Your First Place
Can you afford to move?
The idea of moving out on your own is really exciting and marks the next step of
your life. Here are a few things to think about before you make the financial
commitment.
How’s Your Credit?
Most landlords will want to run a
credit check on you as a potential
tenant. This is to ensure that you
have a good financial history and will
pay your rent on time. If you don’t
have a credit history yet, a landlord
may ask you for a guarantor—a
parent or guardian with a good credit
history, who agrees to pay for you if
you’re unable to pay your rent.
Photo credit cincyproject via Visual hunt CC BY
A credit report is a record of how you
have used credit and whether you
pay your loans and bills. A credit score is a rating that acts like a snapshot of your
financial health at a specific point in time. Do you want to learn more about your
credit report and credit score? Check out the Financial Consumer Agency of
Canada website at:
http://www.fcac-acfc.gc.ca/eng/resources/publications/creditLoans/Pages/Understa
-Comprend.aspx
You can also get a free copy of your credit report mailed to you. In Canada, we
have two major credit reporting agencies (Equifax Canada and TransUnion
Canada). It’s a good idea to check your credit report at least once a year to make
sure it’s correct.
TransUnion Canada at 1-800-663-9980
Equifax Canada at 1-800-465-7166
Tip!
Most landlords will ask for your Social Insurance Number (SIN) to run a credit check on you. If you
don’t feel comfortable sharing your SIN, you don’t have to. The landlord can check your credit
history using other forms of identification.
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