In short, it is simply a snapshot of your credit history that the landlord can refer to in order to decide whether or not you would be a suitable tenant. Since your credit score is a real-time assessment of your financial health, it is an indicator of the risk you represent in comparison to other prospective tenants. Therefore, it is vital that you continuously work towards maintaining a high credit score.

 
Your credit report may contain the following financial information and more:

  • Insufficient funds payments, bad cheques, money owing or fraud, bankruptcy.

  • Credit used such as credit cards, retail or store cards, lines of credit and loans, and debts that have been sent to collection agencies.

  • Requests for your credit report in the past three years.

Your credit report will also list some facts regarding your credit history such as:

  • The date your account was opened

  • Your owing amount

  • Whether payments were made on time

  • Missed payments

  • Whether your debt has been transferred to a collection agency

  • Whether you surpassed your credit limit

  • Personal information that is available in public records, such as a bankruptcy

Although some banks provide credit scores via online banking, your full credit report must be obtained from Equifax.ca or Transunion.ca

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