When will KOHO appear on my credit report?
You’ll see KOHO appear on your credit report in the month after your Credit Building registration. For example, if you registered at the beginning of December, you would see KOHO in your credit report in January.
💡 KOHO also has a Credit Report tool that shows your borrowing and payment history, giving you a daily look at how you’re doing and what you could do to improve your score. Members on the Everything plan, as well as those subscribed to Credit Building or Cover, can access their credit report at no cost!
Why is my monthly credit score different than another reporting service that I use?
Currently, KOHO’s Credit Building tool pulls your score directly from Equifax. The score may differ from what you’re seeing using other score reporting services because there are two major credit bureaus in Canada and these agencies may have different criteria for scoring your credit.
If your credit score is showing up differently with the same bureau, we suggest verifying your personal information associated with your Equifax account, like your First Name, Last Name, Date of Birth, Address, and Phone Number. Once you've made the necessary updates on Equifax, you should see the corrected information reflected in your credit report within 4–6 weeks.
You can reach out to Equifax directly by giving them a call at 1-800-465-7166, or you can also log into your account on Equifax's website.
Why is the credit score for credit report different than my monthly credit score?
Your credit report is updated daily and reflects the most current information on your credit history.
Since the credit score feature is updated monthly, there may be differences between the credit score shown in the feature and the one in your credit report.
Why did my credit score go down?
When you sign up, we open a new line of credit in your name. Opening a line of credit may make your score drop a little at first. No need to worry! Over time, a line of credit helps build a solid credit history, which may build your score over time, as long as you actively work on building your creditworthiness.
On-time payments play a major role in building a strong credit score. Make sure you have enough in your KOHO account to pay back any money you may have withdrawn. If you’ve missed any payments outside of KOHO (car, credit card, bills, etc.), tried to get access to a lot of credit in a short period of time, or defaulted on any loans or accounts, this can negatively impact your credit score.
Your credit score in KOHO is pulled directly from Equifax. If your credit score is showing up differently with the same bureau, we suggest verifying your personal information associated with your Equifax account, like your First Name, Last Name, Date of Birth, Address, and Phone Number. Once you've made the necessary updates on Equifax, you should see the corrected information reflected in your credit report within 4–6 weeks.
You can reach out to Equifax directly by giving them a call at 1-800-465-7166, or you can also log into your account on Equifax's website.