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Your Source for Canadian Credit Scores, Information and Services
Credit Scores in Canada are critical when Canadian bankers evaluate your mortgage or loan applications
Most Canadians know their phone number, address number, even Social Insurance Number (SIN), but have no clue about the most important numbers assigned them in Canada – your FICO Beacon Credit Scores.
“My what?!? Credit Scores? What's that?” you might ask if you're like most Canadians. Credit report scores, long hidden from consumers, but absolutely critical to lenders in Canada, basically sums up all the different factors that make up your individual credit history, and assigns you numbers.
When you apply for a loan for a home, a car or other major purchase, the lender will approve your loan and determine the interest rate you receive based upon several factors including your credit scores. There are many types of credit scores, however credit scores used most by Canadian lenders is the FICO scores. The FICO scores, developed by Fair, Isaac and Company, Inc. is a number between 300 and 900 that lenders in Canada and the U.S. use to determine your credit ratings. The higher your credit scores the more likely you are to be approved for loans and receive favourable rates because you are viewed as a better credit risk.
Score Power from Equifax Canada is one Canadian online service that offers you access to your FICO credit score. Score Power provides your FICO score, the Equifax Credit Report that credit scores are based on, and a full explanation of your credit scores with tips on how to improve it over time.
Now smart Canadians get credit scores information from both leading Canadian credit bureaus: Equifax Canada and TransUnion Canada. Each has their own reporting systems, so buying your credit history online from both bureaus is a small investment to discover how these Canadian credit agencies are reporting your credit history to the banks, credit unions and credit card companies. It also gives you the opportunity to correct any errors before applying for a loan, mortgage or credit card. These same credit scores are available in the other official language Francais: Equifax Services Consommateurs au Canada and Trans Union du Canada, Inc.
Credit Report Scores makes the difference in Canada when bankers review your Canadian mortgage or loan requests
Your Canadian credit scores are an important indicator of your creditworthiness. In general, the higher your score, the lower the probability that you will become delinquent on credit extended to you. And while many lenders in Canada use bureau scores to help them make lending decisions, each lender will base its decision on more than just the score. Canadian lenders use your credit scores to determine if you are a good candidate for credit and likely to pay your bills. In the event of bankruptcy, it will also help them determine what type of repayment plan is best for you.
Because your Canadian credit report is updated every day, FICO bureau scores are recalculated continuously. So your credit scores from a month ago are probably not the same credit numbers today. It is probably worth checking at least once a year, or certainly before you make any major loan application ... so that you know exactly what the banks know and thing about your credit. It can help you negotiate a much better interest rate, saving you thousands of dollars.
We Recommend these Canadian Credit Scores Products
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Equifax
Consumer Services Canada
Score PowerTM
Credit Scores. See the credit scores used by most Canadian lenders (banks, creditunions and creditcard companies, plus a copy of your Canadian credit report - online today for just $21.95!
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Equifax
Services Consommateurs Au Canada
Pointage de crédit Score PowerMD. Voyez le dossier de crédit utilisé par la plupart des prêteurs et un exemplaire de votre dossier de crédit - en ligne, dès aujourd'hui! Juste 21,95$ |
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