Credit Report Copy

What is a credit score?

What is a credit score?

A credit score is a numerical measurement given to judge a person’s creditworthiness at a specific period of time that is used by credit granting institutions to assist them in determining a persons ability to repay a loan, line of credit, credit card or mortage and price the associated customer interest rate and borrowing limits.

Customer credit files are reported to Credit Bureaus. The credit bureaus then generate credit reports and determine credit scores based on statisical analysis based on the person’s credit history.

The credit-reporting agencies Equifax and TransUnion use a scale from 300 to 900. Low scores on this scale are bad. The higher your score, the lower the risk for the lender and the lower the score the higher the risk.

Lenders may also have their own ways of arriving at credit scores. In addition, lenders must decide on the lowest score you can have and still borrow money from them. They can also use your score to set the interest rate you will pay.

Order Credit Reports in Canada

There are many ways to order your credit report, by phone, fax or e-mail, but the easiest and safest methods are by mail or online by Internet.

By mail
If you make your request in writing and send it by mail, the credit-reporting agencies will provide you, by mail, with a free copy of your report. It is important, however, that in your request you include a copy of two pieces of I.D. Contact the credit-reporting agencies to find out which pieces of I.D. are acceptable.

By Internet
You can also order your credit report via the reporting agencies’ websites. This method is much faster since you will receive your credit report online instantly in only a few minutes after you made the online request. However, credit-reporting agencies charge a fee for providing you with an online copy of your credit report.

Here are the direct links that will allow you to order a credit report from a credit reporting agency in Canada. Remember there are fees associated with ordering a credit report or credit score. Check with the credit reporting agency for information about fees.

Online registration to order a Credit Report from Equifax Canada

Order Credit Monitoring Service from Equifax Canada. This service will send you an email update whenever your credit report changes.