FICO® Score Credit Education in Canada

A majority of lenders in Canada, use FICO® Scores, as the industry standard for determining credit worthiness. Reviewing your FICO® Scores can help you learn how lenders view your credit risk and allow you to better understand your financial health.

35% - Payment history. Whether you've paid past credit accounts on time. 30% - Amounts owed. Amount of credit and loans you are using. 15% - Length of credit history. How long you've had credit. 10% - New credit. Frequency of credit inquires and new account openings. 10% - Credit mix. Mix of your credit, retail accounts, installment loans, finance company accounts and mortgage loans.

Score factors are delivered with a consumer's FICO® Score, these are the top areas that affected that consumer's FICO® Scores. The order in which the score factors are listed is important. The first factor indicates the area that most influenced the score, and the second factor is the next most significant influence. Addressing these factors can benefit the score.

There are many different credit scores available to consumers and lenders. FICO® Scores are the credit scores used by a majority of lenders, and different lenders may use different versions of FICO® Scores. In addition, FICO® Scores are based on credit file data from a consumer reporting agency, so differences in your credit files may create differences in your FICO® Scores.

There are many reasons why a score may change. FICO® Scores are calculated each time they are requested, taking into consideration the information that is in your credit file from a consumer reporting agency at that time. So, as the information in your credit file at that CRA changes, FICO® Scores can also change. Review your key score factors, which explain what factors from your credit report most affected a score. Comparing key score factors from the two different time periods can help identify causes for a change in a FICO® Score. Keep in mind that certain events such as late payments or bankruptcy can lower FICO® Scores quickly.

No. The FICO® Score we provide to you will not impact your credit.

You may get a free copy of your credit report (also known as "credit file disclosure" or "consumer disclosure") from each of the two major consumer reporting agencies annually. To learn how to request a copy of your credit report, visit the link below. Please note that your free credit report will not include your FICO® Score. Because your FICO® Score is based on the information in your credit report, it is important to make sure that the credit report information is accurate.

You are a new account holder and your FICO® Score is not yet available, your credit history is too new or you are not the primary account holder