Your Credit History
If you have a loan or credit card, you have a credit history.
Your credit history is based on the information sent from a financial institution, such as a bank, credit card company, or any other business who gives you credit. They send information to the credit bureaus about whether or not you make your payments on time.
Credit bureaus are businesses that collect information about you and how long it takes you to pay back money you have borrowed.
Having good credit is important. If your credit history is poor, a lender can refuse to give you a loan.
There are two major Credit Bureaus in Canada:
TransUnion: www.transunion.ca
Equifax: www.equifax.com
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