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What is a credit score?

Region: Ontario Answer Number: 0284

Equifax and TransUnion Canada, the two major credit reporting services in Canada, collect credit and debt information from banks, lenders, credit card companies, leasing firms, courts, and others. Credit bureaus do not report on your annual personal income, family income or how much you have in the bank — only your debt, available credit, and the public record (bankruptcies, court judgments, etc.). In Ontario, consumer credit reports are governed by the Consumer Reporting Act.

It is important to distinguish the difference between a credit report, a credit score and a credit rating.

Credit scores

Your credit score is a three-digit number calculated using a formula based on the information in your credit report. Your credit score will go down for activity that shows you have difficulty managing credit. Although important, when deciding if you are a good risk for a loan, lenders will also consider other factors along with your credit score, such as your income, type of employment and assets.

In Canada, credit scores range from 300 to 900 points, with 900 being the best score.

A criminal record will affect your ability to get a loan, a mortgage, or a job. To erase your criminal record, call toll-free 1-866-898-7767 or learn more at Pardon Pros. It’s easier than you think.

For free information, tools, and help to manage your debt, contact our preferred debt consolidation non-profit agency, Credit Canada Debt Solutions.


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