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Credit Report

Only 13% of Canadians have ever seen a copy of their credit report or had its contents read to them over the phone. You have the right to see what's in your personal credit report, and it won’t cost you a cent.
Why even look at your credit report?
  • You've been denied credit
  • You're about to apply for credit and want to know how you rank
  • You want to ensure that the information is accurate
  • You want to see where you can improve your financial habits
  • You're concerned about "identity theft” and its potential damaging effect on your credit rating.

How do I obtain my credit report?

What's in a credit report?
  • Your personal info (Name, SIN, and birth date)
  • List of all organizations that have requested a copy of your credit file in the past 3 years.
  • Bankruptcies and collection agency involvement are listed
  • Details of your credit transactions and their standard 0 (R0) - 9 ranking.

What does it mean?
  • A long list of inquiries could be read as a long list of loan rejections, which could be negative.
  • If you're looking at the credit details, the ratings mean:
0 - Too new a file to rate.
1 - Pays within 30 days of billing and pays account as agreed.
2 - Pays over 30 days, but not more than 60 days or not more than 1 payment past due.
3 - Pays over 60 days, but not more than 90 days or 2 payments past due.
4 - Pays over 90 days, but not more than 120 days or 3 more payments past due.
5 - Account is at least 120 days overdue but not yet rated "9"
6 - Not used.
7 - Making regular payments under a consolidation arrangement through a 3rd party.
8 - Repossession (voluntary return of merchandise by consumer)
9 - Bad debt, placed for collections, skip.
NOTE: Most financial institutions and credit lenders are wary of students who repeatedly score a 3 or higher.

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