Credit reporting and scores unfortunately are not an exact science. Each credit agency may have variations in the methods they use to determine your credit score. In Canada there are two major credit reporting agencies; Equifax and TransUnion.

Understanding Credit

Credit Breakdown

Typically most banks will look at both credit reports when considering a mortgage application. Third party companies such as Credit Karma, Borrowell, and the banks have made these scores available to their customers and gather the information from these two agencies. To get the most accurate and up-to-date information it is best to request your own credit score as third party companies only receive monthly updates and do not offer a breakdown of your report.

Have you paid your bills on time? And if not, how late were you, when were you late and how often?

How much do you owe on each account, and how much of your credit limit have you used?

How long have you had each account?

How many credit requests have you made and how many reports have been pulled on you.

What kind of debts do you have?

Credit Score

Credit scores may range from 300-900. It is important to know your credit score and the role that it plays when making a major purchase or financial decision. This is why it is best to speak with a broker and ensure you are in the best possible position, so if any issues arise, we can address them. Credit can be a sensitive topic and your information it kept confidential.

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