Mortgage Credit 101

If you are a first-time home buyer, you may have questions about credit. Having a credit history is vital to securing a mortgage. You will be asked to authorize the release of your credit report to the lender. The articles below will answer many of your questions.

What is a credit report?

A credit report is a printout of the records kept by one of Canada’s credit bureaus. There are three primary credit bureaus in Canada, Trans Union, Equifax and Experian. <<Read more>>

Who can access my credit report?

There are two situations under which a company or individual can access your credit report. 1) You authorize a business or individual to obtain a credit report. 2) A business or individual may inform you that they are going to review your report. <<Read more>>

How are credit scores calculated?

The different credit bureaus look at your credit history and apply a formula to determine what your credit score should be. This score, often called a FICO is determined by five different factors. <<Read more>>

What is in my credit report?

Your credit report is divided into sections. Each section covers a different aspect of your personal credit history. <<Read more>>

How is information in my credit report used?

With all the effort put into collecting all your credit information, you may wonder how this information is used. Let’s look at the different sections of your credit report as a potential lender would. <<Read more>>

How can I improve my credit score?

No matter what your credit history has been in the past, you can change your future score. A great deal can be accomplished within a year, good credit scores may be restored within two years with careful diligence. <<Read more>>