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Credit Report Information

 

The personal Credit Report is the most valued information for financing purpose. All Banks, Credit Unions and Trust Companies will review your Credit Report before offering any type of loan. The Credit Rating agency’s, provide the lender with information on repayment history, payments in arrears, current balance and credit score. another name for a credit score is  “Beacon Score”. This information is necessary for the lender to evaluate your request  for a mortgage or any other type of loan. Bad credit with a low score can have negative impact on your purchasing power and the interest rate you pay for the loan. By following these guidelines your credit rating will remain high, securing low interest rate for all your loans.

 

How to improve your credit report:

  • Pay all bills on time
  • Maintain a credit balance of no greater than half your approved limit
  • Limit credit checks by lenders to no more than 3 per year
  • Routinely check your own credit report to help avoid fraud and/or identify theft

How to fix a damaged credit rating:

  • Pay any outstanding bills, even if its in dispute
  • Bring all accounts in arrears up to date
  • Do not allow unnecessary credit report checks
  • Apply for a secured line of credit or GIC to help re-establish a better rating


By making these changes, your credit score will gradually begin to improve. It is important to always be up front with lenders about your credit history, especially if it has been damaged. Most Banks and credit unions do understand that there is ups and down in everyone lives. They only ask that you explain what your circumstance was when your credit went bad and if you did anything to fix it once you were able . Forgetting to pay a bill as an explanation in not acceptable to most of the lenders .

 

For more information on on credit report, or for a free credit check, visit Equifax.

Equifax Credit Reporting Agency

Equifax is used world wide for credit information. Most banks use this agency to report and retrieve the information they need for a particular costumer.



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