https://padlet.com/ian7anderson/zuss7zfqsuw1 What analysis goes into the process of determining your credit rating? en-us 2016-11-24 17:23:29 UTC 2025-11-03 01:38:21 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Manbag.png ian7anderson https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139797236 2016-11-24 17:37:06 UTC https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139797236 ian7anderson https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139797522 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.]]> 2016-11-24 17:39:37 UTC https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139797522 ian7anderson https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139798808 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.]]> 2016-11-24 17:50:19 UTC https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139798808 ian7anderson https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139807878  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.]]> 2016-11-24 19:10:24 UTC https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139807878 ian7anderson https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139808995 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.]]> 2016-11-24 19:20:28 UTC https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139808995 ian7anderson https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139810275 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.]]> 2016-11-24 19:33:37 UTC https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139810275 ian7anderson https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139931123 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.]]> 2016-11-25 18:26:41 UTC https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139931123 ian7anderson https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139934245 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. ]]> 2016-11-25 19:16:18 UTC https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139934245 ian7anderson https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139934984 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. ]]> 2016-11-25 19:26:49 UTC https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139934984 ian7anderson https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139935748 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.]]> 2016-11-25 19:40:12 UTC https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139935748 ian7anderson https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139936271 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.]]> 2016-11-25 19:49:22 UTC https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139936271 ian7anderson https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139937744 2016-11-25 20:22:04 UTC https://padlet.com/ian7anderson/zuss7zfqsuw1/wish/139937744