Credit History

Credit history

Credit history

For an overview of your financial future, many businesses look at your financial history. This history is contained in your credit report. This is crucial in many decisions: your eligibility for a loan, the rate of this loan, getting a new job, renting an apartment, getting a car insurance.

What is credit history?

It is your financial profile. It allows lenders, landlords and employers know how you managed your money in the past, which helps them to decide whether they will do business with you or not. This history is contained in a credit report, kept on file by the three credit reporting agencies independent listed below. Your credit history may include information such as:

If you quickly pay your credit cards and your loans;

If you pay your other bills on time, like rent and utilities;

Your total debt;

Credit you have on your credit cards and your home line.

Who can see your credit report?

Anyone planning to give you a loan or credit, as banks and credit unions, card issuers, credit auto finance companies and insurance companies may check your credit report and probably will. Landlords and potential employers can check your report. Some lenders may also use the information in your report to determine the amount of credit they are willing to offer and the rate applicable. Anyone with a legitimate business need can access your credit report, although an employer (or potential employer) must generally obtain your written consent.

Beware of "quick fixes" to problems of specific credit

If you have made late payments or if you have been seized or repossessed, the information may remain on your credit report for seven years. If you declare bankruptcy, this information may be included in your report for ten years.

Some companies claim to be able to solve this type of problem, for a fee. However, it is legally impossible to alter credit history. If you are experiencing financial difficulties, please contact Credit Canada, a registered charity that provides free economic and financial advice.

Contact the credit bureaus

Once a year, it is a good idea to check the accuracy of your credit report. You can register for free by contacting one of the three major credit reporting agencies. If you are granted a bank loan or a mortgage, or if you used a credit card, you credit history. You can get this information from a credit reporting agency. In Canada, provincial legislation governing credit rating agencies. These agencies include Equifax Canada Inc., Offices Northern Credit Inc. and TransUnion Canada.

by: Tom Wailing

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