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TransUnion Canada offers credit report information and credit scores for Canadian consumers
From: TransUnion Canada
Credit Scoring 101
Don't worry, Credit Scoring 101 from TransUnion Canada doesn't require any prerequisite courses, but you'll want to be ready to learn about a few tricky algorithms and number crunching. Grab your #2 pencil and let's get started!
The credit scoring system used by TransUnion Canada became prevalent during the 1960's as a way for lenders to quickly evaluate a potential borrower's creditworthiness. The system was found to accurately predict financial risk over time and grew to several different industries. Now credit scoring is used by lenders, insurers, landlords, employers, and utility companies to evaluate your credit behaviour.
Thousands of different credit scoring formulas exist today for various evaluation purposes. Each unique credit scoring system is accurate and correct for its own application. The credit scores you can order online from Trans Union Canada use an algorithm created for Canadian consumers that approximates these different formulas. Your online credit score in Canada may vary a bit from the score your lender uses, but they should be in the same range.
The basic credit scoring formula takes into account several factors from your credit profile. The impact of each element fluctuates based your own credit profile:
* Payment history - A good record of on-time payments will help boost your credit score in Canada.
* Outstanding debt - Balances above 50 percent of your credit limits will harm your credit. Aim for balances under 30 percent.
* Credit account history - An established credit history makes you a less risky borrower. Think twice before closing old accounts before a loan application.
* Recent inquiries - When a lender or business checks your credit, it causes a hard inquiry to your credit file. Apply for new credit in moderation.
* Types of credit - A healthy credit profile has a balanced mix of credit accounts and loans.
Credit Scores from TransUnion Canada: Information you need to manage your credit score
When you are preparing for a major purchase make sure you check your credit profile and credit score from TransUnionCanada. Looking at your credit profile and credit score a few months before your loan application will help you get a complete picture of your credit health. Worried if your credit score makes the grade? If your credit score is above 650 you will probably qualify for a standard loan. Under 650, you may have trouble receiving new credit.
If your credit score is a little low, pay your bills on time, reduce your debt, remove inaccuracies and avoid new inquiries for a few months to give it a boost. Plus, don't forget that your credit score is not the only factor a lender may look at when they are evaluating your financial standing.
When looking for credit reports and credit score information from the TransUnion Canada website, it amazing how many different ways Canadians spell their various search terms. We've included many common misspellings, in order to help all web surfers find exactly what they are seeking on the Internet. Here are some of the ways TransUnion Canada is often misspelled: TransUion, Trans Union Canada, TrasnUnion Canada, www.transunioncanada.com, ransUnion, TransUnio, TarnsUnion, TransUnoin, TrannsUnion, Tran Union, Tras Unions, Trabs Onion Canada, Travs Ynoin Canada,TansUnion, TransUnoni, TransUnon, TransUnin, Trans canda, Union caanada, Nion caanda, Transnion canadas, trasuoin canadad, TranzUnion canad, Tranz, Trand anada, Traans kanada, Yrans caanada, Rrans canadda, Teans canadaa TransUion, www.transunion.ca, transunioncanada and Trans Canada credit web site.
But no matter how you spell it, TransUnion Canada is ready to provide all Canadians with the credit information they need to make good credit decisions.
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