{"id":1759,"date":"2019-10-16T17:15:22","date_gmt":"2019-10-16T21:15:22","guid":{"rendered":"https:\/\/dev.labellemarquis.com\/refaire-son-credit\/"},"modified":"2020-10-07T10:56:40","modified_gmt":"2020-10-07T14:56:40","slug":"credit-report","status":"publish","type":"page","link":"https:\/\/labellemarquis.com\/en\/credit-report\/","title":{"rendered":"Credit Report"},"content":{"rendered":"

[vc_row full_width=”stretch_row” row_type=”normal” row_delimiter=”” row_fixed=”” hide_on_mobile=”” hide_on_frontpage=”1″ el_class=”entete-page” css=”.vc_custom_1574868571374{background: #b7b7b7 url(https:\/\/labellemarquis.com\/wp-content\/uploads\/2019\/11\/top-credit-1.jpg?id=1974) !important;}”][vc_column]

\t\t\t

Credit Report<\/h1>\n\t\t\t<\/div>
Home<\/a><\/span>Credit Report<\/span><\/div><\/div><\/div><\/div><\/div>[\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1571430826463{padding-top: 90px !important;padding-bottom: 90px !important;}” el_class=”accueil-bloc4″][vc_column][vc_column_text]<\/p>\n

How to Read your Credit Report<\/h1>\n

 <\/p>\n

 <\/p>\n

[\/vc_column_text][vc_row_inner equal_height=”yes”][vc_column_inner width=”6\/12″][vc_single_image image=”1971″ img_size=”large”][vc_empty_space height=”30px” alter_height=”none” hide_on_mobile=”” el_class=”mobile”][\/vc_column_inner][vc_column_inner width=”1\/12″ offset=”vc_hidden-sm”][\/vc_column_inner][vc_column_inner width=”5\/12″][vc_column_text]In Quebec, two Credit Agencies \u2013 Equifax<\/a> and TransUnion<\/a> \u2013 are used by financial institutions and other companies to obtain information on your credit history and build your credit report. Learn how to read your credit report and understand its components.<\/strong><\/p>\n

Based on your financial behaviour, a Credit Agency assigns a numerical value (a credit score) to your creditworthiness. The score ranges from 300 to 900 points. The higher your score, the better your credit profil. Generally speaking, if your score is under 650, it could prove difficult to be granted credit.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1571772678275{padding-top: 90px !important;padding-bottom: 15px !important;background-color: #f2f2f0 !important;}” el_class=”accueil-bloc4″][vc_column][vc_column_text]<\/p>\n

Understand your credit report<\/h2>\n
There is another method to calculate a credit score:<\/h5>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1572548909294{margin-top: -65px !important;border-bottom-width: 1px !important;padding-top: 0px !important;padding-bottom: 120px !important;background-color: #f2f2f0 !important;border-bottom-color: #3a6fa8 !important;border-bottom-style: solid !important;}” el_class=”questions-bloc”][vc_column][vc_column_text css=”.vc_custom_1574354501610{margin-top: -10px !important;padding-top: 0px !important;}”]You can also evaluate your credit report by rating. It is defined by a letter and a number. The letter indicates the type of account, while the number indicates the client\u2019s diligence and regularity in making payments. The numbers range from 1 to 9; the higher the number, the poorer the credit record.[\/vc_column_text][vc_row_inner css=”.vc_custom_1572548848452{margin-top: 35px !important;}”][vc_column_inner width=”1\/2″][vc_column_text]<\/p>\n\n\n\n\n\n\n\n
R0<\/strong><\/td>\nToo new to be rated.<\/td>\n<\/tr>\n
R1<\/strong><\/td>\nPays within 30 days of the due date and has made no more than one (1) late payment.<\/td>\n<\/tr>\n
R2<\/strong><\/td>\nPays within 30 days of the due date or no later than 60 days and has made no more than two (2) late payments.<\/td>\n<\/tr>\n
R3<\/strong><\/td>\nPays within 60 days of the due date or no later than 90 days and has made no more than three (3) late payments.<\/td>\n<\/tr>\n
R4<\/strong><\/td>\nPays within 60 days of the due date or no later than 90 days and has made no more than three (3) late payments.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/2″][vc_column_text]<\/p>\n\n\n\n\n\n\n\n
R5<\/strong><\/td>\nAccount is always 120 days behind, but not ranked 9.<\/td>\n<\/tr>\n
R6<\/strong><\/td>\nThis rating does not exist.<\/td>\n<\/tr>\n
R7<\/strong><\/td>\nMakes regular payments pursuant to a special agreement to reimburse debts.<\/td>\n<\/tr>\n
R8<\/strong><\/td>\nRepossession (voluntary or involuntary, goods returned).<\/td>\n<\/tr>\n
R9<\/strong><\/td>\nBad debt, placed for collection, moved without giving a new address or bankruptcy.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text]<\/p>\n

The Importance of Checking Your Credit Report<\/span><\/h3>\n

Checking your credit file annually can help you detect an error or a possible identity theft. The detection of fluctuations in the credit rating and their juxtaposition to different purchasing and payment behaviors over time can speak volumes.<\/span><\/p>\n

For example, if you bought a house 15 years ago, a car 5 years ago, and have not incurred other debts, your credit score should not fluctuate significantly. By knowing how to read your credit report, you will be able to regularly check your credit file and detect these abnormal fluctuations.<\/span><\/p>\n

What are the consequences of a bad credit report?<\/span><\/h3>\n

A bad credit record reflects bad behavior or the absence of exemplary behaviour in relation to one’s purchasing and payment habits. It may be, for example, not to pay a full credit balance or have too much debt in relation to his income.<\/span><\/p>\n

When the time comes to shop around for a mortgage or financing, an exemplary credit report could help you get a lower interest rate and get favorable terms on your loan.<\/span><\/p>\n

In the event of a bad credit, the interest charges may be higher, in order to offset the risk related to the borrower’s behavior. It is also required to have a good credit history to obtain financing for a business and sometimes when signing a lease. In the worst-case scenario, bad credit will close the door to a new loan.<\/span><\/p>\n

How to improve your credit report?<\/span><\/h3>\n

Several actions can be taken to avoid a bad credit score before recovery actions. On the other hand, once the credit score is considered bad and prevents you from carrying out your projects, the actions will have to be constant and take place over a longer period of time.<\/span><\/p>\n

The first step will, of course, be to establish a budget and then close unnecessary accounts. We will then establish which debts will have to be repaid first, according to their interest rate. Several recurring steps will follow, such as paying the minimum balance on each debt by prioritizing some of them and changing consumption habits. Ideally, you should hire an expert to find strategies that will work over the long term and have a chance of success.<\/span><\/p>\n

Some solutions can also be considered by the expert, depending on the situation. The latter can possibly recommend:<\/span><\/p>\n