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Credit Score for Canadians - a vital tool to rebuild your credit rating in Canada

Credit Score in Canada critical number when Canadian lenders evaluate your mortgage or loan application

Most Canadians know their phone number, address number, even Social Insurance Number (SIN), but have no clue about the most important number assigned them in Canada – your Credit Score. 

“My what?!? Credit Score? What's that?” you might ask if you're like most Canadians. This credit report score, long hidden from consumers, but absolutely critical to lenders in Canada, basically sums up all the different factors that make up your individual credit history, and assigns you a number. 

When you apply for a loan for a home, a car or other major purchase, the lender will approve your loan and determine the interest rate you receive based upon several factors including your credit score. There are many types of credit scores, however the credit score used most by Canadian lenders is the FICO score. The FICO score, developed by Fair, Isaac and Company, Inc. is a number between 300 and 900 that lenders in Canada and the U.S. use to determine your credit rating. The higher your credit score the more likely you are to be approved for loans and receive favourable rates because you are viewed as a better credit risk.

Score Power from Equifax Canada is the ONLY Canadian online service that offers you access to your FICO credit score. Score Power provides your FICO score, the Equifax Credit Report the credit score is based on and a full explanation of your credit score with tips on how to improve it over time. 

Credit Report Score makes the difference in Canada when lenders review your Canadian mortgage or loan request

Your Canadian credit score is an important indicator of your creditworthiness. In general, the higher your credit number, the lower the probability that you will become delinquent on credit extended to you. And while many lenders in Canada use bureau scores to help them make lending decisions, each lender will base its decision on more than just the score. Canadian lenders use your credit score to determine if you are a good candidate for credit and likely to pay your bills. In the event of bankruptcy, it will also help them determine what type of repayment plan is best for you.

Because your Canadian credit report is updated every day, your FICO bureau score is recalculated continuously. So your credit score from a month ago is probably not the same score today. It is probably worth checking at least once a year, or certainly before you make any major loan application ... so that you know exactly what the banks know and thing about your credit. It can help you negotiate a much better interest rate, saving you thousands of dollars.

The Best In CREDIT REPORT CANADA online

	Equifax Consumer Services Canada Score Power Credit Score. See your actual credit score used by most lenders in Canada, plus a copy of personalized Canadian credit report - online today! This is the most complete credit report Canadians can receive.
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