Do you really understand your credit report?

Anytime you apply for a credit product (mortgage, car loan, credit card, etc.), your lender is required to check your credit report. Understanding what makes up your credit report is part of important financial literacy, and will help you ensure your credit is in good-standing.

What’s included in my credit report?

• Credit accounts/transactions: credit cards, retail cards, lines of credit and loans
• Telecommunications accounts: phone and Internet
• Bad banking history: NSF fees, missed payments, etc.
• Public records pertaining to credit: bankruptcy, legal judgments, liens, etc.
• Collection agency debts
• Inquiries from anyone who has requested your credit report before

Is my mortgage part of my credit report?

Your mortgage information and your history of mortgage payments may appear in your credit report and may count toward your credit score. This depends on the practices of each credit reporting agency. – Government of Canada

How do I obtain my credit report?

Equifax offers a service that will monitor your credit for you and send you alerts when anything changes with your credit (whether good, bad or netural). You can sign up for this service and learn more about it here. Other sources and information on obtaining your report can be found on my website here.

How can I repair my credit?

• Pay down credit cards and debts
• Limit the use of your credit cards
• Know your credit limits
• Don’t let mistakes build up

More advice for repairing credit can be found in this article: ‘Simple advice for credit-challenged‘. And as always, you can contact me anytime with any questions on mortgages or credit.

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