You can also contact one of Canada's credit bureaus to receive a copy of your credit report by mail, free of charge. New credit - your overall credit score will change every time you apply for and get new creditĬIBC clients can check their credit score using the CIBC Free Credit Score Service in the CIBC Mobile Banking ® App.Types of credit used - the more diverse the credit, the better the score you can have revolving credit (line of credit or credit card), instalment credit (car loan), or mortgage.Length of credit history - the score tends to get better with time.The amount of credit you owe - too much or too little credit owed can negatively impact your score.Payment history - the most important, makes up 35% of your credit score.The higher your score, the lower the risk for the lender, so it's easier to get approved for a new loan.įactors that influence your credit score include: The credit-reporting agencies, Equifax and TransUnion, use a scale from 300 to 900. When not properly managed, it can impact your ability to borrow later in life.Ī credit score is a numeric figure that represents your credit risk at a particular point in time. If you don't pay your bills on time or fail to repay a loan, you may be reported to a credit bureau.Ĭredit can be one of your most valuable personal assets. Your credit rating is not established by the government or by financial institutions - it is established by you. An R1 rating is the best, meaning you pay your debts on time, within 30 days, and an R9 is the worst.

This rating is assigned by lenders based on your past history of borrowing and paying off debts, and it can range from 1 through 9. For example, a rating of '1' means you pay your bills within 30 days of the due date, while a rating of '9' can mean that you never pay your bills at all.Īn 'R' rating is also included in your credit score. Most credit-reporting agencies will give you a rating on a scale of 1 to 9, others will assign letters corresponding to the type of credit you're using. The purpose of this report is to establish a standardized and objective credit rating for you.Ī credit rating is a measure of how dependable you are in repaying your debts. This report can contain information such as personal identification, your credit history, public records with an effect on your credit and a list of parties you have authorized to access this information. Credit bureaus store and maintain information about your borrowing and repayment habits in a detailed file - your credit report.

Phone number free credit report