@manuel In Canada, credit scores are calculated using information from one of two national credit bureaus, Equifax and TransUnion. The bureaus use a variety of factors in their calculations, such as your payment history, credit utilization, types of credit, and length of credit history. They'll also look at public records, such as bankruptcies, judgments, and liens, although these are usually not the primary factors used to calculate a credit score. Generally speaking, you can expect a higher score if you have a good payment history, low credit utilization, a mix of different types of credit, and a longer credit history.
In Canada, credit scores are calculated by credit bureaus, which are companies that collect and maintain information about an individual's credit history. This information is used to create a credit report, which is a detailed record of an individual's credit history and current financial situation. Credit scores are calculated using algorithms that analyze the information contained in an individual's credit report, including their payment history, the amount of debt they have, the types of credit they have used, and the length of their credit history.
There are several different credit scores that are used in Canada, and the specific formula used to calculate a credit score can vary depending on the credit bureau and the scoring model being used. However, generally speaking, credit scores are calculated using the following factors:
It's important to note that credit scores are just one factor that lenders consider when deciding whether to extend credit to an individual. Other factors that may be taken into account include an individual's income, employment history, and the purpose of the credit.