About Credit Report/Credit File

Along with the credit histories of millions of other people, your credit history is recorded in files maintained by at least one of Canada's major credit-reporting agencies: Equifax Canada and TransUnion Canada. These files are called credit reports. A credit report is a "snapshot" of your credit history. It is one of the main tools lenders use to decide whether or not to give you credit.

Your credit file is created when you first borrow money or apply for credit. On a regular basis, companies that lend money or issue credit cards to you — including banks, finance companies, credit unions, retailers — send specific factual information related to the financial transactions they have with you to credit reporting agencies.

How Credit Scores Are Formulated


Payment History - 35%: 

Factors in the recency of, and number of, payments over 30 days late, collections, judgments, and bankruptcies. A single 30-day late payment can drop your score 15-20 points. 
Current Debts - 30%: 
Considers how much you currently owe (in absolute terms and compared with your credit limits), how many creditors you owe money to, and how much you could owe if you maxed all your available credit.
Age of Accounts -15%:
The longer your accounts have been opened the better. You generally need at least three accounts over one year old.
Type of Credit- 10%:
Bank loans, credit cards, and revolving credit accounts all impact you differently.
Credit Enquiries - 10%:
Numerous credit applications in the past 12 months is a no-no! This is a big benefit of having a Mortgage Broker, who pull your credit only once for multiple lenders.  
Besides the obvious (Bankruptcies, judgments, collections, etc.) the top credit score  killers are:
  • Payments over 30-days late
  • Maxing out credit cards (i.e. using over 75-80% of a high credit limit)
If you have a lot of maxed out cards, bring them at least below 50% of the limit (below 30% is best). Your credit score can jump considerably in as little as a month.

6 Tips on How To Improve Your Credit Score

Equifax and Trans Union are two large bureaus which collect your score. A credit score is a number between 300 and 900; the higher your number the better. A credit score of over 700 is considered very good. Generally, the better your credit rating the lower the interest rate at which you will be able to access loans.


1) Pay every account on time- This sound really simple but there is real beauty in simplicity. If you cannot make payments, make sure you are never 60 days past due. Some creditors will not report you if you are under 30 days past due but they will definitely report you for 60 days over-due. So play it safe and pay on time. Any late payment reported on your credit history can remain there for seven years.


2) Activity counts on each and every account- A lot of people have credit cards that they never use. I am advised that this actually hurts your credit score since your file isn't "active" on particular accounts. Activity generally means that you are using a particular account every 3 months or so.


3) If you have to, cancel the newest credit instrument first: Remember that credit history and debt to credit ratios count. If you cancel a long standing account (assuming its in relative good shape) you are erasing credit history and increasing your total debt to credit ratio since the available amount of credit to you just decreased pushing your ratio up.


4) Divide the cost of large purchases among several accounts: If you buy a dishwasher and max out one credit card to do it, your debt to credit ratio increased to 100% on that account which decreases your credit score. Split the purchase of big ticket items between several credit cards and try to keep the debt to credit ratio on each card under 50% (i.e. only use 50% of the credit available under each card).


5) Do not apply for a lot of credit at once: This is a particularly important tip for students who have just graduated or recent immigrants without a domestic credit history. If you do need credit, try to consolidate it with one institution which only has to run your credit score once. For example, apply for a credit card and a line of credit at one bank or at the same institution that is administrating your student loan; it will only require one credit check and, if you subsequently apply for more credit at that same institution, at least they will know that all the new accounts are with them.


6) The Two-Two-Two Rule: For fairly good credit history most lenders would like to see at least Two active trade lines on your credit report, with a credit limit of at least Two thousand dollars ($2,000), and for a period of at least Two years.

If you re thinking of applying for a mortgage, start creating a good credit history on each account. You should ideally keep several accounts in good standing (and with a low debt to credit ratio) for at least 6 to 12 months minimal. It will increase your score and save you money!

Request Your Credit Report & Credit  Score From Equifax

Click Here To Request Your Credit Report and Credit Score

Credit Score Chart
Score Range Rating
760+ Excellent
725-759 Very Good
660-724 Good
560-659 Fair
300-559 Poor

Read more about Credit Scoring & Rating

Click Here For More Information About Credit Score

Your Credit Report
Is a Snapshot of
Your Credit History



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