What does credit score mean?
Your credit score is generated on a range from 300 to between 850 or 900 (depending on the credit reporting agency). Depending on where you fall between this range, your credit can vary between poor, fair, good, very good, and excellent. A low score can indicate a poor or “too new to score” credit history for someone who has not had the opportunity to build their credit history – i.e. a young adult or a newcomer to Canada.
Another way to look at it is that if a person’s credit score is 590, that means “590 people out of 900 are likely to pay off their debts.” If someone’s score is 780, it means that “780 people out of 900 are likely to pay off their debt.” The number represents the odds that a lender will get back the money they lent someone. The higher the number, the better the odds.
What is the difference between my credit report and my credit score?
Does my credit score matter?
While focusing too much on the perfect credit score is not something we encourage, being aware of it and its impact on your financial future is important. The closer your credit score is to 900, the less risky your borrowing is for creditors and other lenders. This can make your financial life much easier, giving you easy access to affordable credit products and loans when you need them. A strong credit score is a big help when buying your first home, getting a car loan, and depending on the sector you work in – it can impact your workplace as well.
7 things that aren’t on your credit report
TransUnion’s Free Credit Report is a consumer disclosure
TransUnion calls its free credit report “Consumer Disclosure.” It includes a complete accounting of all the information on your device TransUnion Credit Reportlists inquiries made regarding your credit information, including account management inquiries, non-credit inquiries, and your own inquiries. Meanwhile, that attractive sign advertising your “free credit score” is actually just an advertisement for something you probably don’t need.
Is a free credit score really free?
Other options to access your credit reports and get help with debt
There are several options for getting free credit reports from TransUnion and Equifax. If they don’t work for you, don’t worry. This does not necessarily mean that you have done anything wrong; It just means you’ll have to try one of their other methods. It is possible that for some reason the information you entered does not exactly match the credit reporting agency’s records. Then, once you have your reports, if you need help reading credit reports or dealing with listed debts, we’re happy to help.
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