Glossary
Credit score
GeneralA number between 300 and 900 that represents how reliably you have handled borrowed money. Lenders, landlords, and some employers check this score. Paying bills on time and keeping balances low are the two biggest factors.
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Credit report
A detailed record of your borrowing history, maintained by Equifax and TransUnion in Canada. It lists every credit account, payment history, and any collections or public records. You can request a free copy of your own report.
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Default
Failing to repay a debt according to the agreed terms. Defaulting damages your credit score, may trigger collection calls, and can lead to legal action. On-reserve, Section 89 provides some protection against seizure of property.