What is the Average Credit Score in Canada?

The average Canadian credit score was 760 in November 2024, according to FICO. But what does this number mean for you?

Canadian credit score averages

Different sources report different averages:

• FICO: 760 in 2024 (down 2 points from 2023)

• Borrowell: 672 in 2022 (based on 2 million members)

The difference likely comes from varied sample sizes and scoring models.

What your score means

Here's how scores break down:

• 300-574: Very Poor

• 575-659: Below Average/Poor

• 660-712: Average/Fair

• 713-740: Good/Very Good

• 741-900: Excellent/Exceptional

Scores by age

Credit scores typically improve with age:

• 18-25: 692

• 26-35: 697

• 36-45: 710

• 46-65: 718

• 65+: 750

This makes sense—older folks have had more time to build credit history.

Scores by province

Some provincial averages from 2022:

• BC: 694 (Vancouver: 705)

• Ontario: 686 (Toronto: 696)

• Quebec: 678 (Montreal: 687)

• Alberta: 658 (Calgary: 667)

• Manitoba: 661

• Saskatchewan: 658

• Nova Scotia: 664

• New Brunswick: 649

How do you compare?

If your score is above average, you're likely managing your finances well and can access the best credit cards and loan terms.

If your score is below average, you might be new to Canada or have faced financial challenges. This could make getting credit harder. Consider reviewing your credit report and taking steps to improve your score.

Building credit with KOHO

If you're working on improving your score, KOHO's Credit Building feature can help:

• KOHO reports your payments to credit bureaus

• You can't overspend since it's not a traditional credit card

• The app helps you track spending and pay bills on time

• No credit check needed to start

Checking your score

You can get your free credit report from KOHO. Remember, a credit report isn't the same as your three-digit score.

For your actual score:

• Equifax offers free scores with an online account

• TransUnion provides free scores only to Quebec residents

• Services like Borrowell and ClearScore offer access to bureau scores

• Some banks provide free scores to their customers

How often to check?

At minimum, check yearly. If you're trying to improve your score or recover from fraud, check more often. Free services like KOHO update weekly.

Improving your score

To boost your score:

• Pay all bills on time

• Keep debt low

• Build credit history

• Maintain a mix of credit types

• Limit hard credit inquiries

If you're struggling, consider getting help from a credit counselling service. They can help you manage debt and work toward a healthier credit score.