Your credit history is a written record of when
you have borrowed money or opened accounts on credit such as a cell
phone, car lease, purchase etc. If you have never have established
credit then your
rating is R0, while if you have it can range from very good R1 to very
poor R9. This history is kept in an extensive data base by a credit
data base company
and this information is released to people that you authorize to for
the purpose of knowing your history. It is very important when applying
for credit or
financing that you know that your credit rating is in good standing.
In Canada Equifax Canada is the primary credit
history data centre for
all credit bureau information. Equifax is used by all credit granting
agencies throughout Canada, as a means to share information. This
database stores
credit information on everyone in Canada who has a social insurance
number (S.I.N.). To check on yours you can call Equifax to obtain a free copy of
your credit rating 1-800-465-7166, and follow the instructions, or visit their website at www.equifax.com. If you have not already established a credit rating, are worried about it or have experienced difficulties please read
our article entitled Establishing and Protecting Your Credit
TACC’s first step in the application process is to
ensure that you have a good credit rating and are eligible for the wide
range of the funding/
financing products available. TACC like all creditors or lenders use
five determining factors as the basis of the decision to lend money. To
find out more
about this read: Getting The Loan: The 5 C's Of Credit.
Your credit bureau report includes:
- A list of agencies that have done an inquiry to your credit
report, all in date order, including the business name and phone number.
- A list of credit grantors or/and any company you have a line of
credit or loan with:
- The date you established the credit line/loan -The minimum payment per month
- The date you last used
your account
- The amount you are authorized (credit limit) - How much you currently owe
- Any late payments, 30, 60, or 90
days
- Any companies that have had to assign your account to a third party for collection, for example: BC Hydro, traffic fines, doctor
bills, Bankruptcy, orderly payment of debts, NSF cheques, and judgments.
- Other names
- Current address
- Previous address
- SIN
- Current occupation, employer and previous employer.
- Birth date
- Current employer
Spouse name, birth date, occupation, employer, SIN, previous employer. Spouse is someone who you live
with as a common law partner or your legally married partner.
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