CanLaw Credit Problem Answers
Rated: 5 / 5 based on 6 customer reviews
2 00.00 What is your Credit Score What does it mean
Product description: Your Credit Score is based on your credit history income, outstanding debt and debt utilization to determine how likely you are to pay your bills on time

CanLaw

How To Monitor

 Your Credit Score

WHAT IS YOUR CREDIT SCORE?

The lower the score, the worse your credit rating

CanLaw Will Find You a Consumer Protection

 or Money Problems  Lawyer

Your Credit Bureau score is based on the following items:

  • Payment History
  • Public record and collection items
  • Severity, frequency and recent occurrence of delinquencies
  • Outstanding Debt
  • Number of balances recently reported
  • Average balance across all trade lines
  • Relationship between total balances and total credit limits
  • Credit History
  • Age of oldest loans
  • Number of new loans
  • Pursuit of New Credit
  • Number of inquiries and new account openings in the past year
  • Amount of time since most recent inquiry
  • Cash advances are often a sign that you are in financial trouble and can lower your score.
  • Types of Credit in Use

Your score is based on all the credit-related data in your credit bureau report, not just negative data such as missed mortgage payments or bankruptcies.

 

Other factors may also considered by lenders.

 

Usually though, if your score is too low, you are automatically rejected regardless of other factors.

 

WHERE TO GET YOUR CREDIT REPORTS

Equifax Canada Inc.

Consumer Relations Department

Box 190 Jean Talon Station

Montreal, Quebec  H1S 2Z2

Tel: ( 514 ) 493-2314

1 800 465-7166

Fax: ( 514 ) 355-8502

 

WHERE TO GET YOUR CREDIT REPORTS

Trans Union

Consumer Relations

709 Main Street W

Suite 3201

Hamilton, On L8S 1A2

Tel: 1 800 663 9980

Fax: ( 905 ) 527-0401

Current as of

Canada Trusts

CANLAW

Home of the CanLaw Network

CanLaw ask a lawyer