Your Credit Report

Defining Credit Report

A credit report is a detailed report of an individual’s credit history prepared by a credit bureau. Credit bureaus collect information and create credit reports based on that information, and lenders use the reports along with other details to determine loan applicants’ creditworthiness. In Canada, there are two major credit reporting bureaus: Equifax and TransUnion. Each of these reporting companies collects information about consumers’ personal details and their bill-paying habits to create a unique credit report; although most of the information is similar, there are often small differences between the three reports. Some lenders will analyze a client’s credit reports to determine whether to approve them for financing.

Helping clients with all credit scores and history

Shane and his team take the time to carefully review the detailed credit scores and history of their clients in order to best understand which lenders and products will best suit them. Being informed of the client’s credit helps to provide them with an excellent financing experience by perfectly matching them with the right mortgage product for them, while obtaining their best mortgage rate.

Shane and his team are dedicated to helping clients with all credit scores and histories to obtain mortgage financing if possible. Shane understands that tough times in the past, often represented in a lower credit score and a bruised credit history, shouldn’t disqualify you from owning a home now and will work to obtain approval for you from a lender who shares Shane’s same belief and commitment.

Your Credit Report

Your credit report itself is simply a listing of all of your mortgage and consumer debt. Here in Canada, the two main credit reporting agencies are Equifax and TransUnion. Both agencies have a credit history file on anyone who has ever borrowed money.

Every time you borrow money or make a payment on a loan or credit card, the lender then reports the information about the transaction to these two agencies. In addition to credit information, you will also find liens and judgments on your credit report as well as your address and possibly your work history. The accumulation of all of this information is called your credit report. It is available for your own access through Equifax or TransUnion.

The information on your credit report varies based on your creditors and what they have reported about you. Potential lenders and others, such as employers, view your credit history as a reflection of your character. Whether we like it or not, our financial habits have a lot to say about the way in which we choose to live our lives and fulfill our obligations.

The credit score, or beacon score, is a number which gives mortgage lenders an idea of your lending risk. Canadian credit scores range from 300 to 900, the higher your credit score the better. The mortgage products and interest rate that you will qualify for are often determined by your credit score and credit history.

One thing that many people do not know is that you have the legal right to obtain a copy of your credit report. Shane and his team can help you obtain a copy of this report and go through it with you to verify that all of the information is true and correct. If it is not, he can help you correct the information in a timely manner.

The good news is that your credit report is a working document. This means that you have the ability over time, to repair any damaged credit and increase your credit score. Shane can also offer suggestions on how to increase your score.

Learn about your credit score today

Shane and his team can help you obtain your credit score and history today and walk you through it in order to better understand how you can update any relevant information and then work on goals and strategies to improve it as necessary.

Shane can complete your application entirely online or over the phone, as well as in person. Shane offers a variety of options to connect with you and works around your schedule, allowing you to indicate the best time and method for him to contact you.

The wonderful thing about being a Mortgage Professional with Mortgage Architects is that I’m not limited in the same way as the banks who will almost always decline mortgage financing to those with lower credit scores or bruised credit history. I can work with clients who have phenomenal credit, those who have lower credit, or those with may be new to Canada or just becoming an adult and have no credit at all.

― Shane Osmond, Mortgage Professional