Your credit rating is a history of your use of credit. Your credit history is gathered, from lenders, by the credit bureau, which is governed by provincial laws. The credit bureau keeps track of how much credit you have, how much you use and whether or not you make your payments on time and in full. This information can go back as much as seven years or longer. If you’ve never had a credit card or a loan, you may have no credit history (and no credit rating) and, thus, have trouble getting loans on your own in the future.
Checking your credit rating occasionally is a good idea. Contact your local credit bureau and ask what you need to do to get a report. Generally, you can write a letter and provide copies of identification. The report is sent to you within three to four weeks. Another option is to print your credit report directly from the website of the credit bureau. Once you have your report, check it carefully for errors, which can sometimes occur.