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About Credit
Credit is the foundation of capitalism and part of everyday life in Canada. Credit allows us to make major purchases – such as a home, car or education – we couldn't otherwise afford. With credit, you may obtain items and services today and pay for them later.
Without credit, today's consumer lifestyle is thrown into turmoil. Since mid-2008, we've seen global financial instability. Many businesses and individuals did not have access to credit, and many suffered – and are still suffering – because of it.
Businesses cannot buy supplies and products without the necessary cash on hand, putting their production and operational capabilities at risk. Individuals who do not have access to credit find it extremely difficult to get car loans, cash advances, lines of credit, home mortgages and more.
The global financial crisis is highly complex. But it has already caused banks and lending institutions to tighten their lending habits, meaning they're more careful about the loans, mortgages and lines of credit they provide business and individuals.
>What does this mean for you?
If you have ever tried to secure a home mortgage, car loan, line of credit or credit card, you know what having (or not having) credit is all about.
The banks, lenders and retailers you wish to obtain credit from all want to know if you're going to be able to pay them back on time. Some landlords may compare credit reports to select the best tenant.
Similarly, before businesses will approve a new cell phone or utility account, they will want to do a credit check by looking at your personal Canadian credit report.
This credit check provides a snapshot of your credit and debt track history. How much do you owe? How much credit do you have? Have you missed any bill payments? Are you able to meet your financial commitments? When they compare credit reports, how does yours measure up? This information will help a business decide if it will take you on as a new customer.
Read more about credit reports and their importance here.
