{"id":180,"date":"2016-10-24T14:44:21","date_gmt":"2016-10-24T18:44:21","guid":{"rendered":"http:\/\/dev22.604media.com\/DLC_contemporary\/?page_id=180"},"modified":"2026-09-08T18:03:31","modified_gmt":"2026-09-08T22:03:31","slug":"understanding-your-credit-report","status":"publish","type":"page","link":"https:\/\/hosseinfiroozsani.ca\/en\/home-purchase\/understanding-your-credit-report\/","title":{"rendered":"Understanding your credit report"},"content":{"rendered":"

Your credit report influences the rate you are offered, and sometimes whether you are offered anything at all.<\/strong><\/p>\n

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.<\/p>\n

What moves your score<\/h3>\n

Payment history.<\/strong> 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.<\/p>\n

Utilization rate.<\/strong> 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.<\/p>\n

The age of your accounts.<\/strong> Closing an old card you no longer use can lower your score rather than improve it. Before closing anything, ask.<\/p>\n

Credit inquiries.<\/strong> 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.<\/p>\n

Check yours, free<\/h3>\n

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 \u2014 better to settle it before your application, not during.<\/p>\n

An imperfect score is not a no.<\/strong> Files get financed with credit being rebuilt \u2014 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.<\/p>\n

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Not sure what your file contains? We look at it together before anything goes to a lender.<\/p>\n

Let’s take stock<\/a><\/p>\n

or call directly: 514-889-4667<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

As credit has become more and more abundant in our society, your credit report, and thus your credit rating, has become more important in your daily life.<\/p>\n","protected":false},"author":1,"featured_media":264,"parent":8,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n