Your credit rating affects all aspects of your financial activities when it comes to borrowing money. Your credit rating also has the ability to affect the job you get, the apartment you rent, and even the ability to open a bank account.

Your credit report itself is simply a listing of all of your mortgage and consumer debt. Here in Canada, the two main credit reporting agencies are Trans Union and Equifax. Both agencies have a credit history file on anyone who has ever borrowed money. Every time you borrow money, or make a payment on a loan, credit card or even your phone bill, the lender then reports the information about the transaction to one or both of agencies. In addition to credit information, you will also find liens and judgments on your credit report as well as your address and possibly your work history. The accumulation of all of this information is called your credit report.

The information on your credit report varies based on your creditors and what they have reported about you. Potential lenders and others, such as employers, view your credit history as a reflection of your character. Whether we like it or not, our financial habits can have a lot to say about the way in which we choose to live our lives.

The credit score is a number which gives mortgage lenders an idea of your lending risk. Credit scores range from 300 to 900, and the higher your credit score the better. The mortgage products and interest rate that you will qualify for are often determined by your credit score.

You can obtain a copy of your credit report by visiting Equifax. It typically costs around $25 to view your credit report, but the small investment is worth it to identify any potential problems or errors with your score.

Your credit report is a living document and it changes every month. This means that you have the ability over time to repair any damaged credit and increase your credit score. There are many different ways you can increase your credit score and I am always willing to go through your credit report with you to explain it, identify areas needing improvement, and providing you with a plan to increase your score.