{"id":3569,"date":"2020-03-17T14:21:55","date_gmt":"2020-03-17T14:21:55","guid":{"rendered":"https:\/\/dev-ginsberg-gingras.flywheelsites.com\/?page_id=3569"},"modified":"2023-06-06T16:55:03","modified_gmt":"2023-06-06T20:55:03","slug":"understanding-your-credit-rating","status":"publish","type":"page","link":"https:\/\/ginsberg-gingras.com\/en\/understanding-your-credit-rating\/","title":{"rendered":"Understanding your credit rating"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
<\/div>\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Credit rating<\/h1>\n

We resolve. You restart.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Understanding your credit rating<\/h2>

The credit rating is a judgment made by the credit-reporting agencies on repayment habits.This information helps determine someone\u2019s level of risk for lenders in comparison to other consumers.\u00a0The formula is straightforward: the more your repayment habits respect conditions and due dates, the better your credit rating will be.<\/strong><\/p>

Equifax and TransUnion are the main credit-reporting agencies in Canada.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Why is it important to maintain a good credit rating?<\/h2>

\u00a0<\/p>

The credit rating defines the\u00a0financial reputation\u00a0\u00a0<\/strong>of a consumer. The higher the credit rating, the better the chance of obtaining credit from a financial institution or lender. Creditors use the credit report to decide on granting or refusing a loan and to set the interest rate. That is why the credit rating is crucial when the time comes to borrow major sums for such purchases as a house or car.<\/p>

Conversely, a bad credit rating complicates the process to get a loan. A weak credit rating can also lead to indirect negative impacts, such as an inability to rent a dwelling. Fortunately, you can improve your credit rating by implementing certain measures. A Ginsberg Gingras professional can help you with this.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Everything you need to know about your credit report<\/h2>

The credit report is an overview of your credit history.<\/strong>\u00a0All contracted loans, credit cards and financing you have obtained are included in your credit report. The credit rating is another piece of information included in your credit report.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/rect><\/path><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<\/rect><\/path><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWho may consult your credit report and credit rating?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t