Your credit report influences the rate you are offered, and sometimes whether you are offered anything at all.
In Canada, two agencies maintain these files: Equifax and TransUnion. They record your cards, loans, lines of credit, your payment history and the credit inquiries made in your name. The two files are not always identical, and a lender does not necessarily pull the one you checked.
What moves your score
Payment history. The heaviest factor. A single payment more than 30 days late leaves a mark that stays for years. Pay at least the minimum, on time, every time.
Utilization rate. What you owe relative to your limit. A $10,000 card carrying a $9,000 balance weighs more than people think, even if you pay on time. Staying under 30% of the limit is a good rule.
The age of your accounts. Closing an old card you no longer use can lower your score rather than improve it. Before closing anything, ask.
Credit inquiries. Every lender-initiated check leaves a trace. Shopping your mortgage at five institutions over five weeks means five marks. That is precisely why a broker pulls your credit once.
Check yours, free
The law entitles you to a free copy of your file from both Equifax and TransUnion. Do it once a year. Errors are more common than people expect: a closed account still showing as open, a debt that is not yours, a late payment recorded incorrectly. A dispute takes time — better to settle it before your application, not during.
An imperfect score is not a no. Files get financed with credit being rebuilt — different conditions, a larger down payment, sometimes an alternative lender for one term while you recover. I will tell you where you stand and what is realistic.