Your Credit Score

Understanding Your Credit Score

Credit scores are designed to help financial institutions predict the risk associated with your purchase of a car, house, credit card, etc. Essentially, it's meant to forecast how (and if) you will pay your bills. The higher your score, the greater your chance of receiving a better financing offer from Finch Chrysler.

Reporting Agencies

You can contact either of the major reporting agencies below to get more specific information and a copy of your credit score report.

Equifax Credit Reporting Agency, car loan approvals in London at Finch Chevrolet Equifax
Web: www.equifax.ca
Toll-free: 1-800-465-7166
Transunion Credit Reporting agency, car loan approvals in London at Finch Chevrolet Cadillac Buick GMC TransUnion
Web: www.transunion.ca
Toll-free: 1-800-663-9980

How Your Credit Score is Calculated

Your score is a number that ranges from about 350 to 850.

In general, the higher the number, the lower the risk. However, the systems that generate your score take into account several factors from your credit report, and each has a varying degree of importance. Some examples include:

  • ⦿ Timeliness of your payments, including late payments.
  • ⦿ Amount and type of debt you have.
  • ⦿ Number and age of your accounts.
  • ⦿ Inquiries created by applying for credit.
  • ⦿ Public records such as liens and judgments.

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