Your credit score is a three-digit number that determines your credit risk and reflects your payment history.
Your credit score can vary from 300 to 850.
Here’s how Equifax ranks each score:
- 300 to 579: Poor
- 580 to 669: Fair
- 670 to 739: Good
- 740 to 799: Very good
- 800 to 850: Excellent
There are several factors considered when determining your credit score. This includes your payment history, credit utilization, closed accounts, credit inquiries, and types of credit accounts.
There are two credit bureaus in Canada, Equifax® and TransUnion®. These organizations are where credit reports are submitted.
Reporting, calculations, and why your score is important
Which bureau does Neo report to?
Neo sends your credit information every month to TransUnion®.
How are credit scores calculated?
Your credit score is calculated by considering a lot of factors. Your credit file keeps a report of payment history, credit utilization, and much more. All these factors are not valued equally. Here’s what makes up your score.
Your score is important and can determine your eligibility for lending products. You can read more about why your score is important.
Payment history is key to increasing your score. Making frequent payments can help you get a better credit rating.