How Credit Scores Work in Canada and How to Improve Yours

How Credit Scores Work in Canada—and How to Improve Yours

For many Canadians, credit scores can feel confusing, intimidating, and difficult to understand. From conflicting scores and complicated credit reports to hard checks, utilization rates, and common myths, it can be challenging to know what actually affects your credit.

In this episode of FinTalk, host Monisha Sharma, Chief Revenue Officer at Fig, sits down with Tassie Milne, General Manager at ClearScore Canada, Simon Wyse, Chief Revenue Officer at Borrowell, and Julie Kuzmic, Head of Consumer Advocacy and Compliance at Equifax Canada, to explain how credit scores work, what lenders see, and how Canadians can build healthier credit habits.

Whether you are trying to improve your credit score, rebuild your credit history, prepare for a loan application, or simply understand what appears on your credit report, this conversation offers practical advice to help you take greater control of your financial profile.

In this episode, you’ll learn:

• What credit scores measure and what appears on your credit report.
• Why your score may vary between credit bureaus and financial apps.
• How payments, credit utilization, and account history affect your score.
• Why avoiding credit can make it harder for lenders to evaluate you.
• The difference between hard and soft credit checks. How to check, build, and improve your credit score for free.

Building strong credit is not about achieving a perfect number. It is about understanding how credit works, developing consistent financial habits, and creating a credit history that helps lenders better understand your ability to manage payments.

Subscribe to FinTalk for practical conversations that help you get financially fit with Fig.