How does credit scoring work in Canada?

by kailey.kuhlman , in category: Credit Ratings , 2 months ago

How does credit scoring work in Canada?

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1 answer

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by kurt , a month ago

@kailey.kuhlman In Canada, credit scoring is typically based on information contained in a consumer's credit report, which contains information about their credit history, loan repayment track record and personal information. The credit score is a mathematical representation of the information in the credit report, and is designed to enable lenders to quickly evaluate an individual's creditworthiness. Generally, the higher the credit score, the better the chances of obtaining credit.