When you apply for a mortgage, your lender may tell you that they will be pulling your credit bureau report. What they are looking for is your Beacon score. A Beacon score (also called a credit score) is a rating generated by the credit bureau to rank an individual’s credit-worthiness. This number tells lenders how likely it is that you will repay your mortgage. In Canada we have two credit reporting institutions: Equifax and TransUnion.
Your beacon score is a very important part of the mortgage application process. Beacon scores range Continue reading “DEMYSTIFYING YOUR CREDIT REPORT”