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What’s in a Credit Report

February 15th, 2009 Leave a comment Go to comments

What is used to calculate my score?

 

Your payment history, on your credit cards and loan repayments ie. Car loan, student loan. Missed payments are reflected on your credit bureau which impacts your credit score negatively.

Collections show up on your credit bureau ie. Cell phone and utility companies do not report monthly to your credit bureau however if you have a delinquent account with them they report the collection to the credit bureau.  I have also seen unpaid rents and unpaid family responsibility.

To obtain your credit score the scoring system looks how close you are to your credit limit.  Ie. If you owe more than 50% of your limit, slight impact on your credit score, if you owe more than 80% a greater impact.  I have seen a client’s credit scores go down 100 points as she was over the limit on her credit card.

The credit bureau also looks at how often you are looking for new credit and the length of time you have had credit.

 

For further information on your credit bureau or to order a free credit report which you will receive via Canada Mail visit http://www.equifax.com/contact_us/en_ca  this form can also be found on my website http://www.designermortgages.ca/EFXCreditReportRequestForm.pdf

 

Written by: Charmaine Idzerda (AMP) Mortgage Broker

Verico Designer Mortgages Inc. 

Tel. 1.866.824.8057

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