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The building or rebuilding of a credit rating works like savings: a gradual and continuous process where each little bit counts.
The two credit bureaux in Canada, Equifax and Trans-Unions are private enterprises. They are information centres where your creditors transmit their findings on you. Every person and members of these organizations are able to consult this information only with your consent. It is important to understand that it is not the credit bureau that gives you a rate, but your creditors.
Your credit score indicates the risk that you represent for any lenders, compared to other people. The higher your credit score is, the less of a risk you are considered. Equifax and TransUnion use a scale that starts at 300 and goes to 900.
Each lender may have their own personal method of determining your credit score and may establish the minimum score you need to have before they will lend you money. Lenders tend to use your credit score to establish an interest rate once they agree to lend you money.
Some factors that could have an affect on your credit score :
Our advisors are there to help you!