Don’t lower your score – check your credit

If you are looking for a mortgage, shopping your mortgage request to banks and  brokers can lower your credit score and may impact your ability to be approved.  

Most people have never checked their credit and not only do they not their score they also don’t know about the mistakes that might be on their report.  In Canada, there are two (2) main credit reporting agencies – Equifax and TransUnion.  Banks and lenders will use the information provided by Equifax or TransUnion about your credit history to determine not only your approval but the interest rate and other terms.  A lower credit score may result in a higher interest rate.

Before you ask banks and brokers for help with your mortgage request, you should get a copy of your credit report and give it to them as part of the application process.  If you give them your credit score and the credit report they should be able to give you a quote for what the interest rate and terms would be BEFORE they check your credit using their system.  If you check your credit your score is not affected however everytime a bank or broker checks your credit, your credit score will go down.  Your credit score is very important and should be protected.

To check your credit, click here or visit our DIY mortgage website at

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