What is a credit report?

A credit report shows the history of the credit payment history. Your
credit report is created when you apply for a mortgage. The credit
reporting agencies organize and store this information so that it can be
referred to in the future, with your consent. Your credit file contains all
the information that a credit reporting agency has received from
companies that have extended credit to you.

For example, a credit report might include a listing of your credit cards or
lines of credit, along with a history of whether or not you have paid on
time. If you have declared bankruptcy, that fact will also appear. If you
did not pay a bill, it will also show on your credit file. In summary, your
credit file is a report of your financial history and performance.


How important is it?

When you apply for a mortgage, the lenders will use your credit report to
assess your application. They want to know if you repaid your debts on
time in the past, in addition to your credit responsibilities today.
The more your credit file demonstrates that you pay your debts on time,
the more desirable you become as a potential customer.


How to obtain your credit report

The two largest Canadian credit reporting agencies are Equifax Canada
Inc. and Trans Union of Canada. You may obtain your credit report online
with a fee from these two credit reporting agencies.


Equifax Canada Inc.
http://www.equifax.com/EFX_Canada/

Trans Union of Canada
http://www.transunion.com
You need Java to see this applet.