The decision to extend credit to a buyer is made by a seller, based in large part on the results of an applicant's personal credit file.

If you have ever taken out a bank loan, had a mortgage or used a credit card, you have a credit history. This information is available from a consumer-reporting agency.

In Canada, consumer-reporting agencies are governed by provincial law. These agencies include Equifax Canada Inc., Northern Credit Bureaus Inc. and TransUnion Canada.

A credit-bureau report contains basic identifying information, such as your name, address and social insurance number. It also includes records of:

The reporting agency assembles this information into your personal file. In return, credit grantors can access your files before granting credit to you. Only you and credit grantors can alter your personal file.