Credit Verify is a credit monitoring and identity theft protection service in Canada. It is powered by TransUnion.
The past few years have seen several major data breaches that have exposed the personal credit, social security numbers, bank accounts and other identifying information of millions of people in North America.
Two recent examples are the Equifax and Capital One data breaches, and there are several more.
These incidents have led to an increase in demand for credit monitoring and identity theft services.
Credit Monitoring and Identity Theft Protection Canada
Credit monitoring can help you keep track of your credit score and reports, alert you to potential fraud, and help rebuild your credit if you fall victim.
Canadians have two main options for controlling their credit.
Option 1:
The credit reporting agencies Equifax and TransUnion are required to provide you with a free copy of your credit report each year upon request. You can review this free credit report for errors or suspicious entries.
In addition to reviewing your report, you can also get your free credit score and use both to manually gauge whether someone has stolen and taken advantage of your credit profile.
option 2
You can automate the credit monitoring process by subscribing to a service that provides daily monitoring of your credit file (24 hours a day, 7 days a week).
It will cost you a monthly fee, but you can rest easy knowing you'll be notified if criminals steal your information and try to use it for fraudulent purposes.
Who is Credit Verify?
Credit Verify offers credit reports, credit scores and credit monitoring services in all provinces except Quebec. They are owned by Credique LLC, located in California, USA.
In addition to its core offering, Credit Verify provides resources to help customers improve their credit scores, a real-time credit score simulator, access to credit cards, loans, debt help and rewards.
How does it work?
To subscribe to this credit monitoring service, you must be of the age of majority in your region, ie at least 18-19 years old.
After the 7-day trial, a monthly subscription fee of $19.95 is charged if you choose to continue.
What do you get?
A credit check subscription gives you the following benefits:
- A daily credit monitoring service that puts you in the driver's seat. This service is promoted by
- TransUnion Credit Bureau
- Unlimited access to your credit report and score
- Notifications when there are changes to your report
- Debt and Credit Analysis Resources
- Real time credit score simulator
Is credit monitoring worth it?
It is important to monitor your credit for irregularities or fraudulent activity. Whether you do it manually by requesting your free credit report and credit score on a routine basis, or opt for an automated 24/7 service, it's definitely important that you stay alert at all times.
The sooner you realize you are at risk, the easier it will be to limit the potential damage that can occur.
If you don't know that your identity has been compromised, a hacker or fraudster can set up financial accounts in your name, open bank accounts, apply for a credit card, or buy a car.
Does credit monitoring guarantee you won't get scammed?
No, it doesn't necessarily stop someone from trying to scam you or impersonate you.
What it does is warn you so you can take immediate action to prevent or limit the damage. For example, you can ask the credit bureaus to freeze your credit (US). In Canada, you can place a possible fraud alert on your consumer credit file.
