Learning about Credit Scores

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Retired Moderator RogersRoland
Retired Moderator


A simple definition, Credit is…

  • A transaction in which a person (known as a borrower) receives merchandise, money or services
  • Little or no money up front, but promise to pay an agreed upon amount of money in an agreed upon amount of time in the future
  • Usually, the person or company that gives credit to a person (known as a lender) charges a fee for providing the service
  • Lender reviews applicant’s credit worthiness prior to granting credit


What’s a Credit Score?

  • Your credit score is a snapshot about your financial health, at a specific point in time. It indicates the risk you represent for lenders, compared with other consumers in Canada
  • High scores on this scale are good. The higher your score, the lower the risk for the lender. Lenders may also have their own internal credit scores


Do you know your current Credit Score?

Your credit score has the potential to change anytime, without your knowledge. How you handle your credit and payments plays a big role in determining your score. 


What affects my Credit Score?

Payment History

  • A good record of on-time payments will help boost your credit score

Outstanding Debt

  • Negative credit information, such as collections, Bankruptcies and judgments can also degrade your score

Credit Account History

  • An established credit history makes you a less risky borrower. Think twice before closing old accounts before a loan application

Recent Inquiries

  • When a company checks your credit for lending purposes, it posts a hard inquiry to your credit file. Apply for new credit in moderation

Types of Credit

  • A healthy credit profile has a balanced mix of credit accounts and loans


What happens to my Credit rating when I miss a payment(s)?

  • Late payment on Rogers accounts can lead to a negative credit report to the Credit Bureau and a negative impact on your overall credit rating
  • Paying your past due balances will improve your credit rating. Reported payment history however, is a permanent record on your credit bureau file (exception: if information is reported incorrectly, this is the only time the record can be updated)


Where Credit Reports are sent and timelines?

  • Credit Reports are sent to the following credit bureaus:Trans Union & Equifax
  • Accounts are reported monthly after each billing cycle
  • Credit reporting begins on the first bill cycle after account activation and ends when the account is paid off
  • Credit reports submitted by Rogers appear under the Trade Line section of the credit bureau, along with reports from other creditors such as banks, credit card companies, financing firms and retail stores
  • You can reach us via our Contact Us page if you ever have questions.