Building and maintaining good credit is vital to a strong loan application and it involves more than paying bills on time.
Using different types of credit wisely, monitoring your payment history, and carefully inspecting the information reported on your credit file also plays a role in ensuring a healthy credit score.
Over 70-80% of Canadians have mistakes on their credit report. Slight inaccuracies reported by lending institutions to the Equifax credit file can be the difference between good or poor credit. This highlights the importance of knowing what’s on your credit report and working with a trusted mortgage broker.