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Credit Score in Canada critical number when Canadian lenders evaluate your mortgage or loan application
Most Canadians know their phone number, address number, even Social Insurance Number (SIN), but have no clue about the most important number assigned them in Canada – your Credit Score.
“My what?!? Credit Score? What's that?” you might ask if you're like most Canadians. This credit report score, 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 a number.
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 score. There are many types of credit scores, however the credit score used most by Canadian lenders is the FICO score. The FICO score, 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 rating. The higher your credit score 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 the credit score is based on, and a full explanation of your credit score with tips on how to improve it over time.
Now smart Canadians get credit score 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 Score makes the difference in Canada when lenders review your Canadian mortgage or loan
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Your Canadian credit score is an important indicator of your creditworthiness. In general, the higher your credit number, 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 score 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, your FICO bureau score is recalculated continuously. So your credit score from a month ago is probably not the same score today. It is probably worth checking with both Canadian credit agenicies 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 2 Canadian Credit Score Products - Buy Both Today!
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Equifax
Consumer Services Canada
Score PowerTM
Credit Score. See the credit score used by most lenders, plus a copy of your Canadian credit report - online today! 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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