Free TransUnion credit score report from Tangerine | Page 3 | Tangerine Bank | Discussion forum

COIN said
What are the benefits of a high credit score?  

Simple, the higher one's credit score is, his credit worthiness increases, which means a lower risk of default for lenders/landlords etc.

cgouimet: For what it's worth, the only actual credit score I've been given was 875, with no indication which service reported that to the credit card agent who mentioned it. It was the only time I've ever requested a credit card limit increase ($1.5K=>$3K), and I'd been declined because my earned income was too low. I mailed them a "sanitized" (parts obscured) copy of a statement showing a GIC just under the CDIC limit, and they immediately approved the increase.

In the reports I've received by mail over the years, the only items listed were for my credit card and phone service payments. Never a mention of inquiries, despite my opening relationships with new financial institutions.

In general, I find Trans-Union provides helpful, cheery client services. Equifax, by comparison, tends to be surly, suspicious and nit-picky.

COIN: Insurers actively give poorer deals to poorer clients. CBC Marketplace investigated this when the insurers started demanding client income details a few years ago. They justified it by saying that poor people are less responsible and less likely to look after their properties. Basically, it's a pile-on targeting people with few options.

Norman1: Insurance vendors have always stressed that coverage begins the moment the first payment is accepted, even if it's a cheque that's not been cashed yet. Anyone able to confirm that's still the case?

Let's face it, folks, insurers are in the business of legalized profiling discrimination. We in BC had a unique, wonderful auto liability system that covered everyone (so there was no cherry-picking of clients) and rated people by accident and infraction history rather than profiling. They could do the rating because, as a universal insurer, they had everyone's data.

Sadly, the government (from the same party that initially introduced the system) stopped that and switched to a no-fault profiled system. About a decade ago, an attempt do that was averted by popular protest, but not this time. The main reason was to stop lawyers from taking so much money off lawsuits, they claimed, but there's no reason why switching to no-fault would also switch the rating method. It was just a convenient cover story for the elimination of pain, suffering and loss of enjoyment of life benefits, and the drastic reduction of injury benefits, under the BS name of "enhanced care."
RetirEd

iotama said

This is great, thanks! So Tang is apparently accessing it via their own backend and not requiring the user to actively go to TransUnion. Will activate my page soon then! Nice.

I asked because I remember BMO redirected me to TransUnion's website requiring additional hoops (it was some time ago, may be they too have changed that behaviour since.)  

Kinda like Credit Karma except that Karma seems to be up to a week behind.

RetirEd said
…
Norman1: Insurance vendors have always stressed that coverage begins the moment the first payment is accepted, even if it's a cheque that's not been cashed yet. Anyone able to confirm that's still the case?

That's not true. It depends on the policy. Contract is formed when consideration is exchanged. But, the insurance contract can allow for cancellation of coverage and refund of premiums later. For example, life insurance policies commonly have an exclusion for suicide deaths during the first years of the policy.

Let's face it, folks, insurers are in the business of legalized profiling discrimination. …

It is legal if there is objective evidence to back up the criteria used. Women live longer than men. So, it is legal to charge women more for a life annuity than men. Male drivers under 25 have a lot more at-fault car accidents. So, it is legal to charge them more for car insurance.

COIN said
Is it true that when you now apply for a job some employers are asking for your credit score, medical record and/or police reference check?

Not necessarily when you apply. But, when they issue the job offer.

In one offer I received, consent was requested for a background investigation company to investigate my credit history, verify the claimed past employment and education on my resume, and do a criminal record background check. No access to medical records was requested.

COIN said

They also ask for the credit score when one deposits money with them. Would an institution decline someone's deposit if their credit score is too low (in their mind)?  

I have never heard or experienced such a behaviour on the part of a bank. Deposits they love, it's money for them. Lending is where the risk lies for them. So, CC, auto loan, mortgage, etc.., this is when they need to reassure themselves the borrower won't default. Don't forget, they ask many questions on an application about your income, job, property. After all that, they do a credit check, so pretty inquisitive.

COIN said
That is a pretty through due diligence. Did you at least have to undergo a medical exam? In one case our company had to reject an otherwise successful applicant because he failed the psych exam.

No, no medical exam and no psychological exam requested.

I think lots of employers are doing some extra checking now. I read in the news about many cases of applicants misrepresenting their experience and education. So-and-so degree from Harvard! But, it turns out the applicant only took a few non-credit courses there.

As well, if people can counterfeit bank drafts and currency, then it isn't that much more effort to produce a counterfeit diploma.