You will most likely need a credit check for renting an apartment. It is a summary of your credit history.
It is created when you borrow money or apply for credit the first time. It feels a bit odd, but having a credit card and some loans that are paid on time improves your credit score. So, you should get a credit card as soon as you can when you get to Canada and use it and pay it off right away. However, if you don’t pay on time, your credit will go down, so only do this if you trust yourself to not get into debt.
Get your credit score
Recommended on Canada.ca, the best way is to get your Credit Score online. You should only request it when needed because it can decrease your score if request it multiple times.
Equifax allows you to access your credit report online and updates it monthly.
Check Your Equifax Credit Score and Report | Equifax Canada
TransUnion allows you to access and download your credit report (called Consumer Disclosure) online and updates it monthly.
How it is calculated:
- How long you’ve had credit
- How long each credit has been in your report
- If you carry a balance on your credit cards
- If you regularly miss payments
- The amount of your outstanding debts
- Being close to, at or above your credit limit
- The number of recent credit applications
- The type of credit you’re using
- If your debts have been sent to a collection agency
- Any record of insolvency or bankruptcy
People are allowed to see your credit score, here is who can see it:
- Banks, credit unions and other financial institutions
- Credit card companies
- Car leasing companies
- Retailers
- Mobile phone companies
- Insurance companies
- Governments
- Employers
- Landlords
What you need your credit score for:
- Getting a Loan or Mortgage
- Renting a Home or Apartment
- Applying for a Credit Card
- Getting Insurance
- Setting Up Utility Accounts
- Applying for a Cell Phone Plan
- Employment Screening
Next steps
Get insurance for your apartment:
Renters Insurance in Vancouver