The two agencies
Two credit reporting agencies maintain files in Canada. Their data and models differ, so your scores differ too. A lender may pull one, the other, or both.
What the file contains
Your credit accounts with their limits and balances, payment history over several years, recent credit applications, accounts in collection, and public records such as a bankruptcy or a judgment.
The factors that weigh most
Payment history and credit utilization dominate. Using a high proportion of your available limits counts against you, even if you pay in full each month, because the snapshot is taken at statement time.
Credit inquiries
A check run by a lender leaves a record, and several applications in quick succession to different lenders can weigh against you. Checking your own file has no effect on your score.
The counterintuitive move
Closing an old, lightly used card cuts your available credit and shortens your average history: the score can fall. Before financing, it is generally best to close nothing and open nothing.
Check and correct
You have the right to obtain your file from each agency and to have an inaccuracy corrected. Do it several months before applying for financing: a correction takes time, and a wrong file costs you a rate.
No rate, price, or recommendation on this page. Amounts and limits change: verify them with official sources before deciding.