they get this information and what does it mean? With a
Canadian credit report, information about your credit and
payment habits are collected by credit bureaus. In
Canada, there are two major credit bureaus 1) Equifax, and
2) Trans Union.
With a Canadian mortgage lender, credit grantors provide
these companies with information on how their customers
pay their bills. These bureaus then assemble this
information, along with public record information obtained
from courthouses around the country, into a "file" on each
In return, credit grantors (e.g. banks, leasing companies,
credit card companies) can obtain credit reports about
consumers before giving them a Canadian mortgage loan or
issuing them credit.
Credit reports do not approve or reject consumer applications for
credit or a Canada
mortgage. They merely
report the information provided by the credit grantors.
Different credit grantors have different criteria for
evaluating loan requests.
example, when applying for an Canada home loan, a lender
will look at more than just your credit score, called the
beacon score. They will look at each of the
individual entries and see how you have done recently.
Simply looking at the score does not reveal everything.
With our lenders, they look at the equity position that
you have in your property. If the difference between
"what you owe" and the "value of your property" is great
enough, they will have no problem guaranteeing that you
can get the money you need.
Please apply with us right away and we'll get back to you