Credit Score

A credit score is a numerical representation of your creditworthiness based on your credit history. It’s used by lenders to assess the risk of lending you money.

In Canada, the two main credit bureaus are Equifax and TransUnion. Your credit score is typically a number between 300 and 900. A higher credit score indicates a lower risk of default.

Having a good credit score is important for obtaining loans, mortgages, credit cards, and even renting an apartment.

• Related Terms: Credit Report, Credit Bureau, Equifax, TransUnion, Credit History