Bad debt
09 – Bad debt, placed for collection. X – No information or rating available. N – No activity, current account with zero balance.

What are the consequences of a bad credit score?

A poor credit history can have wider-ranging consequences than you might think. Not only will a spotty credit report lead to higher interest rates and fewer loan options; it can also make it harder to find housing and acquire certain services. In some cases it can count against you in a job hunt.

What is the highest credit score in Canada?

In Canada, your credit score ranges from 300 to 900, 900 being a perfect score. If you have a score between 780 and 900, that’s excellent. If your score is between 700 and 780, that’s considered a strong score and you shouldn’t have too much trouble getting approved with a great rate.

What percentage of a consumer’s score is impacted by the length of their credit history?

15 percent
How does credit history affect your credit score? The length of your credit history, or how long you’ve been using credit, typically accounts for 15 percent of your total credit score. While it isn’t the most important factor used to calculate your FICO® score, the length of your credit history does matter.

How does a criminal record affect your credit rating?

However, they can affect you indirectly:- Closure of a bank account – Banks can close accounts at any time without giving you a reason for doing so. This could be because they become aware of a conviction or because your account becomes inactive for a period of time. The closure of an account may have a negative effect on your credit rating

How does a closed account affect your credit rating?

The closure of an account may have a negative effect on your credit rating Prison address – If you had provided a prison address as one that you had been living at, this could flag up to lenders that you have a criminal conviction.

How does a prison sentence affect your credit?

Serving a prison sentence may mean that you are unable to meet a payment agreement made with a creditor. Failure to make payments on time will have a negative effect on your credit score, as lenders will see this as a sign of unreliability and poor money management.

How does a fraud conviction affect your credit?

Fraud – Information regarding fraud convictions does not have a direct impact on your credit score. However, CIFAS (Credit Industry Fraud Avoidance System) may flag your name up to potential lenders. This information is not used to produce your credit score, but it will be included in a detailed version of your credit report.