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What is a credit rating and why is it important to build a good credit rating?

build Credit rating good
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What is a credit rating and why is it important to build a good credit rating?

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Your credit rating is a measure of your credit-worthiness: your reputation for paying back money. The credit bureau maintains your credit history – a list of facts about how you handle debt. This information is gathered from financial institutions, retailers and other lenders. It is not uncommon for new immigrants to have no credit history at all, as they have never used a credit card in Canada and have not yet begun their record of bill payments. Most credit information remains on your file for seven years. The ranking each creditor gives you is called your “credit rating.” Your credit-worthiness has an impact on your eligibility for a variety of products such as loans, lines of credit and mortgages. It is good practice to request copies of your credit report periodically. This will help you monitor your credit rating as well as ensure that your credit report is accurate. To obtain a copy of your credit report, please contact Canada’s credit bureaus: • Equifax Canada: 1-800-465-7166 •

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