RBC introduces free credit scores and first digital simulator in Canada to help Canadians understand their credit.
RBC collaborated with TransUnion to introduce CreditView Dashboard to all online banking clients. With CreditVeiw, you will see what credit products you have on file, your credit score, and even a digital simulator to help you understand how credit works. You can simulate financial scenarios and by entering a few numbers and details the credit score is recalculated based on this. CreditView Dashboard helps you check your credit score regularly as the system updates monthly based on credit activity without any negative impact on your score. The digital simulator allows you to create different credit scenarios using your actual credit history, and understand potential impact to your score. All of the information is quickly and easily available in a customized dashboard, just clicks away from your account.
What is a Credit Score?
Credit scores are calculated using a formula based on a number of factors including the type and how much available credit you have, the amount you owe, how many products you have and payment behavior. Your credit score can range from 300 – 900 – 900 being the highest/most favourable score. Credit scores are one of the factors considered by lenders in deciding whether or not to extend credit to you and if so, how much and at what rate. Access to your credit score through the CreditView Dashboard is a snapshot of your finances – a physical assessment of your financial health for informational purposes, but not a credit approval.
Want to know what you can afford, click on the link below and complete your personal affordability calculator:
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