BMO Credit Score: How to Get Your Credit Score For Free Through Your BMO Bank Account

By Maude Gauthier | Published on 20 Feb 2024

Credit score , Free Credit Score

Table of Contents

The Bank of Montreal (BMO) is one of the main Canadian banking institutions. They offer a full line of essential services for Canadians, including loans, credit cards, mortgages, and other credit products. BMO offers free credit scores to their clients through TransUnion. To obtain your credit score with BMO, open the BMO mobile app, tap on More found in Your Settings, then click on My Credit Score.

What you can do with CreditView

CreditView allows you to understand the factors affecting your credit score. You get tips on how to improve it, which gives you greater control over your credit score in the future. There’s no impact on your credit score and it’s a free service.

Get your credit score

With CreditView, there are easy-to-understand visuals that display your score. You can see what’s affecting your score and the changes over time. It can be humbling to see how far you have come or how far you need to go.

Score simulator

If you’re looking to get another credit card or want to pay off the balance of your current card, the score simulator allows you to see how this will affect your credit score. The simulator will show you how your score will be affected before you commit to paying down your card or applying for another one.

Credit report

You get a detailed report of your past credit history and any borrowing activity in Canada. This includes a list of your active accounts, your payment history, and the past credit checks on your account. This is an excellent time to spot if something seems unusual.

Credit education

BMO also gives you information on how to get a better credit score. Remember: financial literacy, like knowing how to manage money can only benefit you. BMO offers helpful insight on credit, lending, and general financial habits that will improve your credit.

Signing up for your free credit score with BMO

If you’re banking with BMO and have already set up your online banking, it’s quick and easy to get your free credit score. You can look at CreditView anytime you log in, at no cost. You can do it online or from the mobile app.

Online banking

Signing up for your free credit score on BMO is a three-strp process.

Sign in to your online banking
Click “My Profile & eDocuments”
In the left menu, click on “My Credit Score”

BMO mobile app

For this you will need the BMO app. Once you sign up, it is another easy three-step process.

Open the app
Tap on the More menu that you find in Your Settings
Click on My Credit Score

Why you should know your credit score

Your credit score is important as it makes an impact on the kinds of loans, credit cards, insurance you can get. More importantly, it can affect if a landlord or a potential employer accept your application.

If you’re thinking of applying for credit products like a mortgage, loan, or credit card, you want to know where you stand. A credit score below 600 is considered weak. If your credit is higher than 660, you should expect lower interest rates and the ability to obtain the best credit options.

When you use the BMO free credit score service through TransUnion, it’s going to be a soft credit check. This means it’s not going to impact your credit score. The free credit score product offered by BMO is called CreditView. Not only do you get a free credit score, there are also tips on how you can improve your credit. You can improve your financial health because you can see what exactly is affecting your score.

If your score is low, say between 300 and 600, you may want to consider waiting to apply for a loan until it’s improved. You can build your credit score by using secured, prepaid or guaranteed credit cards like KOHO or Neo. Other things that can improve your credit score is not closing any of your credit cards, and paying your credit cards on time. Through BMO and the CreditView service they offer, you’ll receive valuable insights on how you can improve your credit. Even if you’re not planning to borrow money right away, you can work towards getting a higher credit score.

Maude Gauthier

Maude Gauthier is a journalist for Hardbacon. Since completing her Ph.D. in communications at University of Montreal, she has been writing about finance, insurance and credit cards for companies like Fonds FMOQ and Code F. As a responsible user of credit cards, she can spend hours reading the fine print to fully understand their benefits. Because of their simplicity, she developed a preference for cash back cards. After suffering steep increases with her former insurer, she can now proudly say that she saved hundreds of dollars by shopping around for her auto and home insurance. In her free time, she reads novels and enjoys streaming popular shows (and possibly less popular shows, like animal documentaries).