Credit Score

True Or False? Credit Scores Matter For Newcomers

Christine Shisler | Posted 06.17.2016 | Canada Business
Christine Shisler

Many newcomers to Canada are surprised at how important credit scores are, or how they work. The credit system in Canada may not always take into account financial history in another country and the concept of building a credit history can be unfamiliar, especially in places where cash or your bank balance is the most important financial consideration.

Millennials: Buying A Home ASAP Is Worth It In The Long Run

Samantha Brookes | Posted 04.21.2016 | Canada Business
Samantha Brookes

Thirty-six is the new 30 for first-time home buyers in Canada -- meaning that the average age of current home buyers is 36, while the majority of current home owners bought their place before they were 30. Considering that millennials are typically 25 to 34 years old, many are left asking the question: are millennials buying homes?

Could A New Credit Scoring System Affect Your Ability To Borrow?

Douglas Hoyes | Posted 04.11.2016 | Canada Business
Douglas Hoyes

Equifax will combine credit histories, ratings, and mortgage information with Teranet's database of property values to offer lenders and financial institutions an assessment of a borrower's debt-to-asset value and home equity. This RESL metric will help lenders measure risk in the real estate market, allowing them to determine if they want to lend or not.

The Unsung Hero Of Canadian Financial Innovation

Aaron H. Emery | Posted 01.20.2016 | Canada Business
Aaron H. Emery

Dave Baker is a used car salesman on a mission to make Canada a more fair and equitable place. Go ahead and take a moment. Be skeptical. It took me six months to overcome my initial aversion to the predominant narrative of auto sales. I was sure that there was a catch. There had to be a bait-and-switch somewhere along the way.

Your Bankruptcy Score May Be Behind That Refused Loan

Douglas Hoyes | Posted 01.18.2016 | Canada Business
Douglas Hoyes

Lenders have been using a person's credit report for years to judge their overall creditworthiness and the risk that they might default and become a bad debt. However, financial institutions often use another measure, a bankruptcy score, to refuse a loan application for someone who may otherwise have good credit.

Why Students Should Take Time This Thanksgiving to Re-Evaluate Their Finances

Mandy Mail | Posted 10.08.2015 | Canada Living
Mandy Mail

After six weeks at school, students may be surprised by how much it actually costs to live independently. When I first moved out on my own, I was amazed by all the hidden costs. Living at home, my parents covered most expenses -- from groceries to toiletries -- and I never gave it a second thought.

How Inaccurate Credit Reporting Can Make Your Life Hell

Dan S. Barnabic | Posted 09.25.2016 | Canada Business
Dan S. Barnabic

The last survey on inaccurate credit data by the Ottawa-based research firm Public Interest Advocacy Centre (PIAC) dates back to 2006. It showed that 18 per cent of surveyed consumers felt their credit reports contained inaccuracies, some to the point of affecting their ability to obtain credit.

5 Ways to Ensure a High Credit Score

Jeffrey Schwartz | Posted 08.20.2016 | Canada Business
Jeffrey Schwartz

It's a three-digit number that can make you or break you -- it can affect your ability to buy a home, rent an apartment, buy a car, and in some cases prevent you from getting a job. But despite its value, many of us are blissfully unaware of our credit score.

Vancouver Real Estate: 5 Mistakes That Could Mess Up Your Closing

Atrina Kouroshnia | Posted 03.23.2015 | Canada British Columbia
Atrina Kouroshnia

Here are a few rookie mistakes that can complicate your closing process, especially given how competitive Vancouver real estate can be.

Students Need an Education on Their Own Credit Scores

Ashley Redmond | Posted 12.30.2014 | Canada Business
Ashley Redmond

It's time for students to take control of their finances, and the first step in doing that is becoming more knowledgeable. Melissa Jarman, director of student banking at RBC, says there's a lot of work that needs to be done to improve financial knowledge.

A High Credit Score Doesn't Make You Financially Savvy

Douglas Hoyes | Posted 12.23.2014 | Canada Business
Douglas Hoyes

We all want a high credit score, because it makes borrowing less expensive, and a high score proves that I am financially responsible and successful person. Or does it? Here's the sad truth: a high credit score does not prove you are financially savvy

Why Post Secondary Students Must Protect Their Credit Score

Melissa Jarman | Posted 11.03.2014 | Canada
Melissa Jarman

The credit mistakes that students make today can affect them for years to come, so as parents, it is our job to ensure we teach them about responsible credit use. Our kids often look to us for financial advice and guidance but many parents don't fully understand how to build and maintain a good credit score either.

What Really Makes a "High Interest" Loan

Steven Uster | Posted 08.04.2013 | Canada Business
Steven Uster

While the concerns regarding the potential negative impact of certain high interest loans are legitimate, the debate has failed to consider the context in which high interest loans exist. It is too simple to label a loan "high interest" by looking only at the annualized interest rate. There are many other factors that determine the true cost of borrowing.