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This image shows what exactly your credit score number means. I has some great explanations which puts your number into real-life scenarios which helps to understand what should be expecting to get from creditors based on your score.

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I found this article to be very useful in giving out information that people might not have thought of when looking into their credit scores. This article explains things such as how long information in kept in your credit file, what everyday things your credit rating can affect and what habits are lowering your score. I was not previously aware that there are things that are only on your credit record for a few years.

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Credit Rating 101 - Debt Canada: Your Canadian Credit Education Centre

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We have collected information from both of the consumer reporting agencies (credit bureaus), as well as our own research to try to provide a full picture on credit files and credit scores, including those little known "insider" secrets.

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Video #3 - What Credit Score Do You Need To Qualify For A Mortgage In Canada? (https://www.youtube.com/watch?v=aHeX8KBVtpU)

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Video #3 - What Credit Score Do You Need To Qualify For A Mortgage In Canada? (https://www.youtube.com/watch?v=aHeX8KBVtpU)

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I chose this video because of its specific topic. This video explains how your credit score will come across when applying for a mortgage in Canada. The better you r score, the better your interest rate will be. I learned that it is important to start thinking about your credit score now even if you are not planning on purchasing a house for many years since this will help you in the long-term.

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What Credit Score Do You Need to Qualify For A Mortgage In Canada?

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By Alex Acorn

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Welcome to my padlet about consumer credit rating in Canada. In this padlet, you will find a number of videos, websites, and images that touch base on numerous credit score related topics. You will be able to learn what exactly goes into your credit score, tips on how to improve your credit score, what is considered to be good credit, and much more.

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Video #2 - Credit Score Tips & Advice Canada (https://www.youtube.com/watch?v=JxEu3-Dlv8k)

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Video #2 - Credit Score Tips & Advice Canada (https://www.youtube.com/watch?v=JxEu3-Dlv8k)

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I chose this video for its in-depth explanations and how it is relevant to every day spenders. This video explains all factors that make up your credit score as well as when having a good credit score is most important such as for making a large purchase like a car or house. What I learned in this video was that the longer you have a credit product, the better this is on your credit score.

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Credit Score Tips & Advice Canada - Top Things You Need to Know About Your Credit Score

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I chose this image since I found it to be a great representation of the credit lending system works. This diagram shows exactly how your data is kept and transferred to creditors who are then in charge of making the decisions. I found this to be a bit of an eye-opener which makes you realize how your spending habits can directly affect what you will be offered by a creditor.

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I found this site to be a great resource in letting people know what their credit score means. It explains who is in charge of setting your score, what exactly contributes to your number, what number represents a 'good' score, as well as some ways to bring up your score. One thing I learned when reading this article is that your credit score is based on almost all payments habits you have, such as cellphone and internet bills.

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Your credit scores are an important aspect of your financial profile.

They may be used to determine some of the most important financial factors in your life, such as whether or not you'll be able to lease a vehicle, qualify for a mortgage or even land that cool new job.

And considering 71 percent of Canadian families carry debt in some form (think mortgages, car loans, lines of credit, personal loans or student debt), good credit health should be a part of your current and future plans.

High, low, positive, negative - there's more to your scores than you might think. And depending on where your numbers fall, your lending and credit options will vary. So what is a good credit score? What about a great one? Let's take a look at the numbers.

How your credit scores are set

Canadian credit scores are officially calculated by two major credit bureaus: Equifax and TransUnion.

They use the information in your credit file to calculate your scores. Factors that are used to calculate your scores include your payment history, how much debt you have and how long you've been using credit.

Pro Tip: You can view sample credit scores summaries from each bureau (see Equifax here and TransUnion here) to get a sense of what to expect.

What's in a number?

In Canada, your credit scores generally range from 300 to 900. The higher the score, the better. High scores may indicate that you're less likely to default on your repayments if you take out a loan.

Below you'll see a general breakdown of credit score ranges and what each range means in terms of your general ability to qualify for lending or credit requests, such as a loan or mortgage.

Note that the ranges can vary slightly depending on the provider, but these are the credit score ranges you'll see on Credit Karma. The best way to know where your scores stand is to check your credit report:

● 800 to 900: Congratulations! You have excellent credit. Keep reaching for the stars.

● 720 to 799: You have very good credit! You should expect to have a variety of credit choices to choose from, so continue your healthy financial habits.

● 650 to 719: This is considered good to lenders. You may not qualify for the lowest interest rates available, but keep your credit history strong to help build your credit health.

● 600 to 649: This is fair credit. History of debt repayment will be important to demonstrate your solid sense of financial responsibility.

● 300 to 599: Your credit needs some work. Keep reading for some improvement suggestions below.

How to go from good to great (or bad to good)

To borrow from Leo Tolstoy, all great credit scores are alike, but all bad credit scores are bad in their own way. That is, ideal credit scores are built on a similar set of healthy financial habits, but your scores can be damaged by any number of factors. There are many different issues that can hurt your credit, such as:

● Late or missed payments.
● Too many (or too few) open credit accounts.
● High credit card balances.
● High balances on loans.
● Too many credit applications.

The first step toward improving your credit health is avoiding getting trapped in the highs and lows of managing your credit.

Heather Battison, vice president of TransUnion Canada explains how consistency is key: "The most important factor for building and maintaining your scores is to pay your bills on time and in full each month. This activity demonstrates your ability to responsibly manage credit and can positively impact your credit scores."

It's also key to remember that your payment history isn't just about paying your credit card bill. "It also includes things like your cellphone bill," says Trevor Gillis, associate vice president of account management at TD Credit Cards.

Gillis says building good credit scores is "based on using your credit card responsibly, which means making at least the required monthly minimum payment (if you can't pay off the balance in full), making your payments by the payment due date and keeping your credit card utilization low."

Beware of third-party companies that claim they can quickly boost your scores. According to the Office of Consumer Affairs, only your creditors are able to alter the information on your credit file. When it comes to building good credit, there are no shortcuts.

Here's the good-to-great news: Improving your credit health isn't only achievable, but also the steps involved can help you establish an overall healthy financial life. Read our tips for everyday ways you can improve your credit health.

Bottom line

Help keep your credit scores as healthy as possible by reviewing your credit reports regularly to ensure they're accurate. Making the decision to apply for a loan or credit card is a big deal - don't let surprise scores get in the way of it.

There are ways to check your credit scores directly from TransUnion and Equifax. However, you'll either be waiting for snail mail delivery (with the added risk of loss or theft in transit), or paying a fee for one-time online access (or a recurring cost for continued access).

Credit Karma gives you free online access to your credit score and report from TransUnion any time. Score!

Editorial Note: The opinions you read here come from our editorial team. While compensation may affect which companies we write about and products we review, our marketing partners don't review, approve or endorse our editorial content. Our content is accurate (to the best of our knowledge) when we initially post it, but we don't guarantee the accuracy or completeness of the information provided. You can visit the company's website to get complete details about a product. See an error in an article? Use this form to report it to our editorial team. For questions about your Credit Karma account, please submit a help request to our support team.

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What is a good credit score? | Credit Karma

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They may be used to determine some of the most important financial factors in your life, such as whether or not you'll be able to lease a vehicle, qualify for a mortgage or even land that cool new job.

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Video #1 - Your Credit Score in Canada Explained (https://www.youtube.com/watch?v=8xHKeX2OOVE)

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Video #1 - Your Credit Score in Canada Explained (https://www.youtube.com/watch?v=8xHKeX2OOVE)

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The main reason I chose this video is because of how simply they explain what got into you credit score and what to do in order to improve it. It explains to the viewer the most important aspects such as keeping up with your credit card balance and to try not to incur expenses that are over your balance since it will in turn negatively effect your credit score. One tip that stuck with me was to double check your credit card balance regularly, especially before making large purchases to make sure you will be able to pay your bill at the end of the month.

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Your Credit Score in Canada Explained - And How to Improve It!

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I chose this image because it is something that is usually not mentioned in most credit score resources. This is a good way to show where your credit score ranks among other Canadians. I was pleasantly surprised to learn that there is only 15% of the population that ranks as having a credit score that is below what is considered to be 'good'.

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This website is a great resource for consumers to easily find the best way to check their credit report. It essentially lets the reader know that they are able to get a free credit report once per year through the credit bureaus being Equifax and TransUnion. Since these free credit reports are not highly advertised, this article explains exactly how it is done. I was personally not aware of the fact that these credit bureaus do not make it readily available and that it takes quite a process to access you credit report.

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Everyone who's ever borrowed money to buy a car or a house or applied for a credit card or any other personal loan has a credit file.

Because we love to borrow money, that means almost every adult Canadian has a credit file. More than 21 million of us have credit reports. And most of us have no idea what's in them.

Are there mistakes? Have you been denied credit and don't know why? Is someone trying to steal your identity? A simple check of your credit report will probably answer all those questions. And it's free for the asking.

So what's in a credit report?

You may be surprised by the amount of personal financial data in your credit report. It contains information about every loan you've taken out in the last six years - whether you regularly pay on time, how much you owe, what your credit limit is on each account and a list of authorized credit grantors who have accessed your file.

Each of the accounts includes a notation that includes a letter and a number. The letter "R" refers to a revolving debt, while the letter "I" stands for an instalment account. The numbers go from 0 (too new to rate) to 9 (bad debt or placed for collection or bankruptcy.) For a revolving account, an R1 rating is the notation to have. That means you pay your bills within 30 days, or "as agreed."

Any company that's thinking of granting you credit or providing you with a service that involves you receiving something before you pay for it (like phone service or a rental apartment) can get a copy of your credit report. Needless to say, they want to see lots of "Paid as agreed" notations in your file. And your credit report has a long history. Credit information (good and bad) remains on file for at least six years.

What's a credit score? And why is it so important?

A credit rating or score (also called a Beacon or a FICO score) is not part of a regular credit report. Basically, it's a mathematical formula that translates the data in the credit report into a three-digit number that lenders use to make credit decisions.

Factors in determining a credit score:

Payment history. A good record of on-time payments will help boost your credit score.

Outstanding debt. Balances above 50 per cent of your credit limits will harm your credit. Aim for balances under 30 per cent.

Credit account history. An established credit history makes you a less risky borrower. Think twice before closing old accounts before a loan application.

Recent inquiries. When a lender or business checks your credit, it causes a hard inquiry to your credit file. Apply for new credit in moderation.

Source: TransUnion Canada

The numbers go from 300 to 900. The higher the number, the better. For example, a number of 750 to 799 is shared by 27 per cent of the population. Statistics show that only two per cent of the borrowers in this category will default on a loan or go bankrupt in the next two years. That means that anyone with this score is very likely to get that loan or mortgage they've applied for.

What are the cutoff points? TransUnion says someone with a credit score below 650 may have trouble receiving new credit. Some mortgage lenders will want to see a minimum score of 680 to get the best interest rate.

The exact formula bureaus use to calculate credit scores is secret. Paying bills on time is clearly the key factor. But because lenders don't make any money off you if you pay your bills in full each month, people who carry a balance month-to-month (but who pay their minimum monthly balances on time) can be given a higher score than people who pay their amount due in full.

This isn't too surprising when you realize that credit bureaus are primarily funded by banks, lenders, and businesses, not by consumers.

How can I get a copy of my credit report and credit score?

You can ask for a free copy of your credit file by mail. There are two national credit bureaus in Canada: Equifax Canada and TransUnion Canada. You should check with both bureaus.

Complete details on how to order credit reports are available online. Basically, you have to send in photocopies of two pieces of identification, along with some basic background information. The reports will come back in two to three weeks.

The "free-report-by-mail" links are not prominently displayed - the credit bureaus are anxious to sell you instant access to your report and credit score online.

For TransUnion, the instructions to get a free credit report by mail are available here. For Equifax, the instructions are here.

If you can't wait for a free report by mail, you can always get an instant credit report online. TransUnion charges $14.95. Equifax's rate is $15.50.

To get your all-important credit score, you'll have to spend a bit more. Both Equifax and TransUnion offer consumers real-time online access to their credit score (your credit report is also included). Equifax charges $23.95, while TransUnion's fee is $22.90. There is no free service to access your credit score.

You can always try asking the lender you're trying to do business with, but they're not supposed to give credit score information to you.

What if I find an error in my credit report?

Well, you won't be the first. In millions of files and hundreds of millions of reported entries, there are bound to be mistakes. Some are minor data-entry errors. Others are damaging whoppers. For example, we've heard of instances where negative credit files from one person got posted to the file of someone who had a similar name (the "close enough" school of credit reporting).

One survey on credit reporting:

17 per cent of Canadian adults had checked their credit reports in the prior three years

Of those who checked, 18 per cent found inaccuracies in their credit reports

10 per cent believed they were denied access to financial services because of report inaccuracies

Source: Public Interest Advocacy Centre, 2005

Some credit bureau watchers estimate that there are errors in 10 to 33 per cent of credit files. Some of those mistakes can be serious enough to hurt your credit status. That hit to your credit score can result in a denied loan or a higher interest rate. Across Canada, provincial consumer agencies collectively get hundreds of complaints annually about credit bureaus.

If you find something in your file that you dispute, you can write the credit agency in question and tell them you think there's an error. The credit reporting agency usually sends along the form you need when it sends you the credit report. Use it to spell out the details of any information you dispute. The dispute forms are online, too.

Be sure to send along any documents that support your version of the matter in dispute. The reporting agency then contacts whoever submitted the information you're disputing.

If the file is changed, you will be sent a copy of your new report and any company that's requested your credit file in the previous two months will also be sent the corrected file.

If the item is not changed to your satisfaction, you have the right to add a brief statement to your credit file with your side of the story. You can also ask to have your credit file, along with your comment on the disputed entry, sent to any company that has requested your credit report in the previous two months.

You can also file a complaint with your provincial consumer agency.

What are credit monitoring services?

If you spot entries in your credit report that don't seem to relate to you (such as charge accounts you never opened or bad debt notations you never got), you may be a victim of the rapidly-growing crime of identity theft. You should notify the credit reporting company immediately.

There are companies that will take the effort of checking your credit report off your hands - for a price. The credit reporting bureaus are, not surprisingly, very active in this area. At TransUnion, their credit monitoring service costs $14.95 a month and includes unlimited access to your credit profile and credit score. At Equifax, credit monitoring and identity theft protection starts at $16.95 a month.

There are several other companies offering similar services for similar prices. They usually include features like e-mail alerts when there's a change to your credit report.

It's a personal decision whether you feel these services are worth the money. The bottom line is you can always check your credit report for free by mail. Or, you can pay to get it online whenever you want. People who have been the victims of identity theft or people who are worried that they may be susceptible to ID theft may consider the expense worthwhile.

Should I pay to use a credit repair service?

Industry Canada says there's no point in hiring a company that claims it can improve your credit rating. Firms that say they can "fix" a bad credit report are often little more than fly-by-night operations designed to relieve you of hundreds of dollars in return for nothing.

There's no way a credit repair clinic can change accurate information that doesn't reflect well on you. The only thing they can fix on your behalf is an inaccuracy in your credit file. And you can do that yourself free of charge.

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Anyone who's ever borrowed money or applied for a credit card in Canada has a credit file. Everyone should check theirs at least once a year. We show you how to get a free credit report from each of Canada's credit bureaus.