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This picture aids in the conclusion of this Padlet because it is important to always weigh your options when discussion credit ratings. You want to find the balance between spending and paying off debts to ensure you never carry a balance. This will help you maintain a good credit rating which means you will not face any trouble when you start to make important life decisions and financial investments. Its is also important to spread your balances and debt around to avoid a very high balance on one account as that does not look good when an institution does an analysis of your credit rating.

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The other credit reporting agency in Canada is Equifax. Equifax is by far the most popular and most commonly used service of its kind in Canada with 80% of the market using its services. Equifax differentiates itself from Transunion because it offers users information based on if they operate a small to medium sized business or a large enterprise. Basically they allow users to asses the borrowing power of a business as well as their own personal ratings. Through research I found that citizens from Western-Canada typically generate more accurate and better results while using Equifax compared to Transunion. I did not get my credit rating from Equifax but by an analysis of their website it makes sense why users tend to favour their site compared to others. It is much more professional looking and allows the user to see what Equifax is all about and what information they will receive depending on if they are a small business or large enterprise.

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Equifax Personal Solutions - Credit Reports, Credit Scores, Protection Against Identity Theft

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View your Equifax credit report and credit score online. Monitor your credit and protect yourself from identity theft. Equifax is Canada's leading provider of Personal, Commercial, and Consumer Information Solutions.

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There are two different institutions Canadians can use when trying to figure out their credit score. The first one is Transunion which offers customers a secure and trusted platform to look at their credit score. Users from Eastern-Canada are said to have a better experience and more accurate report when using Transunion. The services offered by Transunion also require less information to be inputted by the user. While conducting my research for this assignment I had my credit rating checked and I used Transunion to do this. You needed to have you SIN as well as credit card number. It was very easy to navigate and my results popped up on screen with in minutes. I had no issues with this service and I was impressed with how quickly the results were available.

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Credit scores are used to measure creditworthiness. Find out how your TransUnion score ranks against other Canadian TransUnion scores. Your TransUnion credit report is a snapshot of the information in your TransUnion credit file. Review your report to make sure nothing has been inaccurately reported to TransUnion.

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If at some point you get in trouble with your credit rating and borrowing ability due to a few accidental missed payments there are always ways to help improve your rating and get back on track. This video helps by providing a 10-step method to help anyone struggling with inability to receive a loan from the bank due to a poor credit rating. There was not one single tip I found the most helpful as they are all important and can apply in different situations. However, one comment I would make is once you receive your rating from one of the agencies, look over it with a high amount of detail to make sure all the information is correct.

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Sneaky Trick Raises Your Credit Score Legally

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Credit Rebuilding Canada Credit Slab Equifax

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HOW TO RAISE YOUR CREDIT SCORE IN CANADA

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http://www.resourcefulcapital.ca EASY and FREE ways to improve your Credit Score fast brought to you by Resourceful Capital Financial Corp. Increase your Credit Score fast!! Credit Repair. Credit Improvement. Helpful tips. Fix bad credit. Build credit. New credit. Increase credit score fast!! How to fix bad credit. Improve Equifax Credit Score!

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Website #1: In Depth Look at Credit Ratings

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Website #1: In Depth Look at Credit Ratings

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This website is very effective to help educate you about everything you need to know on credit ratings. It also uses different terminology which may be beneficial to some people that are still a little but confused. The best part of this website is when it starts to break down the effects a good score can have over a bad score. It outlines the differences between good and bad credit ratings and it also mentions common behaviors that people with bad credit display so you can cut these out in your own spending habits. It's a very good resource to use as it covers the basics of what a credit rating is and why its important to more complex information such as different patterns and tendencies people display.

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What is a 'Credit Rating'

A credit rating is an assessment of the creditworthiness of a borrower in general terms or with respect to a particular debt or financial obligation. A credit rating can be assigned to any entity that seeks to borrow money - an individual, corporation, state or provincial authority, or sovereign government.

Credit assessment and evaluation for companies and governments is generally done by a credit rating agency such as Standard & Poor's (S&P), Moody's, or Fitch. These rating agencies are paid by the entity that is seeking a credit rating for itself or for one of its debt issues.

BREAKING DOWN 'Credit Rating'

A loan is essentially a promise, and a credit rating determines the likelihood that the borrower will pay back a loan within the confines of the loan agreement, without defaulting. A high credit rating indicates a high possibility of paying back the loan in its entirety without any issues; a poor credit rating suggests that the borrower has had trouble paying back loans in the past, and might follow the same pattern in the future. The credit rating affects the entity's chances of being approved for a given loan or receiving favorable terms for said loan.

Credit ratings apply to businesses and government, while credit scores apply only to individuals. Credit scores are derived from the credit history maintained by credit-reporting agencies such as Equifax, Experian, and TransUnion. An individual's credit score is reported as a number, generally ranging from 300 to 850 (for details, see What is a Good Credit Score?). Similarly, sovereign credit ratings apply to national governments, while corporate credit ratings apply solely to corporations.

Credit rating agencies typically assign letter grades to indicate ratings. Standard & Poor's, for instance, has a credit rating scale ranging from AAA (excellent) and AA+ to C and D. A debt instrument with a rating below BBB- is considered to be speculative grade or a junk bond, which means it is more likely to default on loans.

History of Credit Ratings

Moody's was the first agency to issue publicly available credit ratings for bonds, in 1909, and other agencies followed suit in the decades after. These ratings didn't have a profound effect on the market until 1936, when a new rule was passed that prohibited banks from investing in speculative bonds, or bonds with low credit ratings, to avoid the risk of default which could lead to financial losses. This practice was quickly adopted by other companies and financial institutions and, soon enough, relying on credit ratings became the norm.

Why Credit Ratings Are Important

Credit ratings for borrowers are based on substantial due diligence conducted by the rating agencies. While a borrowing entity will strive to have the highest possible credit rating since it has a major impact on interest rates charged by lenders, the rating agencies must take a balanced and objective view of the borrower's financial situation and capacity to service/repay the debt.

A credit rating not only determines whether or not a borrower will be approved for a loan, but also determines the interest rate at which the loan will need to be repaid. Since companies depend on loans for many start-up and other expenses, being denied a loan could spell disaster, and a high interest rate is much more difficult to pay back. Credit ratings also play a large role in a potential investor's determining whether or not to purchase bonds. A poor credit rating is a risky investment; it indicates a larger probability that the company will be unable to make its bond payments.

It is important for a borrower to remain diligent in maintaining a high credit rating. Credit ratings are never static, in fact, they change all the time based on the newest data, and one negative debt will bring down even the best score. Credit also takes time to build up. An entity with good credit but a short credit history is not seen as positively as another entity with the same quality of credit but a longer history. Debtors want to know a borrower can maintain good credit consistently over time.

Credit rating changes can have a significant impact on financial markets. A prime example is the adverse market reaction to the credit rating downgrade of the U.S. federal government by Standard & Poor's on August 5, 2011. Global equity markets plunged for weeks following the downgrade.

Factors Affecting Credit Ratings and Credit Scores

There are a few factors credit agencies take into consideration when assigning a credit rating to an organization. First, the agency considers the entity's past history of borrowing and paying off debts. Any missed payments or defaults on loans negatively impact the rating. The agency also looks at the entity's future economic potential. If the economic future looks bright, the credit rating tends to be higher; if the borrower does not have a positive economic outlook, the credit rating will fall.

For individuals, the credit rating is conveyed by means of a numerical credit score that is maintained by Equifax, Experian, and other credit-reporting agencies. A high credit score indicates a stronger credit profile and will generally result in lower interest rates charged by lenders. There are a number of factors that are taken into account for an individual's credit score including payment history, amounts owed, length of credit history, new credit, and types of credit. Some of these factors have greater weight than others. Details on each credit factor can be found in a credit repo​rt, which typically accompanies a credit score. For a more detailed description of each credit factor, read The 5 Biggest Factors That Affect Your Credit.

Short-Term vs. Long-Term Credit Ratings

A short-term credit rating reflects the likelihood of the borrower defaulting within the year. This type of credit rating has become the norm in recent years, whereas, in the past, long-term credit ratings were more heavily considered. Long-term credit ratings predict the borrower's likelihood of defaulting at any given time in the extended future.

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A credit rating is an assessment of the creditworthiness of a borrower in general terms or with respect to a particular debt or financial obligation. A credit rating can be assigned to any entity that seeks to borrow money - an individual, corporation, state or provincial authority, or sovereign government.

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This picture further shows the 5 different factors that financial institutions consider when deciding on a credit score. Just like any course in school, the categories with the highest percentage are the most important to manage and maintain like your 30% term project or 25% exam. However you don't want to ignore the other 5% "in-class assignments" as they all play a large role in determining your grade, or in this case, what amounts of money you can handle. Finding a way to balance and manage all of these categories will prepare you very well for the future when making important financial decisions.

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The pair shown in the video are clearly struggling to convey the concepts of a credit score to one another and are both very confused about the whole situation. This video focuses on what factors financial institutions analyze when looking at a credit rating. There are a number of different factors that play a part in this process and they are all weighted in different ways depending on importance and relevance. After receiving this helpful advice, the pair will undoubtedly be able to make more educated decisions in the future regarding their credit just like you.

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What is a Credit Score? Kal Penn Explains | Mashable

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Your credit rating will be measured on a numbered scale within the range of 300 to 850 and when measured, the service will indicate whether this is excellent, good, fair etc. The higher the number means the more likely banks and financial institutions will be willing to do business with you, so it is important to manage your debt when starting to financially prepare yourself for the world.

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This video helps explain the basics of your credit rating by using an Royal Bank of Canada representative to explain the process. Many people have a low general knowledge base and understanding when it comes to their credit rating which is not a problem. With a small amount of information and a few helpful tips it is very easy to grasp the concept of a credit rating. This video also helps consumers understand the terms and vocabulary of the banking industry which will be very helpful as we move along the way.

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Learn what a credit bureau score is, and how it is used by banks and other companies to determine if and how they do business with you. Contact a credt agency to review your credit rating - Equifax or TransUnion: http://www.equifax.ca http://www.transunion.ca/

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                                     Welcome to my Padlet!

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                                     Welcome to my Padlet!

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Together we will learn about the basics of what a credit rating is, what factors contribute to your credit rating, and what the banks analyze the most when assigning different ratings.

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Analyzing Credit Ratings                                        By Ian Anderson

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Analyzing Credit Ratings                                        By Ian Anderson