A credit report and credit score are both essential components of your financial record and provide information about your creditworthiness (which is whether you are a good candidate to be approved for loans or credit applications). Lenders like banks, credit unions, mortgage companies, and even prospective landlords or phone companies will use your credit report and score to determine whether they should lend you money, rent to you, or approve your monthly phone plan request. Creditworthiness is essential to many significant purchases you’ll make in Cana-da, so you must understand what a credit report and credit score are and how you can establish and improve yours.

In this video, we look at what a credit report and credit score are and how you can work to build or improve yours.