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Your credit report is a listing of all of your mortgage and consumer debt. In Canada, the two main reporting agencies are TransUnion and Equifax. Whenever you apply for credit or make a payment on a loan or credit account, the lender reports information about the transaction to these two agencies.

The credit score, or beacon score, is a number from 300-900 (higher is better) which gives financial institutions an idea of your lending risk. The mortgage products and interest rates you will qualify for are often based on your credit score.

Potential lenders and others (landlords, employers) view your credit history as a reflection of your character. For better or for worse, financial habits say a lot about the way we choose to live our lives. Travelbea & Associates can help you get a copy of your credit report and one of our mortgage professionals will review it with you. Your credit report is a living document–you can always repair damaged credit over time and improve your credit score.