Your All-in-One Canadian Financial Dictionary
Correction
A fix made to a transaction on your account. This could be reversing an error or adjusting the amount after a mistake.
Credit bureau report
A detailed report of your borrowing and repayment history. Lenders use it to decide if they should approve you for credit.
Credit card
A card that lets you borrow money to make purchases now and pay it back later, usually with interest if you don’t pay in full.
Credit check
When a lender looks at your credit report to decide if they can trust you to borrow money.
Credit history
Your track record of borrowing and repaying money over time. A strong history makes it easier to get approved for loans.
Credit limit
The maximum amount you’re allowed to borrow on a credit card or line of credit.
Credit memo
A record showing money added back to your account. For example, a refund from a store or a reversed charge.
Credit Score
A credit score is a number that reflects how you’ve managed borrowed money over time. Paying bills on time and using credit responsibly can help improve it. Lenders often use it when deciding whether to approve you for things like credit cards, loans, or mortgages.