Credit Report

A Credit Report or file is created when you first borrow money or apply for credit. Each company or bank that lends you money or gives you credit will report information about your financial transactions you have with them to the Credit Reporting Agencies. Information includes such things as your credit limit, any outstanding balances and if you pay on time. If you have declared bankruptcy, had a bill sent to a collection agency, or have a financial judgment against you, these will also appear on your credit report.

What is a Credit Score?

A credit (beacon) score is a numeric value assigned by credit grantors to indicate how likely someone is to pay back a loan or credit card according to the repayment terms. A score uses your past credit history to help predict how you might manage credit in the future.

How Do I Get a Copy of My Credit Report?

It is recommended that you get your report from both of the largest Canadian credit reporting agencies to ensure accuracy.

Equifax Canada Inc. 1-800-465-7166

Trans Union of Canada 1-800-663-9980

You can also download a copy of a Request Form by checking out the following websites for Equifax and Trans Union.

Apply Now OR Contact Me for more information.

5 Impact Factors

Payment History - has the biggest impact. Paying debt on time, preferably in full whenever possible.

Credit balance - ideally outstanding balances should be below 75% of available credit limits. Never exceed limits.

Credit History - the length of time you've had a charge card the better. Minimum of 1 year but 2 years or more is better

Type of Credit - a mix of loans & charge cards is better than just charge card credit

Inquiries- the number of inquiries in the past year will affect the score.

Establishing Credit

1. Pay or settle all collections and judgments.

2. Have and use at least one Visa or Mastercard.

3. Always make payments before the due date.

4. Limit the amount of credit you ask for.

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