Understanding your Credit Report

As credit has become more and more abundant in our society, your credit report, and thus your credit rating, has become more important in your daily life.


As credit becomes more and more abundant in our society, various instruments like your credit report and credit rating have gained space in the mundane of life. The credit score is a crucial metric that affects all your financial activities concerning borrowing. It can also influence your profession, the apartment you live in, and the ability to open a bank account. Thus, the credit report has an unrivaled significance in contemporary times.


Canada has two primary credit reporting agencies – TransUnion and Equifax. Both the institutions have a credit history file on anyone who has ever borrowed money. Every time a Canadian citizen borrows money or makes a repayment on a loan or credit card, the lender reports the information about the transaction to these two agencies. In addition to credit information, TransUnion and Equifax will also provide liens and judgments on your credit report, address, and your work history. The amalgamation of this information is known as a credit report.


It is somewhat unsurprising that your credit report can make or break your financial trajectories, which have personal and professional repercussions. Thus, you need professionals like us to help you sail through this challenging process. The advisors like Jaspreet Bansal will help you analyze your credit report better and also fix errors, and outline tactics to salvage your plummeting credit score whenever that is the case. Whether we like to admit it or not, our financial habits reflect a lot about how we choose to live our lives. Thereby, banking institutions use credit reports to peep into our personal lives.