Almost everyone will at one time or another will attempt to get a loan from a bank, or another type of financial institution. Cars loans student loans, mortgages, business or personal loans are just some of the types of loans that a person may attempt to get in their lifetime. One of the tools a bank will use in determining if they are willing to loan the money, is a credit report.
Canadian credit reports are pretty much the same as the ones in the United States. The three main credit reporting agencies in Canada, are, Equifax Canada, Experian Canada, and Trans Union Canada. These credit reporting agencies contain a vast amount of importation, and needs to be checked to ensure that the report is accurate, and changes are made if needed.
Its important to check your personal history such as you're the proper spelling of you name, social security number, date of birth, and your addresses. This is priority one. Having any of this information wrong can lead to serious circumstances and delays if applying for a loan.;. The next thing to do is to go through your credit history section. All credit reports will list everyone you have had a loan with or any current loans outstanding. This section is the most prone to errors. Its important to check each creditor for accuracy, and to report nay misinformation to the credit report company
You should check you credit history on a regular basis. Failing to do this may result in a long delay or even getting turned down for a loan. Lenders wont take your word for it if the report is inaccurate, and may require letters from the creditors, and even longer extensive delays. This can all be avoided by checking you credit reports twice a year.
The basic thing a lender looks at in a credit report is how much debt the person has, how well he made his payments, and if there are any charge off debts, bankruptcies or liens against them. They also cross reference the credit report with the loan application to check for honesty of the brooder. This is why its essential the major credit reports are accurate , and that they are checked on a regular basis