reflected in the Credit Karma (TransUnion sourced) score and detailed breakdown. So there is a linkage and the scores reflect reality. It good to know that they are not the same as those provided to lenders, however. This also changes the value proposition for using these services. They help you manage your rating to some degree, but only so far as good financial practices and being able to see indidivual detailed credit information will take you. I enjoyed this episode and found it useful.

@angellarussell196 3 года назад

This isn't complicated. Each credit reporting company uses its own score. In Canada, the most commonly used credit reporting company is Equifax - which uses the Beacon score. The catch: Banks may run this, but often they will use the information to run their own internal algorithm to come up with their own number that may take into account things such as investments that the credit reporting agencies do not know or track. Borrowell pulls from Equifax so you can expect similar scores and trends. Credit Karma pulls from Transunion so you can expect similar scores and trends. Some of the differences in the scores may be the result of small differences in reported information - especially when the variance is large.

@GarryReyom 4 года назад

If there were such a thing as a Debit Score, then nobody would focus on being in debt all the time and the business model of the banks would crumble.

@christiantamme8514 4 года назад

Here in the US we got the big three Experian , TransUnion, and Equifax and based on the region you live in determines which one of these bureaus will be the most updated and better one to use for you. Experian handles the West Coast, TransUnion the Midwest, and Equifax primarily on the east coast! I didn't know this either until a few months ago!

@mytravls 4 года назад

Christian Tamme 🙏 I know it now.

@sherylcrowe3255 4 года назад

Excellent reporting. Thank you

@TDPEquinox 4 года назад

This isn't exactly a secret. What those public scores can help you do is not only track to make sure what you're doing is having a positive affect (An increase on the public one is also an increase on the Beacon Score, just maybe not 1:1), but also monitor for sharp drops. Sharp drops can be an early sign of identity theft, and knowing about it as early as possible is absolutely a good thing.

@jy60517 4 года назад

The borrower is slave to the lender . Pay with cash only borrow money for a house 15 year mortgage.

@TheDopedealer718 4 года назад

josh y....or you can just pay in though your card and then pay you bills in full 😂.

@KOLAkola 4 года назад

josh y yeah ok😂😂😂

@mysunnysunshiine 4 года назад

Sounds like someone listens to good ol Dave Ramsey! 👍👍👍👍🙋‍♀️

@usaimon 4 года назад

The reason why I quit borrowing. Work hard save money. Dont pay old debts. Start fresh. These companies rip everyone off.

@stevescott8884 4 года назад

U S if you’re a Canadian, this is a must watch! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-NPax7r7Kv2c.html

@jessikapiche6097 4 года назад

@@stevescott8884 your link don't work, it says private video...

@IppiopaidFEEDBACK 3 года назад

When I lived in Canada for a little while, I had a Canadian credit card and a 856 Canadian credit score (according to my Canadian credit card company that gave out a free credit score). When I move back to the states, I couldn’t even get a credit card because I have no credit history. After four months of being denied, I told operator I have excellent credit in Canada and I’m not even Canadian! She said they can run a Canadian credit check on me and in three days I had a $10,000 USD credit card. Apparently you could use your credit score in different countries, which works out great for students that study abroad.

@deadliza2034 3 года назад

Excellent Report . . everyone should see this . . I thought I was well versed on credit and I learned some new things.

@user-wj9xq7ig2v 4 года назад

Credit score sure but your total debt to service ratio is also important. You won't get approved for a 2 million dollar mortgage making 50k a yr even with an 850.

@willisgaines6882 4 года назад

So it’s a scam like everything else in the monetary system. 😮

@RichAction 4 года назад

This was an excellent article I'm going to do a review of this video on my channel

@kiko7696 3 года назад

I worked for a bank for 5 years and I can attest that experian, equifax and transunion are the ones bank relies on for credit reports.

@pierre-carllabrecque328 4 года назад

I tried to apply for a credit card, never did before, and got denied each and everytimes I tried, I resulted paying 300$ to capital one to obtain one just to make my credit name,

@King_Neptune 4 года назад

Lisa Guerrero would have confronted them

@shadowspire 4 года назад

Personally I care about my Credit, I get my scores from Transunion, Fico, Equifax and Credit Karma. they vary by a few points in difference, while credit karma does seem to be lower on average. It makes borrowing much easier and cheaper should i ever need money but i try to pay off my loans ahead of time. Also in my city Credit is a must even to just rent most landlords ask for your Fico Score to even be considered for a lease, of course there are many other variables but most consider you depending on your score. The majority of banks use Fico, and TransUnion i got my my car loan at 2% and use my actual cash for other thing i need.

@dreamdiscounts 4 года назад

I have never heard of Borrowell. There are different scores from different companies. But the three main agencies (Equifax, Experian and TransUnion) have FICO scores that most lenders check. There are also non-FICO scores that lenders don't use so you are good as long as you have three FICO scores. Credit Karma gives you access to Equifax + TransUnion scores. To get your Experian score you can sign up and download the app and check your score that way. Your credit report is more important than your score anyways. This whole segment did not even cover the basics that you can research in an hour.

@paullap1356 4 года назад

Variables!! Gone are the days of getting dressed up in your best clothes and going to the local bank and getting a loan based on your (and your family's) reputation. Just like different lenders would, or wouldn't, lend money based on what they personally know about you, the formulas used by lenders now show them what THEY want to see. example: a high unused balance may be good on paper (the score you see) but bad in practice (a bank may not want a liability of an unused balance on their books, or worse if you all of a sudden max out and can't pay). Do what's right for you but pay on time, and don't borrow to live. AND never close your oldest credit card.

@Undecided_ 4 года назад

I thought this was literally common sense??? You look at ur credit score to see if its dropping or rising, to see outstanding loans and to improve your own score, while the actual credit rating was internal

@navinbishnath5435 4 года назад

I'm glad that Market place looked into credit scores. .....

@lindaburger2695 3 года назад

you need to check for inaccuracies too. I found one on transunion that was keeping my score low, but I had paid off the bills.

@roxcyn 4 года назад

Borrowell, can USA people use it?

@Leonhart11 4 года назад

I remember when I first migrated to Canada this was one of the new things to me cause back where I came from we use cash all the time. I applied for a credit card at a bank and they denied me one due to not having a credit history and Im like what is credit history, what is that? Lol

@lucasj7577 4 года назад

I use the Experian app as it actually uses the Fico scores. there are 3 companies but more than one score that lenders of different types may use. Like Fico 8, 2, 4 that mimic what companies use to secure.

@BrilliantDesignOnline 4 года назад

Hmmm....Thanks CBC...Credit scores are just shenanigans; glad you are producing the truth against this scam. Oh, did I read the CBC fine print? This video production is for ACTUAL educational purposes. Excellent work, Asha Tomlinson! A reasonably large business owner I know has a low credit score because she pays her bills on time and is not in debt.

@benl6328 4 года назад

There are over 100 points difference between credit score companies... great who do I believe.

@brrberrymerry 4 года назад

Props to Borrowell for showing up.

@cityhawk 3 года назад

They did nothing and deserve nothing.

@meurielification 3 года назад

Informative, thank you.

@komyn27 4 года назад

My credit card companies actually all offer monthly credit report updates. I just checked, and all the monthly scores are exactly the same, including the score history. They're all pulling the FICO score directly. I never thought the US would have a leg up on Canada here, of all places.

@SouthernBelleReviews 4 года назад

Credit scores are a scam. I have excellent financial reliability but because of an issue with the electric company, even though all my debts are paid off, my score is still stuck at 580 and will not move up even after 2 years. I need a score of 620 to buy a home and my family is homeless. But nobody cares because i have "bad credit". I've reported to credit karma the issue and they still won't do jack squat about it eben when the issue is completely wrong. Shame on you TransUnion and Credit Karma.

@Whynotcreate 4 года назад

@omegasend 4 года назад

The main banks use either TU or EF... and they have an internal score on their customers. That is for your mortgage purposes. As for your score, you must log into the TU or EF site. And point out the discrepancies you see and request an update fix. The system for fixing your errors is much harder than it should be but with proof and a legit email from the actual perpetrators then you can use your evidence to clear your name. Might stay on your credit report for 7 years though. Hope that helps.

@Jaegi_ 4 года назад

US FICO scores aren’t even that transparent, I got completely denied for loans with a score in the high 700s because the age of my credit wasn’t factored in well enough

@magellanmax 3 года назад

Rule of thumb in the finance/lending business, an applicant has to have a long track record of paying on time. Even if you just started rebuilding credit, any transactions that go as far back as 15 years will be looked into and any defaulted credit card loans, bankruptcies, repossessions, etc (even if they're no longer on your consumer credit report) will pop up when the bank looks at your credit history. Your Debt to Income Ratio plays big into it too. You could have one credit card with a $500 credit limit and get your scores to high 700s in a year but that doesn't mean you're a safe bet for a $10K loan. Paying on time every single month and waiting (time) is what will get financial entities competing for your business.

@fadingfrost2617 3 года назад

I have dedicated a lot of time, several months apart, into vehicle insurance coverage. I couldn't understand why mine had gone up so high, while having no infractions accidents and in the same vehicle... one thing I learned, after requesting my insurance history report (very interesting!) is my insurance company stated that a credit report can be used at any time, beneficial to me, or more commonly, costing me more. Catch is... that report can be used as such at anytime, for life. I had to right to ask for my credit to be reevaluated, once a year, I believe (?), which I did... but nothing reflected that. Considering I wasn't ever provided with any such reports.

@kellirichardson9882 3 года назад

The banks in Illinois in the United States only uses Experian Credit reporting agency. And those scores usually come back about 100 points lower than everyone else.

@joepotentier 4 года назад

The scores differ because the they are coming from completely different scoring systems. That wasn’t made very clear here..

@greenguy369 4 года назад

And comparing TransUnion and Equifax to CreditKarma and Borrowell makes little sense. The companies do different things.

@acreageliving 4 года назад

i thought it was pretty clear when they told us they are all using a slightly differwnt system. What else were they suppose to do? Draw a picture?

@deeproff1294 4 года назад

I LOVE CBC. Great information and reporting!

@Ahsao 4 года назад

I like credit karma bc I can regularly monitor what’s on my report, & if there is any disputable activity.

@jmackinjersey1 4 года назад

Also, as the guy from Borrowell said, there are different credit scoring systems, a mortgage broker looks at different things than a bank lending on a car, as well as a credit card company looks for different things, and so do property management companies. I've seen people qualify for a mortgage that couldn't get a car loan.

@TheIvanChoi 4 года назад

When I was working at home lender, they pull 3 credit scores(Equifax,Transunion,Experien) and use the middle score. These free sites just give you and idea of where you’re at but not accurate

@dr.winner2516 4 года назад

Experian exited Canada 11 years ago

@TCV12 4 года назад

Either abolish the credit scoring system or standardize the system and give us the damn number. I'm sick of it.

@fauxbro1983 4 года назад

Yoy can get your score from the 3 main credit bureaus.

@TCV12 4 года назад

@@fauxbro1983 I have, and evidently, none of them are even correct. Watch the report.

@Mhel2023 4 года назад

I don't think there IS any real score. It's merely a bunch of companies using their own made up formulas to calculate how you handle credit. Example: Trans Union may count bankruptcy as 10% of your score, while Experian would count it as 15%. Hence, the wildly differing results.

@jesseseguin 4 года назад

Credit score companies are a nightmare. Equifax/Transunion are similar scores for myself and my spouse. My Id was stollen in the Desjardins fiasco. Someone attempted to get loans all over and that was reflected on my credit report. Those inquiries were removed, I learned that a lot of things can impact your score. I signed up for a new cell company, after a month I switched due to the poor service, those 2 credit requests in such a short time can affect your score. One of my banks allows me to see my transunion score for free in their app. Most lenders, in my experience use Equifax.

@goldb0y6 4 года назад

The only reason why im subbed to cbc channel

@davidpepiton1187 4 года назад

Yall need Dave Ramsey!

@Vrin137 3 года назад

I was thinking the exact same thing!

@missbutterlie 4 года назад

This is great and all but they didnt tell me why i cant see my own credit score!!! Shouldnt we have that kind of information on hand for ourselves? why should a business check it and my score be affected?

@chrisgaddy8672 3 года назад

I've noticed huge discrepancies with my credit scores btw the 3 bureaus and the different Fico versions. Even tho they said my score is based off data from Experian. I'm confused on that part and how they calculate those numbers.

@hamzaminhas4350 4 года назад

One thing I've learned from marketplace is that the US has a way better law system than in canada. The lemon law, food packaging label law and now this credit score

@justinkeely9281 4 года назад

Equifax and transunion are actual credit reporting agencies. The other 2 are get info from the first 2.

@ramisjamali8706 4 года назад

And CBC couldn't get that simple info. Smh

@MB-hz7wm 3 года назад

Every time you check your credit (outside the 1 free check/yr), your score is lowered roughly 40 points. Never allow companies /car salesmen to check your credit until you’re absolutely sure about the purchase or loan amount. Car dealers have their own relationships with banks they’ve selected. Providing your score before you’ve negotiated anything diminishes your leverage. It should be the very last stage in any negotiation, not the first.