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Most banks have made it very easy for customers to check their own credit score through online banking apps — but what about your credit 'report'? Your credit report is a detailed document regarding your credit history and current credit standing. It paints a more accurate picture than what you'd receive by simply checking your score online.
Credit Report Overview
A credit report is a very important resource for assessing the lending risk to a potential borrower. Lenders must mitigate their financial risk to avoid borrowers defaulting on their mortgage; to do this, they follow a strict risk assessment including an in-depth analysis of the mortgage applicant's credit report.
A credit report compiles financial information about a potential borrower to help determine whether they're a suitable option for a mortgage. Will the borrower make their mortgage payments on time? Do they have high debts which may impact their chances of paying down their principal balance? Has the borrower declared bankruptcy? These are some of the important factors lenders assess when 'pulling' a credit report.
How a Credit Report Is 'Pulled'
When applying for a mortgage, your licensed mortgage broker will need to pull your credit report. In order to do so, they need consent from you first.
To pull a credit report, a licensed mortgage broker will:
Information Gathered by a Credit Report
Most borrowers have a general idea of what their credit score is; your accurate credit score will show up on a credit report, and it's only a piece of your credit puzzle.
Information which will be assessed also includes:
Borrowers are sometimes surprised to find their credit score was negatively impacted because of a trivial bill they never paid — commonly from an old gym membership or phone bill sent to collections. Staying on top of your payments can do wonders for your future self!
What Does an Ideal Credit Report Look Like?
It's important to shape your credit in a way which lenders will find attractive. An ideal credit report will have:
Think your credit report doesn't align with any of the above? That's okay! Knowledge is power — being aware of how to repair your credit report is invaluable.
Wondering If Your Credit Is Good Enough?
Chatting with a trusted licensed mortgage broker can greatly assist you with meeting your mortgage goals. The goal is to see you in a fantastic position with your credit report so that when it comes time to purchase your dream home, you don't face unexpected financing roadblocks.
For a no-obligation call to discuss your credit and mortgage journey, reach out today!
The information provided on this page is for educational purposes and should not be implicitly relied upon. Conditions may apply and information may not be 100% up to date. Contact a licensed mortgage professional for the most current conditions and program offerings.
Have questions about credit reports: what lenders see & why it matters for your mortgage?
Call for a free, no-obligation consultation, or run the numbers first with the mortgage calculators.
(604) 780-5173About the author
Kyle Benzies, Licensed Mortgage Broker
I'm a licensed mortgage broker serving clients across British Columbia, Alberta, and Ontario. I work with a network of over 100 lenders — banks, credit unions, monoline, and alternative lenders — to find financing that fits each client's situation rather than a single institution's product shelf. Everything I publish here is written to explain how Canadian mortgage lending actually works, in plain language.
Published December 14, 2025
