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Free TransUnion credit score report from Tangerine
August 5, 2023
7:57 pm
BlueSky
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Dean said
In theory, it should be the same ... but maybe Not.

    Dean

  

Trans Union credit score reports are the same on different sites, simply because the file they have on the person is the same one.

August 5, 2023
8:02 pm
BlueSky
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COIN said
What are the benefits of a high credit score?  

Simple, the higher one's credit score is, his credit worthiness increases, which means a lower risk of default for lenders/landlords etc.

August 5, 2023
9:17 pm
Norman1
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It's not strictly true that a higher credit score means higher credit worthiness.

The scores are used to place the borrower in a category. The category then determines the credit worthiness. These are the categories for the TransUnion CreditVision credit scores:

300-574 Poor
575-649 Fair
650-719 Good
720-779 Very Good
780-900 Excellent

There's no statistical significance, for example, between someone with a TransUnion CreditVision score of 783 and one with a score of 850. Both scores are considered to be "Excellent" and treated the same by lenders.

This previous post describes how lenders view the scores:

Norman1 said

In MortgageBrokerNews.ca: Brokers sound off on new credit score, a mortgage broker shares what really happens:

However, the negative impacts [of the upgrade to BEACON 9.0] will outweigh the positives, according to [mortgage broker Ron] Butler.

“I think we should all realize once a score goes past 760 no one cares, the insurers, the lenders and the background investors do not care,” he wrote. “But if a score goes below 700 or 680 it may be a very big deal to mortgage brokers; it may lose access to certain rates under 700 and under 680 totally changes the debt ratio calculations.”

August 5, 2023
11:24 pm
RetirEd
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cgouimet: For what it's worth, the only actual credit score I've been given was 875, with no indication which service reported that to the credit card agent who mentioned it. It was the only time I've ever requested a credit card limit increase ($1.5K=>$3K), and I'd been declined because my earned income was too low. I mailed them a "sanitized" (parts obscured) copy of a statement showing a GIC just under the CDIC limit, and they immediately approved the increase.

In the reports I've received by mail over the years, the only items listed were for my credit card and phone service payments. Never a mention of inquiries, despite my opening relationships with new financial institutions.

In general, I find Trans-Union provides helpful, cheery client services. Equifax, by comparison, tends to be surly, suspicious and nit-picky.

COIN: Insurers actively give poorer deals to poorer clients. CBC Marketplace investigated this when the insurers started demanding client income details a few years ago. They justified it by saying that poor people are less responsible and less likely to look after their properties. Basically, it's a pile-on targeting people with few options.

Norman1: Insurance vendors have always stressed that coverage begins the moment the first payment is accepted, even if it's a cheque that's not been cashed yet. Anyone able to confirm that's still the case?

Let's face it, folks, insurers are in the business of legalized profiling discrimination. We in BC had a unique, wonderful auto liability system that covered everyone (so there was no cherry-picking of clients) and rated people by accident and infraction history rather than profiling. They could do the rating because, as a universal insurer, they had everyone's data.

Sadly, the government (from the same party that initially introduced the system) stopped that and switched to a no-fault profiled system. About a decade ago, an attempt do that was averted by popular protest, but not this time. The main reason was to stop lawyers from taking so much money off lawsuits, they claimed, but there's no reason why switching to no-fault would also switch the rating method. It was just a convenient cover story for the elimination of pain, suffering and loss of enjoyment of life benefits, and the drastic reduction of injury benefits, under the BS name of "enhanced care."
RetirEd

RetirEd

August 6, 2023
4:12 am
iotama
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BlueSky said

You will remain on your online banking site. They linked it in such a way that will integrate the credit score/report onto the online banking platform. It appears as if the FIs want to offer this functionality on their online banking.  

This is great, thanks! So Tang is apparently accessing it via their own backend and not requiring the user to actively go to TransUnion. Will activate my page soon then! Nice. sf-smile

I asked because I remember BMO redirected me to TransUnion's website requiring additional hoops (it was some time ago, may be they too have changed that behaviour since.)

August 6, 2023
5:20 am
cgouimet
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iotama said

This is great, thanks! So Tang is apparently accessing it via their own backend and not requiring the user to actively go to TransUnion. Will activate my page soon then! Nice. sf-smile

I asked because I remember BMO redirected me to TransUnion's website requiring additional hoops (it was some time ago, may be they too have changed that behaviour since.)  

Kinda like Credit Karma except that Karma seems to be up to a week behind.

CGO
August 6, 2023
7:14 am
COIN
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BlueSky said

Simple, the higher one's credit score is, his credit worthiness increases, which means a lower risk of default for lenders/landlords etc.  

They also ask for the credit score when one deposits money with them. Would an institution decline someone's deposit if their credit score is too low (in their mind)?

August 6, 2023
7:49 am
Norman1
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RetirEd said

Norman1: Insurance vendors have always stressed that coverage begins the moment the first payment is accepted, even if it's a cheque that's not been cashed yet. Anyone able to confirm that's still the case?

That's not true. It depends on the policy. Contract is formed when consideration is exchanged. But, the insurance contract can allow for cancellation of coverage and refund of premiums later. For example, life insurance policies commonly have an exclusion for suicide deaths during the first years of the policy.

Let's face it, folks, insurers are in the business of legalized profiling discrimination. …

It is legal if there is objective evidence to back up the criteria used. Women live longer than men. So, it is legal to charge women more for a life annuity than men. Male drivers under 25 have a lot more at-fault car accidents. So, it is legal to charge them more for car insurance.

August 6, 2023
11:50 am
COIN
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Is it true that when you now apply for a job some employers are asking for your credit score, medical record and/or police reference check?

August 6, 2023
12:05 pm
Norman1
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COIN said
Is it true that when you now apply for a job some employers are asking for your credit score, medical record and/or police reference check?

Not necessarily when you apply. But, when they issue the job offer.

In one offer I received, consent was requested for a background investigation company to investigate my credit history, verify the claimed past employment and education on my resume, and do a criminal record background check. No access to medical records was requested.

August 6, 2023
5:10 pm
COIN
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Norman1 said

COIN said
Is it true that when you now apply for a job some employers are asking for your credit score, medical record and/or police reference check?

Not necessarily when you apply. But, when they issue the job offer.

In one offer I received, consent was requested for a background investigation company to investigate my credit history, verify the claimed past employment and education on my resume, and do a criminal record background check. No access to medical records was requested.  

That is a pretty through due diligence. Did you at least have to undergo a medical exam? In one case our company had to reject an otherwise successful applicant because he failed the psych exam.

August 6, 2023
5:30 pm
BlueSky
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COIN said

They also ask for the credit score when one deposits money with them. Would an institution decline someone's deposit if their credit score is too low (in their mind)?  

I have never heard or experienced such a behaviour on the part of a bank. Deposits they love, it's money for them. Lending is where the risk lies for them. So, CC, auto loan, mortgage, etc.., this is when they need to reassure themselves the borrower won't default. Don't forget, they ask many questions on an application about your income, job, property. After all that, they do a credit check, so pretty inquisitive.

August 6, 2023
5:36 pm
BlueSky
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COIN said
Is it true that when you now apply for a job some employers are asking for your credit score, medical record and/or police reference check?  

This is pretty rare, for privacy laws reasons. Most employers won't ask for consent, however, certain employers hiring for top positions, perhaps sensitive in nature, might ask for it.

August 6, 2023
7:32 pm
Norman1
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COIN said
That is a pretty through due diligence. Did you at least have to undergo a medical exam? In one case our company had to reject an otherwise successful applicant because he failed the psych exam.

No, no medical exam and no psychological exam requested.

I think lots of employers are doing some extra checking now. I read in the news about many cases of applicants misrepresenting their experience and education. So-and-so degree from Harvard! But, it turns out the applicant only took a few non-credit courses there.

As well, if people can counterfeit bank drafts and currency, then it isn't that much more effort to produce a counterfeit diploma. sf-frown

August 7, 2023
7:11 am
COIN
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We're getting a bit off topic but I found this using a very quick BING search.

https://www.adzuna.com.au/blog/companies-check-send-medical/

October 25, 2024
2:41 pm
hwyc
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hwyc said
I don't have a Tangerine MC and I see a rabbit hole on the menu. See my screenshot.

Capture-Tangerine-Credit-Score.JPG

From inside Tangerine, I am increasingly seeing links lead to outside Tangerine. They are building the pipelines to interconnect and to share information in the name of progress.  

One year later ... TD also joining. Today I noticed the menu item on TD app to access to TU credit score. It may well be the norm already.

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