Lisa Upshaw Mortgages

What is Your Credit Score?

Only 23% of Canadians know their credit score, and just 26% knew their credit rating at the time they applied for a mortgage, reports a recent Equifax survey.A good credit score can be a major negotiating tool in getting lower interest rate mortgages from financial institutions.

The study also found that:

- 10% of Canadians surveyed say it’s okay to inflate your income when applying for a mortgage.

- And 9% say they have lied on credit card or mortgage applications.

The numbers came as a shock to Equifax officials, given that the survey of 1,500 Canadians was really aimed at gauging their concerns about protection of personal data. Click here for an article about understanding your credit score.

 

 

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