REPORT VS SCORE
The credit report will summarize all of your credit history in Canada. It includes: your personal information such as your current and previous address, as well as employment information. It can also include bank account information, credit cards, bankruptcies, debt and a list of people or companies who made inquiries about your credit.
Your credit score indicates the risk you represent to banks compared to other consumers. Here are some factors that can affect your overall score:
- How long you’ve had credit in Canada.
- Your history of making payments on loans and credit cards.
- Your outstanding debt (are you close to your limit?)
- The types of credit that you are using (credit card, loans, etc...)
- Any record of bankruptcies or collections.
- The number of recent inquiries about your credit.
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