Your credit rating is a measure of your credit-worthiness or in other words, your record of borrowing and repayment. Without a credit rating, few institutions will lend you money.
Governed by provincial laws, the credit bureau – the clearing-house of information on consumers’ use of credit – provides a credit history, which is a list of facts about how you handle debt. This information is gathered from financial institutions, retailers and other lenders. Most of your credit information remains on your file for seven years. In addition to negative information, positive information is also reported on your file.
Not only does it help your credit rating, you also save valuable interest costs.
As a consumer, it’s your right to know your credit rating. Credit can be denied based on inaccurate or insufficient information. You may want to check your file if you aren’t sure of your credit rating, if you are refused credit or if you plan to apply for a large amount of credit such as a mortgage. You can get a copy of your credit report through one of the many credit bureaus across Canada for free or for a nominal charge.
Here are some guidelines:
Chances are you have a credit problem if you:
Here are some tips to help you recover:
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