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.
Credit score is a measure of a person’s creditworthiness. It is used to decide whether or not to offer you a loan. A credit score is calculated by taking into account your credit history, your current use of your credit, and the terms of the loan you are applying for.
TransUnion as a Credit Bureau
TransUnion is an agency that reports credits, which is the main function of these agencies. They 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. The Credit Bureau gives each individual a Credit Score, which is 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 use a variety of sources to compile their credit reports, including data from creditors, debtors, debt collection agencies, vendors, or other public offices that have your record like court offices. This data can help credit bureaus identify any potential problems with your credit history and provide you with advice on how to improve your credit score.
The credit score that is calculated ranges somewhere between 300 and 900 and a good credit score is usually said to be any number above 700.
How to Maintain a Good Credit Score?
Your personal and account information should be the same, barring any credit inquiries on your reports. These inquiries are divided into two categories: soft and hard inquiries. ..
Your credit score is not affected by soft inquiries. Soft inquiries are simply an inquiry of your credit file on your behalf.
A credit product with a lower hard credit score has a higher chance of lowering your total credit score.
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 and the credit simulator tool. You can also use this tool to run a search as many times as you want.
The credit score simulator tool 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 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. Their credit policies 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. ..
RBC’s mobile app makes it easy to check your credit score. ..
RBC’s credit score is provided to us by TransUnion and is thus pretty accurate and legitimate.
