![]() So it’s a good idea to check your report at least once a year and definitely before applying for major loans, such as for a car or mortgage, to make sure that your information is accurate and up-to-date. Also, depending on how frequently the information is updated, a report could be temporarily out of date. All of these organizations work to provide accurate information and update it regularly, but errors can sometimes occur. There are many companies that provide information to credit reporting agencies, including banks, credit unions, other lending and finance companies and collection agencies. Depending on the type of credit, lenders may also request information to verify income and employment. It’s important to remember that a credit report is only part of the information that a bank uses to determine whether or not to grant credit to a customer. Lenders use the information in your credit report to help decide whether to lend you money. Governed by provincial laws, these credit reporting agencies use the information provided to them by lenders to put together your credit report. Canada has two credit reporting agencies: Equifax Canada and TransUnion Canada. Your credit report is compiled by a credit reporting agency. a record of inquiries from all organizations or individuals that have requested a copy of your credit report in recent years.information about any collection actions against you, and.public record information, such as whether you have secured loans, bankruptcies and/or judgments against you,.your banking information, including any NSF (not sufficient funds) cheque history,. ![]() details of your credit accounts and transactions, and whether you have made payments on time,. ![]() Lenders then send the credit reporting agencies regular updates on your payment history, for example, when you applied for credit, if you make your payments on time, if you miss a payment, or if you have gone over your credit limit. The report is created when you first borrow money or apply for credit. Your credit report is a history of how you have met your financial obligations. So it’s important to understand what information is shown in your credit report, how to check your credit report, and how to build and maintain a good credit history. With a poor credit history, you may have difficulty obtaining a loan, vehicle financing or a mortgage – or you may have to pay a higher interest rate. Lenders will usually review your credit report when you make an application to borrow money or get a credit card, and some landlords may use your credit report to decide whether they should rent to you. Your credit report shows your history of borrowing and repayment of debts. Your credit report contains important information about your financial background that allows banks and other lenders to determine a person’s credit worthiness. Understanding Your Credit Score and Credit Report (FCAC) Credit Reports and Credit Scores Quiz (FCAC)
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