When lending money, lenders consider credit scores. The lower the credit score, the greater the risk. Scores are determined by variables such as: payment and credit history, outstanding debt, pursuit of credit, types of credit, and recent credit inquiries. Scores range from 375 to 900. A score of 650 or above indicates good credit. Scores around 600 - 650 indicate a decent to good history. If you have a score less than 600, don't worry, we can still help you get a mortgage or advise you on how to improve your score.
Along with an overall score, credit reports also show: Personal Information (name, address, birthdate, SIN); Consumer Statement (comments about info on the report); Credit Info (accounts, transactions, payment history); Public Info (secured loans, bankruptcies, judgments); Third-party Collections (debt collections by agencies); Inquiries (requests for your credit report in the last three years)
