Is ClearScore accurate?

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ClearScore gives Canadians a clear view of their credit by sourcing data directly from TransUnion. This means you get up-to-date info refreshed weekly, ensuring you stay in tune with your credit status. Keep in mind, differences with Equifax or any errors can appear, so it’s wise to regularly monitor your credit. Reach out via phone, text, or live chat if you have any questions.

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Clearscore Accuracy Question

Is ClearScore accurate? I want to know if ClearScore provides accurate credit information. It’s important to trust the data I’m reviewing.

From: Anonymous Question
Location: Whitehorse, Yukon (YK)
Category: credit rebuilding

Clearscore Accuracy Answer

ClearScore offers reliable credit details for Canadians by accessing data straight from TransUnion, a key player in Canada’s credit scene. This link ensures your credit info is on point, as long as TransUnion’s records are accurate. Plus, ClearScore refreshes this info every week, so you’re in the loop with any credit twists or turns. But heads-up: if Equifax shows something different or there’s a hiccup in TransUnion’s records, it could pop up in ClearScore. That’s why keeping tabs on your credit and addressing any slip-ups is a smart move to keep your financial picture neat and tidy.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

ClearScore is not specifically covered in Canadian legislation regarding the accuracy of credit information; however, the accuracy of credit reporting is generally governed by the Bank Act and related regulations. According to the Bank Act, financial institutions are required to maintain accurate records, and Section 372 of the regulations mandates that all information must be collected and reported accurately. Thus, while ClearScore can provide useful credit information, its accuracy ultimately depends on the data provided to them by credit reporting agencies and financial institutions. It is advisable to cross-reference the information provided by ClearScore with other sources, especially if it influences important financial decisions related to your credit score.

From: OSB Helper

Related Questions to If Clearscore Is Accurate

Here are the top 5 most frequently asked questions related to the accuracy of ClearScore, tailored for the Canadian context:

1. Is ClearScore accurate?

ClearScore is generally considered accurate as it pulls data directly from TransUnion, one of the major credit reporting agencies in Canada[5].

2. Why does my ClearScore credit score differ from the credit score from the credit bureau?

The difference can be due to variations in score bands and categorization used by different credit reference agencies[2].

3. How do I correct wrong information on my ClearScore report?

You should contact the bank, lender, or credit card provider responsible for the error, or raise a dispute with TransUnion through ClearScore[3].

4. Does using ClearScore affect my credit score?

No, using ClearScore does not affect your credit score as it only performs a “soft credit check”[5].

5. What are the common errors I should look out for in my ClearScore report?

Common errors include missing accounts, incorrect or old addresses, out-of-date account balances, and accounts that you do not recognize, which could indicate fraud or identity theft[3].

If you have a question about debt see our debt questions or ask your own debt related question.

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