Royal Bank of Canada is the largest bank in Canada and it is a financial service company that offers its services at a multinational. It has its corporate headquarters stationed in Toronto and its head office in Montreal. Let’s learn ‘What Credit Bureau Does RBC Use?’.
What Credit Bureau Does RBC Use?
The Royal Bank of Canada or RBC uses TransUnion as its credit analyzing Credit Bureau. It is a given in Canada that each time you apply for a credit product in Canada the lender in this case the Royal Bank of Canada will check your credit history and determine a credit score before lending you the money.
You need to know the credit bureau your lender uses so that you can “stack” your credit churning appropriately. Before applying for a loan, you have to make sure that all of your credit reports are flawless and free of any mistakes so that it is easier to go through your reports and pass the loan for which you have applied. Read on to know more about the basics of a credit score.
TransUnion as a Credit Bureau
TransUnion is an agency that reports credits, the main function of these agencies are to research and collect information based upon an individual’s credit system so that they can make decisions about extending or granting loans to a particular individual. Having done thorough research on every individual the Credit Bureau gives a Credit Score to each individual that acts as a parameter for mortgage institutions to judge if the loan applied for by the individual should be passed or not. The services they offer are very user-friendly and easily accessible, if you are stuck and need any kind of help you may simply visit their website and you will help in some way or the other regarding your queries or may find a resolution to your issues.
A Good Credit Score
Credit bureaus carry out extensive research when investigating your credit history, the primary source of their information comes from data providers like creditors, debtors, debt collection agencies, vendors, or other public offices that have your record like court offices.
In addition to this, they also extend their research to more comprehensive sources of information like going through your telephone bills, utility bills, rent, and other taxation papers. The credit score that is calculated ranges somewhere between 300 to 900 and a good credit score is usually said to be any number above 700.
How to Maintain a Good Credit Score?
All your personal and account information and credit reports should be the same only barring the credit inquiries on each report.These credit inquiries are divided into two parts: soft and hard credit inquiries.
Soft inquiries do not affect your credit score as they are simply an inquiry of the credit file on your behalf.
A hard inquiry is one where you request a credit product where you are judged on your lending decisions. A lower hard credit score has a higher chance of lowering your total credit score. It must be noted that the Royal Bank of Canada allows you to check your credit score on your own before you apply for a credit product or any kind of loan.
Advantages of Royal Bank of Canada’s Credit Score Option
If you log in through TransUnion’s Credit view Dashboard you are free to access your credit score page along with the credit simulator Tool which you can use to run a search as many times you want to be given you are an account holder at RBC.
The credit score simulator tool also allows you to run hypothetical searches without affecting your actual credit score. The software has been programmed keeping in mind the ease of the user even if you are not particularly used to working with technology. All you have to do is log in to your online banking page and accept the terms and conditions under the account summary page to access your credit simulator.
The national score comparison tool provided under this category helps you to get a general idea of your credit score in comparison to people across the country so that you can balance your borrowing accordingly and it also lets you know your competitiveness as a borrower. The software also keeps a record of the previous searches that you have and helps you analyze any increase and/or decrease in your credit score.
Conclusion
The Royal Bank of Canada is one of the most trusted institutions when it comes to saving or mortgaging and their credit policies further simplify the lending or borrowing process and the credit score provided by the credit bureau has a huge role to play here. Every time that you apply for a loan the RBC uses their credit bureau services to strategize their decision of sanctioning loans to their customers. You must make sure that you meet the eligibility of the bank.
Frequently Asked Questions:
- Is it possible to check your credit score through RBC’s mobile app?
Yes, you can easily log in and check your credit score through RBC’s mobile app.
- How accurate is RBC’s credit score?
RBC’s credit score is provided to us by TransUnion and hence is pretty legitimate and accurate.
