The Importance of Credit
As credit has become more and more abundant in our society, your credit report, and thus your credit rating, has become more important in your daily life.
Your credit rating influences all aspects of your financial activities when it comes to borrowing money. Your credit rating can also have an impact on the job you’re getting, the apartment you’re renting, and even your ability to open a bank account. We’ve got the best credit repair specialist in Canada to help you with your credit rating.
Your credit report itself is just a listing of all of your mortgage and consumer debt. The two main credit reporting agencies in Canada are Trans Union and Equifax. Both agencies have a credit history file on anyone who has borrowed money. Every time you borrow money or pay a loan or credit card, the lender reports the details about the transaction to these two agencies. In addition to credit information, you will also find liens and judgements on your credit report, as well as your address and your work history. Your credit report is the accumulation of all this information.
The information on your credit report differs based on your creditors and what they have disclosed about you. Potential lenders and others, such as employers, looks at your credit history to get an idea about your character. Whether we like it or not, our financial habits have a lot to say about our character.
Mortgage lenders get an idea of your lending risk through your credit score. Credit scores range from 300 to 900. The higher your credit score, the better. The mortgage products and interest rate that you are qualified for will be determined by your credit score.
One thing most people don’t know about credit repair in Canada is that you have the legal right to get a copy of your credit report. Faizal, a certified mortgage broker, can help you obtain a copy of this report. He can go through it with you to check that all of the information is true and correct.
The good news is that your credit report is a working document. This means that you can repair any damaged credit and increase your credit score over time. If you need to repair and rehabilitate your credit score, contact Faizal Garasia, our credit repair specialist in Toronto.
Faizal Garasia, CSC, CPH, FP1, LLQP, PFSA, RP
Mortgage Agent, Commercial Mortgage Agent, Leasing Agent
137 Harmony Road North
L1G 6L2, Canada
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