Graham Ogden

B Comm and Realtor®

Direct: 1 780 908-1224 |

Credit Reporting Changes

As of April 1st, mortgages will be reported on credit reports. Previously they were not reported. This will be detrimental to anyone that has had any recent delinquencies on their mortgage as this information will now be readily available to new, potential mortgage lenders.

 

There are other changes coming to the credit bureau as well. Along with existing beacon scores (credit score), the credit report will also show the following items:

 

-BNI (Bankruptcy Navigator Index) which predicts the likelihood of the consumer filing a bankruptcy within the next 24 months

-CRP(Consumer Risk Predictor) which predicts the likelihood of a serious delinquency in the next 24 months

-ERS (Equifax Risk Score) which predicts the likelihood of a serious delinquency in the next 12 months

 

It's always a good idea to check your credit report annually to ensure accuracy. You can pull your own credit report at www.eqiuifax.ca

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Today’s Bank of Canada rate hold announcement marks almost four straight years that the key benchmark rate has remained unchanged, since September 8, 2010. Great news if you have a variable-rate mortgage or home equity line of credit; the prime rate stays at 3%.

 

The announcement noted that “the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished.” With these considerations, the Bank is maintaining its monetary policy stimulus, and remains neutral with respect to the timing and direction of the next change.

 

The next rate-setting day is October 22nd.

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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.