Canadian Mortgage Advisor
8-8 Strathearn Avenue
Greater Toronto Area , ON , L6T 4L9 Canada

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Helping GTA Homeowners find a mortgage that is right for them
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It is sometime confusing to understand the differences between a credit report and a credit score. A credit report is not only needed to get a loan but also it has numerous usages.

The purpose of this article is to simply explain what they exactly are and how they are different. In United States this number is often referred to as FICO score. That is not the case in Canada. In Canada the credit reporting companies are also called as Credit Bureau. There are two main companies in Canada Transunion and Equifax.

Credit Score:

To the end user – be it the consumer or a representative of a financial institute – it is just a number. It is never below 300 and hardly ever above 800 (maximum 900). The credit reporting companies uses very complicated mathematical models to calculate credit score. The methods may vary from one bureau to another bureau. The input to the model or credit score calculation generally includes your credit history, existing loans and many other financial and personal factors. The number provides an instant rank of your credit situation.

Credit report:

A credit report gives detailed information about your credit and personal history. It includes your name, loans, any defaults, present and past address, many other information. It is a great tool for a lender or another agency to find out about your past and financial records. There are generally two types of reports in Canada.

Consumers report:

A consumer has two options. He / she can get an annual free report or a paid report. The report is written in such a way that any common person can read and understand. As far as I know that the paid report includes the credit score and the free report does not.

Brokers report:

A mortgage agent / broker receives a report from agency is very different from what a regular person would get. It is full of symbols, abbreviations and numbers. Without special training it is difficult to decipher that report. It also tells the credit score of the applicant. A written consent from the applicant is must before a credit report can be requested.

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About Us

Sudip Adhikari.
Agent License #M10001082
Broker Mortgage Diligent -
Head Office -1305 Matheson Blvd East, Mississauga, ON L4W 1R1
FSCO #10252 O.A.C , E&OE

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