What is my Credit Score? What does that mean to my mortgage application?
November 5, 2015 | Posted by: Dawn Stephanishin
You are probably asking about your Beacon Credit Score. This is one of the numbers provided on your history of credit in Canada.There are several different scores thatmake up your credit report with Equifax Canada.
1. Beacon This is the score based on the likelihood of serious delinquency within 24 months (90 days past due or worse) and is based upon a number of different parameters (occupation, history of repayment, current balances, access credit, etc.).
2. Equifax Risk Score predicts the likelihood of serious delinquency within 12 months.
3. Consumer Risk Predictor predicts the likelihood of serious delinquency within 24 months.
4. Bankruptcy Score predicts the likelihood of consumer bankruptcy within 24 months.
There is another credit agency in Canada, TransUnion,that is also used by some of the major banks that has similar scoring components. The mortgage default insurers will look at both credit bureaus to assess your application, and your credit report is used to determineyour credit worthiness in their approval of your mortgage.We make mortgages easy. Call us to discuss your options today!