When It Comes To The Credit Report – Last Minute Is The Wrong Minute!

Lenders use Credit Reports and Credit Scores to help determine, “is the risk?” But there can be errors on the Credit Report. It happens Inaccuracies recorded on your Report by Lending Institutions or Credit Card Companies can be unfair and ruin what may otherwise be a good credit history. But Lenders only go by what’s in the report.

How do you guard against mistakes? Get a copy of your credit report and review it for accuracy. On Credit Reports, mistakes take patience and time to correct…” you ain’t gonna get it fixed overnight.”

When you’ve finally found the home you want and have an offer conditional on financing, the last thing you want is for the Lender to say, “uh-uh – no.”

Don’t let an error delay your financing, or even worse, sink a deal.

Credit Report vs Credit Score

Credit Report

This is a “snapshot” of your credit history. It outlines past and present personal and financial situations. It can provide details about how much credit is available, how close to maxing out the credit limit, whether or not there’s a history of missing payments, if the borrower has experience paying back a variety of loans, and how long has the borrower successfully (or unsuccessfully) met financial obligations to creditors.

Credit Score (often referred to as FICO Score)

It’s a number based on a statistical analysis of a person’s ability to handle credit. It doesn’t go into detail, but is used by Lenders as a benchmark to evaluate potential risk. The credit-reporting agencies Equifax and TransUnion use a scale from 300 to 900, but Lenders may use their own rating system. High scores on this scale are good. The higher the score, the lower the risk for the Lender.

There are many different formulas that can be used to work out a credit score. This is an example of sample weighting:

  • 35% - Payment History
  • 30% - Debt Ratio
  • 15% - Length of Credit History
  • 10% - Types of Credit
  • 10% - Number of Credit Inquiries

Obtain Your Credit Report – FREE

By law, you’re entitled to a copy of all the information a credit reporting agency has on file about you. Find out what they’re telling Lenders and Businesses about you, as well, you can find out who has been asking.

To be sure, contact both Equifax Canada and TransUnion Canada, as each may have different information on file.


Equifax Canada
1-800-465-7166 or www.equifax.ca
Free Report:

TransUnion Canada
1-800-663-9980 or www.transunion.ca
Free Report:



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Randy Ramadhin

Randy Ramadhin

CENTURY 21 People's Choice Realty Inc., Brokerage*
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