Let us help secure your car loanThe only way to rectify a poor credit rating is to adopt sound credit practices for a period of time. We cannot promise to help you re-establish your credit as only your creditors are able to alter this information, we can however help you on the road to bad credit recovery by finding you a quality lender to finance your car loan and by providing an excellent selection of fine quality used cars for you to choose from. To get started apply for a car loan online!
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Things To Know - Credit Report, Credit Score and Credit Rating
Credit Report / Credit FileAlong with the credit histories of millions of other people, your credit history is recorded in files maintained by at least one of Canada's three major credit-reporting agencies: Equifax Canada, TransUnion Canada and Northern Credit Bureaus Inc. – it is possible to obtain your credit file for free – please consult the agency's website in order to obtain more information. These files are called credit reports. A credit report is a "snapshot" of your credit history. It is one of the main tools lenders use to decide whether or not to give you credit.
Your credit file is created when you first borrow money or apply for credit. On a regular basis, companies that lend money or issue credit cards to you – including banks, finance companies, credit unions, retailers - send specific factual information related to the financial transactions they have with you to credit reporting agencies.
Credit ScoreYour credit score is a judgment about your financial health, at a specific point in time. It indicates the risk you represent for lenders, compared with other consumers.
There are many different ways to work out credit scores. The credit-reporting agencies Equifax and TransUnion use a scale from 300 to 900. High scores on this scale are good. The higher your score, the lower the risk for the lender. Lenders may also have their own ways of arriving at credit scores. In addition, lenders must decide on the lowest score you can have and still borrow money from them. They can also use your score to set the interest rate you will pay.
Credit RatingSome credit-reporting agencies report the lenders' rating of each of your credit history items on a scale of 1 to 9. A rating of "1" means you pay your bills within 30 days of the due date. A rating of "9" means that you never pay your bills at all or that you have made a consumer debt repayment proposal to the lender. A letter will also appear in front of the number: for example, I2, O2, R2. The letter stands for the type of the credit you are using.