Understanding your credit report and credit score

Sample credit score from TransUnion Canada



 

Note: This example is for illustration purposes only and may not include all information typically provided in a credit report or score. FCAC has modified the presentation for online display. This example may not appear in exactly the same way as the credit report or score you receive from a credit reporting agency.

Your credit score

 

This consumer has a credit score of 700.

Your credit score is 700
Based on your credit profile data, this is a numerical depiction of your creditworthiness.

   

 

This consumer’s score is higher than 36 percent of Canadians’ scores, but it is still below average, as shown on the graph.

Your credit ranks higher than 35.93% of the Canadian population
Based on your credit score, this is how your credit standing compares to the rest of Canada.  

 

 

This section shows how lenders are likely to rate this consumer as a potential borrower.

Your creditworthiness is Fair
Based on your credit score, this is how you may be viewed from a lender’s perspective.        

 
 



Improvements in any of these areas should help increase this consumer’s credit score.

Here are the top factors that make your score lower:

  1. There are too many consumer finance company accounts on your credit report. Having too much available credit can sometimes harm your credit score. Lenders may feel that you have the ability to spend more than you could potentially pay back. You might want to consider closing a few accounts or asking to have your credit limits reduced. Avoid closing too many accounts—especially the oldest accounts on your credit profile—because it could harm your credit score.
  2. Your account balances are too high. High levels of debt can signal to potential lenders that you are spending more than you can afford. It is a good idea to use your credit cards regularly but remember to keep your balances below 35 percent of your available credit limits. If you have balances above 35–50 percent, you could see your credit score start to drop.
  3. There is not enough recent revolving account information on your credit report. Using your credit accounts regularly is an important part of building healthy credit. Lenders will be able to better evaluate your creditworthiness if there is more data about your payment and spending behaviour on your credit report. Using a credit card to make a few purchases each month may help improve your credit score.
  4. Your loan balances are too high in comparison with your loan amounts. High levels of debt can signal to potential lenders that you are spending more than you can afford. It is a good idea to use your credit cards regularly but remember to keep your balances below 35 percent of your available credit limits. If you have balances above 35–50 percent, you could see your credit score start to drop.

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Source: TransUnion Canada

Other examples of credit reports and credit scores

 


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