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Credit History

About 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 financial institutions, such as a banks, credit card companies, or any other business who gives you credit or financing. They send information to the credit bureaus about whether or not you make your payments on time, how high your credit limits are and how much you have owing on your lines of credit.

Credit bureaus are businesses that collect information about you and how long it takes you to pay back the money that you have borrowed. The two major Credit Bureaus in Canada are Equifax and TransUnion.

Having good credit is important; if your credit history is poor, a lender can refuse to give you a loan. Likewise, if you do not have a credit history, as in, you have not ever taken out a loan or used a credit card, it can also negatively affect your standing with lenders.