Credit reports in Canada

Have you ever wondered how your friends seem to be able to apply and get credit cards so easily. Or he may be able to get a new car loan at a lower interest rate? Well it's probably a simple fact that they are in-tune with their credit reports.

Did you know you have one of those too?

A credit report is something that all Canadians have. From the moment we take out a student loan or from the time we get our first credit card. A credit report is created for us. A Canadian Credit Report is basically our financial ID. It is our living and breathing document that is made up of all things credits and loans.

The Credit Agency in Canada keeps track of all of our financial movements and lists them out for creditors to see. The creditors can pull up our file and review it and from that, they can determine how much money they want to lend us. A bad credit report may mean you will have a lower credit limit, say $500. But for someone with a clean credit history, your credit limit could be $5000.

Credit reports in Canada is something that you shouldn't neglect. These credit reports are used by many Canadian companies such as banks, landlords and even your cell phone company checks credit scores. In this industry, every one wants to know if you are trustworthy with their money.

So how to you get one? Its very easy actually. You can get a free credit score in Canada simply by asking for it! Yes it will cost nothing except your time. A few weeks after you mailed your report, you can expect to receive a document containing all things about your finances. Check it out and stay in tuned!