info@ccrn.ca  |  1-800-663-3973
Serving the Niagara Region since 1975

Credit Score

Credit Bureaus collect information on your credit and debt payment history. Based on this information, they assign you a rating number that directly affects your ability to get credit, loans or mortgages — now and in the future.

How your credit score works

These days, having a good credit score is important for more than just getting a loan. Landlords, insurance companies and employers are placing more emphasis on a person’s credit score when deciding whether to rent them an apartment, offer lower-cost insurance, or give them a job.

The FICO score, which is the basis for most credit scores, consists of 5 major categories: your payment history (35% of score total), debt amounts (30%), the length of your credit history (15%), the types of credit you use (10%), and whether you’ve opened any new credit accounts recently (10%). These categories are factored into a score ranging from 300 to 900 points, with 900 being the best score possible. Lenders generally consider you a good credit risk if your score falls between 660 and 724. Anything below 560 is considered poor.

To Maintain a Strong Credit Rating:

  • Pay bills on time
  • Only have 1 or 2 credit cards
  • Try to keep a zero balance on credit cards – keep balance below 75% of limit
  • Maintain a lower debt to income ratio
What are the credit ratings?
GUIDE FOR CONSUMER CREDIT
Usual Manner of Payment Rating
Too new to rate; approved, but not used. 0
Paid within 30 days of billing; pays accounts as agreed. 1
Paid in more than 30 days, but not more than 60 days or one payment past due. 2
Paid in more than 60 days, but not more than 90 days or 2 payments past due. 3
Paid in more than 90 days, but not more than 120 days or 3 payments past due. 4
Account is at least 120 days overdue but is not yet in collections. 5
Account paid through an orderly payment of debt program or consumer proposal. 7
Repossession. 8
Bad debt, account placed for collection, settlement, bankruptcy. 9

**There is no ‘6’ rating.

TERMS OF SALE

O = Open Account (account on which the balance has to be paid at the end of each month)
R = Revolving or Option Account (regular credit card)
I = Installment (all types of loans)

How do I obtain a copy of my credit bureau report?

There are two credit bureaus in Canada: Equifax Canada and TransUnion Canada. You may obtain a free report from one or both of the credit bureaus.
Requests can be made by mail. Equifax will also accept requests by fax.
You can obtain a Credit Report instantly online from either company, however there is a fee for this service.

Contact information:

Equifax Canada
www.equifax.ca
P.O. Box 190 Station Jean-Talon
Montreal, Quebec  H1S 2Z2
Telephone: 1-800-465-7166
Fax: 1-514-355-8502

TransUnion Canada
www.transunion.ca
P.O. Box 338 LCD 1
Hamilton, Ontario  L8L 7W2
Telephone: 1-800-663-9980

When writing to them, include the following information:

  • Full name and former name (if applicable)
  • Current address and previous address
  • Date of birth
  • Social insurance number
  • Photocopies of two pieces of identification
  • Daytime phone number where you can be reached

Testimonials
This agency helped me get my life back, and also gave me the tools to better manage my finances. The staff made me feel very at ease and stress free!
2014-06-04T15:47:47+00:00
This agency helped me get my life back, and also gave me the tools to better manage my finances. The staff made me feel very at ease and stress free!
What a relief it was to show up in my counsellor’s office with all my messy finances laid in front of her and be treated with respect and absolutely no judgment.
2014-06-04T15:49:17+00:00
What a relief it was to show up in my counsellor’s office with all my messy finances laid in front of her and be treated with respect and absolutely no judgment.
We greatly appreciated the caring and compassionate help, wisdom and guidance. You have made a difficult situation more bearable.
2014-06-04T15:47:05+00:00
We greatly appreciated the caring and compassionate help, wisdom and guidance. You have made a difficult situation more bearable.
Absolutely wonderful people who make you feel comfortable and let you know there is a light at the end of the tunnel.
2014-06-04T15:46:44+00:00
Absolutely wonderful people who make you feel comfortable and let you know there is a light at the end of the tunnel.
I feel like a huge weight has been lifted off my shoulders! For once someone is helping me and I know I am not alone! Thank you.
2014-06-04T15:46:22+00:00
I feel like a huge weight has been lifted off my shoulders! For once someone is helping me and I know I am not alone! Thank you.
My counsellor made me feel at ease and explained everything very thoroughly. Her care and compassion to help people really made my year.
2014-06-04T15:48:03+00:00
My counsellor made me feel at ease and explained everything very thoroughly. Her care and compassion to help people really made my year.
Excellent advice and assistance for my situation. Highly recommend all your employees for an excellent job and I’m sure I am not alone in praising your fine group.
2014-06-04T15:47:28+00:00
Excellent advice and assistance for my situation. Highly recommend all your employees for an excellent job and I’m sure I am not alone in praising your fine group.