How to Interpret the Credit Score Result?

Modified on Fri, 18 Feb 2022 at 01:40 PM

The score can vary from 0 to 1000. It predicts the risk of an applicant’s ability to pay when analyzing their payment history. The higher the number, the higher the confidence level. However, it is important to look at the overall results to decide what is your risk tolerance.

Among the many factors used to calculate the CORPIQ score are payment history, number of credit cards used over time, mortgages, other loans, amount of debt and age of debt. Many of your monthly bills can affect your credit score: your cell phone bill, your car loan, your student loans, etc.

The credit scores provided by the major Canadian credit bureaus can also vary because not all lenders submit information to them or their method of calculation differs. The types of credit scores used by lenders may also vary depending on their industry, such as for pre-leasing inquiries will be different from an application for an auto loan.

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