credit report
Synonyms: credit rating, consumer report
This is a report that outlines how promptly you have made required payments on your debts, such as credit cards and loans. When you apply for a mortgage loan, the lender will review your credit report to determine how risky it is to lend you money, based on your past behaviour. They will often adjust their interest rate based on your credit report. Maintaining a good rating by making your payments promptly will give you access to the best rates for your mortgage, while a poor rating may mean having to borrow at a higher rate. Two organizations administer credits reports in Canada (Equifax Canada and TransUnion Canada), and you can request your report from them for free. It is a good habit to do this annually, as you will be alerted to any clerical errors that are damaging your credit rating.
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