Bad Canada Credit In Mortgage

Building a Good Credit History Is More Important Than You Think

If you were ever turned down for a loan, charged higher interest rates, or had a landlord refuse to rent you an apartment, it could be because of your credit history.

Your credit history may make you appear to be a bad risk, or indicate that you sometimes have trouble making your monthly payments. Maybe you never had credit before, so there is no track record of how you pay back money you borrowed. Or maybe - without knowing it - you were a victim of "identity theft", which affected your credit rating.

Many Canadians - especially newcomers to Canada or students - who do not have much experience with credit would be surprised to learn how crucial it is to build and maintain a good credit history if you want to qualify for a mortgage or other types of loan.

To help consumers understand the ins and outs of credit, the Financial Consumer Agency of Canada (FCAC) has developed a useful booklet called Understanding Your Credit Report and Credit Score, which you can obtain at no cost by calling FCAC, toll-free, at 1-866-461-3222, or by visiting the Agency's Web site: www.fcac.gc.ca

Know how credit reporting works

Three major credit-reporting agencies in Canada - Equifax, Transunion and Northern Credit Bureaus - keep a file on consumers, called a "credit report".

CMHC's risky mortgage moves a bad bet for taxpayer money

Canada Housing Trust (CHT) issued its latest tranche of Canada Mortgage Bonds (CMBs) on June 21, a $5.1-billion, five-year deal guaranteed by Canada Mortgage and Housing Corp. (CMHC), which is in turn guaranteed by the full faith and credit of the Government of Canada, or, in other words, by the collective wallets of Canadian taxpayers.

Banking group HSBC reports 15 per cent rise in first-half profit

LONDON (AP) - Banking group HSBC Holdings PLC reported a 15 per cent rise in its profit for the first half Monday, as it said its expansion into emerging markets was showing results.

HSBC, which operates in Britain, Europe, Asia and the Americas, said it earned $8.73 billion US for the six months ended June 30 came to $7.6 billion a year ago. That beat the $8.1 billion expected by analysts surveyed.

The London-based bank said its results were boosted by business in emerging markets while operations in mature economies "continued to perform well." HSBC also said that the global economy remains strong, led by "intense" growth in China.

HSBC signalled its commitment to two key Asian markets, as officials said it plans to double its staff in China and enter Japan's retail banking market for the first time.

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