Transunion Vs. Equifax: Why Is There a Difference in Your Credit Scores? + MORE Aug 24th

The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
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New Amex Offers for Dollarama - $5 statement credits or 500 bonus Membership Rewards PointsThanks to an early morning email from Rewards Canada contributor Jeff W. we have a  new Amex Offers offer to pass along on to you. This one is for shopping at Dollarama and doesn’t require a big spend so it should appeal to a lot of cardholders. There are two versions of the offer depending on the American Express card you have. If you have a Marriott Bonvoy American Express  like my wife and Jeff W have the offer is for a $5 statement credit when you spend $20 or more in one transaction. The credit can be earned twice per account. If you have a Membership Rewards earning card the offer is for 500 bonus Membership Rewards points when you spend $25 or more in one transaction. This points offer can also be earned twice. For me the points offer showed up in my account today for the American Express Cobalt Card and the  Platinum Card from American Express however did not see it on the American Express Gold Rewards card.The terms say it is limited to first 40,000 cards that register for the offer…

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In Canada, there are two credit bureaus that financial institutions use in the credit scoring process: Equifax and Transunion. But while the two companies serve a similar purpose, each one will give you a different credit score. In this article, I’ll explain why that is, and show you how you can get an updated credit score every month for free.
Transunion Vs. Equifax
When people obtain their credit score through Transunion and Equifax, they are often surprised to see a different credit score from each bureau. There are a number of reasons for this.
For starters, Equifax and Transunion have their own proprietary algorithms, with each one assigning a different weighting to the criteria included in your score. Also, not every financial institution reports to both Equifax and Transunion. Some credit grantors report to both, while others report to one and not the other.
Because the information being reported to each bureau varies, including when it is reported, the resulting credit scores won’t always be the same…

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