Bad Credit Mortgage Canada

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".

The meek inherits the earth

Glenn Stevens was named on Tuesday to succeed Ian Macfarlane as governor of the Reserve Bank of Australia. Mark Davis and Sean Aylmer profile the modest Australian.

Glenn Stevens is a model central banker: ascetic, even stern, in appearance; quietly spoken and taciturn; a strong intellect that is both impressive and formidable.

After spending a quarter of a century working at the Reserve Bank of Australia, Mr Stevens has become the seventh central bank governor.

Treasurer Peter Costello announced on Tuesday that Mr Stevens, deputy governor of the bank since 2001, will replace Ian Macfarlane, who retires on September 17 after a decade in the job.

Mr Stevens's elevation follows that of US Federal Reserve chief Ben Bernanke, who replaced Alan Greenspan in January after his 18 years in the global spotlight.

G-8 leaders seek WTO deadline extension

Leaders of the Group of Eight major industrial countries on Sunday recommended a two-week extension for a deadline aimed at breaking the impasse over long-stalled global trade negotiations.

"We welcome the decision to ask the WTO director general to consult members intensively in order to promote early agreement," their statement said. G-8 leaders called on Pascal Lamy to consult with members to reach an agreement on agriculture and industry tariffs "within a month." .

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