Build Your Credit History: Know How Credit Works

Bad Credit History and Personal Finance

The Financial Consumer Agency of Canada (FCAC) today issued a reminder to consumers on the importance of building a positive credit history. To assist Canadians interested in learning about their credit history, FCAC today released Understanding Your Credit Report and Credit Score, a new booklet that explains how consumers can get and understand their credit report and credit score.

"Having a credit history is important if you want to get a credit card, a mortgage, or even to rent an apartment. Consumers who have not had an opportunity to establish a credit history, such as recent immigrants and students, may find themselves at a disadvantage when applying for credit products," said FCAC Commissioner Bill Knight. "It can be very beneficial to establish a solid credit track record by using credit wisely."

Consumers with a negative credit history