Understanding your Credit Report

As credit has become more and more abundant in our society, your credit report, and thus your credit rating, has become more important in your daily life.

Your credit rating affects all aspects of your financial activities when it comes to borrowing money. Your credit rating also has the ability to affect the job you get, the apartment you rent, and even the ability to open a bank account.

Understanding Your Credit Report & Score

Your credit report and score play a major role in your mortgage approval and interest rates. Knowing how they work—and how to improve them—can help you unlock better financial opportunities.

  • Your credit report tracks your loans, credit cards, and payment history

  • In Canada, TransUnion and Equifax maintain your credit profile

  • Lenders regularly report your financial activity to these agencies

  • Your credit score (300–900) indicates your borrowing risk

  • Higher scores can help you secure better rates and mortgage options

  • You can review, correct, and improve your credit over time

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Carina Shnorhokian

Mortgage Agent Level 2

Originator Licence #M22002878

[email protected]
Tel: 647-400-6040 Cell: 647-400-6040

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