One of the most frustrating things about credit score reports is that nobody seems to know where to get one. The right one that is! This is especially true for Canadians who simply want to know if they have good or bad credit scores. There are many sites offering reports, but you have to avoid getting ripped off by making sure you get the correct report. This article will explain how to do about checking your credit score. First, here’s an explanation of some of the terms you will need to know.
A credit report is a general overall term that refers to a document that outlines all of your financial data. It will include things like your balances, opened and closed accounts, late payments and score. All Canadians who have credit cards or loans will have a report. This report is put together by credit reporting agencies.
Credit Score Report
A credit score report is a more specific term referring to the portion of your credit report which defines you score and explains how you rank in comparison to the rest of Canada. A credit score report will include a 3 digit score number between 300 and 900. The report will explain the several factors that are taken into account when calculating your score. You will be able to determine if you have a good or bad score from this report.
Also, the credit score report will be slightly different depending on which bureau is reporting it. Canadian reporting agencies have a slightly different way of calculating the score as compared to the U.S. So it is important to always pull your credit score report from TRUSTED Canadian sources.
Generally when you read the term ‘credit profile’, it refers to your credit history. The credit profile is the largest part of the credit report. It outlines all your accounts, payment history, debt levels, collections and more. The credit profile is used to calculate your score.
So how do you check your credit score report? Like most people, you were probably enticed by the free version of the report. But keep in mind that you won’t find your credit score in there. This free version is only the credit profile part. It only shows your credit history.
The most convenient way get the right report and avoid getting ripped off, is using the Official TransUnion Canada order form. For as little as $14.95, you can obtain your Canadian credit score report. As an added benefit, you will have instant 24/7 access and a comprehensive analysis of your credit profile.