Your Credit Profile
Your credit profile is your financial reputation. Each time you borrow, you build a credit history. When you apply for credit, lenders consider your financial track record, along with information about your employment and other debts and assets you have.
How can you build a positive credit history?
Do:- Pay bills on time
- Pay at least the minimum amount
- Check your credit profile for errors
- Use credit you don't understand
- Wait to report problems
- Pay bills late
- Exceed your credit limit
It's wise to check your credit profile each year to make sure there are no errors on your file that could compromise your creditworthiness. You can request a free copy of your credit profile from the following credit bureaux:
You can also request to see your credit score. A credit bureau takes several elements of your credit profile and identifies a score that rates your creditworthiness on a scale. Your credit score may influence the interest rate that you pay and help determine whether lenders consider you a good candidate for a loan. Obtaining your credit score may cost a small fee, but it may be worthwhile if you are considering financing a major purchase such as a home or car.
More credit resources
| Featured publication: | Understanding Your Credit Report and Credit Score (Financial Consumer Agency of Canada) Order a copy by calling the FCAC at 1-866-461-3222 |
| Fact sheet: | Take Control of Your Debt (TransUnion) |
| Game: | Check into The Bad Credit Hotel, an online game developed by the United States Treasury Department. The game uses U.S. examples, but provides plenty of good advice on maintaining good credit. |
