Understanding Your Credit Report and Credit Score (2012)

Credit reporting agencies track how individuals use credit cards and loans, and how they pay their bills, then use this information to create each person’s credit report and credit score. Lenders use these reports to decide whether they will lend someone money, and how much they will charge that person to borrow.

This guide, prepared by the Financial Consumer Agency of Canada (FCAC), explains what the credit report and score are; how to improve the credit score; how to correct errors in a credit report; and how to order a credit report and score.

The authors point out that it is important to know what is in a credit report. A poor credit history could make it harder to get a credit card or a loan; lead to higher costs for borrowing money; or even affect a person’s ability to rent housing or get hired for a job.

In addition, a credit report can be used to check for signs of identity theft.

The FCAC is a federal government agency working to protect consumers and to educate them about financial services.

Get resource
ISBN: 
978-1-100-99302-7
Added: 
2013-10-09
APA citation
Financial Consumer Agency of Canada (FCAC). Understanding Your Credit Report and Credit Score 2012. Web. 28 Jan. 2022 <http://en.copian.ca/library/learning/fcac/credit_report/credit_report.pdf>
Financial Consumer Agency of Canada (FCAC) (2012). Understanding Your Credit Report and Credit Score. Retrieved January 28, 2022, from http://en.copian.ca/library/learning/fcac/credit_report/credit_report.pdf
© 2022 Copian Library