Credit Reports
A credit report is the payment history of an individual, which is maintained and provided by a credit bureau. Consumers in Canada may instantly view a copy of their free credit report on FreeCanadaCreditReport.ca. It is also possible to obtain an annual credit report through other means, but in most cases the consumer must wait for the credit report to mailed to them.
A credit report includes personal identification information, including the name of the consumer and their current and previous residential addresses; information reported by creditors and other lenders detailing current and past loans, leases or other debts, as well as medical and utility bills; collection account information showing information on credit accounts and debts carried by the consumer, as provided by collection agencies; public record information and legal matters such as bankruptcies, foreclosures, garnishments, tax liens and other civil judgments, and details about inquires made of the report.
Spotlight on Credit Reports
The Difference Between US and Canadian Credit Reports
In Canada, credit histories and reports are secured by many personal details, including your name and address, past addresses, birth date and social insurance number. Social insurance numbers are the key to credit histories, since each number is only given to one person and is never duplicated. T... Continue Reading »
Obtaining a Corporate Credit Report
Obtaining a corporate credit report for your own business can be a great way to see if your company has established credit, and whether that credit is good enough to obtain a loan. On the other hand, ob...
The Difference Between US and Canadian Credit Reports
In Canada, credit histories and reports are secured by many personal details, including your name and address, past addresses, birth date and social insurance number. Social insurance numbers are the ke...
About Credit Reports
Inquiry information details the identities of individuals or companies which have requested to view the consumer's credit report, as well as the date of the inquiry. This section in a credit report also outlines whether it was the consumer himself who made the inquiry seeking to review their credit report, or whether it was a prospective lender seeking to find out about the consumerÃs creditworthiness. One of the things that an inquiry would seek to find out is the credit score of the consumer in question. Credit scores are determined through the use of a proprietary mathematical algorithm which enables the creation of a numerical value known as the credit score. Credit scores are based on numbers which range between 300 and 900, and are a statistical representation of the borrowerÃs credit history in comparison to other borrowers, as well as gauge the amount of financial risk that would be involved in lending to the particular borrower. A credit score is a standardized means of rapid assessment of risk without prejudice.
The higher the credit score, the higher the creditworthiness of the borrower, which also means the higher the probability that the borrower will repay the loan on time. Your credit score is negatively impacted when creditors report many instances of late payments or problems with the collection of payments. Other serious impacts on the credit score include adverse judgments and activity by collection agencies. With the accumulation of these negative reports, the credit score may be lowered and result in the borrower receiving a negative credit rating or adverse credit history.