How to Check your Credit Bureau Rating
It is recommended that you check your credit rating annually. This will allow you to see what is recorded under your name in the credit bureau files, and ensure that the information is accurate and up-to-date. Both partners should check their ratings, even if one is unemployed.
If there are any inaccuracies, you can then work on getting the information amended or deleted.
You should also check your report:
Before making a major purchase that may involve a loan.
Before applying for a new job. Many companies look at your credit history when hiring employees.
To guard against identity theft.
In Canada, there are two credit bureau agencies, Equifax Canada and TransUnion Canada.
You can request your credit bureau information online athttp://www.equifax.ca.
Information is on the Equifax website as to how to request a credit rating.
Please note that you can obtain free credit reports by phone (1-800-465-7166) or mail (there is a form on the Equifax website to complete and mail). However the free reports will not include your credit score, which is important information to know, as the credit scores are used by lenders in making credit decisions.
To get the basic report plus your credit score, by mail, the fee is currently $ 11.95.
For an immediate online report plus credit score, the cost on the site is currently $23.95.
For an immediate online report only, the cost is $15.50.
At a very minimum, we would suggest that you order your basic credit report for free, at least annually. When you order the report yourself, your credit score will not be impacted.
At Northwood Mortgage, we would be pleased to look at the reports you obtain from Equifax, to assess the ratings and provide feedback.
Please note that Northwood Mortgage can only request the credit bureau reports ourselves if we have actually received a completed approval or pre-approval mortgage request with identification provided and some proof of income.
Bank of Canada maintains overnight rate target at 1/2 per cent
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.
Uncertainty about the global outlook is undiminished, particularly with respect to policies in the United States. The Bank has made initial assumptions about prospective tax policies only, resulting in a modest upward revision to its US growth outlook. Overall, the global economy is strengthening largely as expected and prices of some commodities, including oil, have risen. The rapid back-up in global bond yields, partly reflecting market anticipation of US fiscal expansion, has pulled up Canadian yields relative to the OctoberMonetary Policy Report(MPR).
Bearing in mind the important assumptions embedded in its forecast, the Bank projects that Canadas real GDP will grow by 2.1 per cent in both 2017 and 2018. This implies a return to full capacity around mid-2018, in line with Octobers projection.
In the context of a projection that is largely unchanged, the Banks Governing Council judges that the current stance of monetary policy is still appropriate and maintains the target for the overnight rate at 1/2 per cent. Governing Council will continue to assess the impact of ongoing developments, mindful of the significant uncertainties weighing on the outlook.
Source: Bank of Canada
Canadian Housing Starts Trend Declined in December
The trend measure of housing starts in Canada was 198,053 units in December compared to 200,105 in November, according to Canada Mortgage and Housing Corporation (CMHC).
The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of Canadas housing market. In some situations analyzing only SAAR data can be misleading, as they are largely driven by the multi-unit segment of the market which can vary significantly from one month to the next.
The standalone monthly SAAR for all areas in Canada was 207,041 units in December, up from 187,273 units in November. The SAAR of urban starts increased by 11.8per cent in December to 187,621 units. Multiple urban starts increased by 13.9per cent to 120,750 units in December and single-detached urban starts increased by 8.1per cent, to 66,871 units.
In December, the seasonally adjusted annual rate of urban starts increased in Ontario, Quebec and the Prairies, but decreased in British Columbia and in Atlantic Canada.