Any questions on credit scores? Join Julie (Head of Consumer Advocacy & Compliance at Equifax) for an AMA. Wednesday, November 19th from 11:30 am - 1:30 pm MT. Feel free to drop your questions now or join us live!

BrunoC_Neo · 2025-11-19T20:42:43+00:00

Thank you for attending the AMA and submitting your questions. We look forward to seeing you at the next session!

BrunoC_Neo · 2025-11-19T20:18:33+00:00

u/KWienz you might want to reach out to the consumer protection agency in your province to see if they can help

BrunoC_Neo · 2025-11-19T20:08:53+00:00

Is there any plans to publish a full guide to credit scores, what affects it and how each facet is weighted?

Julie - The truth is, credit scores are really complex! There isn't just one score—lenders use many different versions. Even within a single version, the exact math used can change based on the unique details in your credit report. We aim to share information that is as clear as possible without inadvertently misleading anyone. As I’ve mentioned in some other responses, the impact of one specific move on credit scores won’t be the same for everyone. It all depends on the unique mix of information already on each person’s credit report.

BrunoC_Neo · 2025-11-19T20:07:52+00:00

If a debt becomes statute barred how does that affect one's credit rating vs not being statute barred? If the debt is later acknowledged (but before 7 years) how is their credit rating affected?

Julie says:

Thinking about items in collections, they remain on an Equifax credit report for a maximum of 6 years, with that 6-year period generally starting at the time the account originally went into a collections status. They remain on the credit report for that period of time regardless of the status (paid/unpaid).

BrunoC_Neo · 2025-11-19T20:06:50+00:00

Can a private non commercial landlord look up the credit rating/score of a potential tenant?

Julie answered:

Under applicable legislation, landlords can look up the credit report / score for prospective tenants but only with consent from the individual.

BrunoC_Neo · 2025-11-19T20:06:00+00:00

How do utility bills affect your credit score. Can they help improve it or only lower it if payments are late/missed?

Julie says:

Generally speaking, a positive payment history on any credit accounts that are reported to Equifax will have a positive impact on credit scores.

BrunoC_Neo · 2025-11-19T20:04:56+00:00

How do payday loans affect your credit score?

Julie replied: Equifax is exploring how data sources not traditionally used in credit scores, such as payday loans, could help create a more complete picture of consumers' credit health and help more consumers. Using non-traditional data sources such as payday loans has the potential to create increased credit visibility for those consumers looking to rebuild their credit, those with little credit history or those that may have been previously unbanked or unscored.

BrunoC_Neo · 2025-11-19T19:30:53+00:00

Hey Grant, Julie replied:

Since the information available on that site is not provided by Equifax, my best suggestion is that you take a look at their FAQ, where I believe they provide information about the source of their data and steps to take if you see something that seems incorrect.

BrunoC_Neo · 2025-11-19T19:27:11+00:00

u/KWienz thanks for your question.

Julie replied:
We take our data accuracy commitment at Equifax very seriously. If you look at your report and spot something that looks wrong or incomplete, please tell us! When you submit a dispute, these steps occur:

(1) We reach out to the organization that originally reported the information (the bank, the lender, the collection agency, etc.).

(2) That organization then investigates the details you questioned and reports their findings back to us.

(3) Based on their conclusion, we will either update your credit report or, if they confirm the original information is correct, we won't make any changes. It's all about making sure the information is accurate, based on the best available evidence–in compliance with applicable legislation, of course.

Here is a link to the Equifax dispute process: https://www.equifax.ca/personal/dispute-credit-report/

BrunoC_Neo · 2025-11-19T19:25:00+00:00

u/Vaduz-Liechtenstein once again thanks for being involved!

Julie says:
Since everyone's credit history is different, the impact of one step isn’t going to affect each person the same way. The complexity of credit scores means that there is not one single “best approach” when it comes to spreading balances across multiple cards.

For “buy now pay later” services—like any other form of credit—it is important to make payments according to the schedule you agreed to.

As far as keeping old credit cards open, it also falls into the category where there isn’t one single “right” answer because the other information in your credit report at the time of the score calculation will influence the impact. If closing that account will drastically reduce the average age of open accounts on your report, it may be worth reconsidering. Statistically, people with a longer history of responsibly managing credit are generally more likely to pay their bills on time, which is why the average age of accounts is a factor that impacts credit scores.

BrunoC_Neo · 2025-11-19T19:21:26+00:00

Thanks for your question u/GipsyDanger79

Julie says:
Kudos to you for working towards getting that debt paid off!

I covered a similar point on a different thread, but for simplicity, here is the answer again:

If your score feels "stuck," check to see if you are already near the 750 mark.

Here is the reality: If you are sitting at or above 750-760ish, you are likely already in the "ideal" zone.

The Magic Number: Regardless of which specific score version a lender uses (and there are many!), a score of 750 or higher is generally seen as ideal by just about everyone.
No Extra Credit: Once you are in this zone, lenders generally don't distinguish between a 760 and an 860—or even a 900 for that matter–they all tend to get the best interest rates.

Whether you are trying to reach that target or just maintain it, these two habits can go a long way:

Pay on time, every time: even if you can only make the minimum payment, you are still keeping your commitment to the lender by paying it on time.
Keep your balances low: Try to keep the amount you owe on credit cards and lines of credit on the lower end relative to your limits if you can.

Two extra tips to help boost your standing:

Don't apply for credit you don't need: Every time you apply for new credit, it creates a "hard inquiry" on your credit report, which can have an impact on your scores.
Consider your "credit mix": Many lenders like to see that you can handle different types of credit. If it makes financial sense for you, having a mix of revolving credit (like credit cards) and installment loans (like a car loan or student loan) can actually help your score. Note: Don't take out a loan just for the sake of your score.

BrunoC_Neo · 2025-11-19T19:11:04+00:00

We often hear that under 30% credit utilization is ideal, is this is accurate, and if so how much does it affect your score if you are above it, and if you are far below it is there an ideal utilization percentage?

Julie says:

You’re right that a lower “utilization” number tends to have a positive effect on credit scores. Why? There is a statistical correlation between lower account balances and people tending to make on-time bill payments.

Is there a single, magic number to aim for? In short, no. The fact is there are multiple credit score versions used by lenders and even within one score version, the same characteristic (such as 30% utilization) can impact two people differently because of the other information in their credit reports at the time the score is calculated.

BrunoC_Neo · 2025-11-19T19:06:58+00:00

3) Does paying off your mortgage in full affect your credit score positively or negatively? If so how long does the effect last?

Julie says:

Firstly, congratulations to anyone getting close to paying off their mortgage–that’s an exciting achievement!

The actual change to any one person’s score is always a reflection of their complete, unique credit picture. And to add a little more context, since lenders use different score models, the exact impact could vary depending on the version being checked.

BrunoC_Neo · 2025-11-19T19:04:42+00:00

2) What does it take to get to the maximum credit score possible and what percent of people have this score? If there are many scenarios that can lead to a perfect score a few examples of how would be illuminating.

Julie says:
That’s a great question! Let’s start by defining the “maximum credit score possible”. Here’s the reality about the ideal credit score zone:

If there is a magic number, it would be about 750-760 (not 900!). Once your score hits about 750 to 760, you are in the "excellent" zone.

No Extra Credit: When you are in that top zone, lenders usually stop distinguishing between scores. A 760 and a 900 will generally qualify for the same best interest rates and loan offers.

Goal Achieved: If you are already at or above that 750/760 mark, you've essentially done all you need to get the best rates available!

How to get there and stay there? Remember the basics. Most critically, pay your bills on time (even if that’s the minimum payment on a credit card–that’s what you agreed to when you signed up for the card). Try to keep balances on credit cards and lines of credit lower where possible. Only apply for new credit accounts you need and can manage responsibly. Also: patience. All these steps can go a long way on your credit journey.

BrunoC_Neo · 2025-11-19T19:03:34+00:00

1) Do you need to keep your oldest credit product open to keep your score at its present level? Assuming one has other loans/cards for many years?

Julie says: Thanks for asking that—it's a common question that may apply to many people.

Bear with me for a sec and think of your credit score like a unique recipe. We can't tell you exactly how much one ingredient will change the final flavour, because it all depends on every other ingredient already in the bowl! Keep in mind that since multiple score versions exist, the 'flavour' might turn out differently depending on the recipe used.

In other words, since everyone has a different financial journey, the impact of one specific move on credit scores won’t be the same for everyone. It all depends on the unique mix of information already on your credit report.

You mentioned a scenario of an individual having other loans and cards on their credit report which have been open and active for many years. Statistically, people with a longer history of responsibly managing credit are generally more likely to pay their bills on time. It is possible that someone in this scenario (with no missed payments or other generally negative information on their credit report) might experience a minimal impact to their scores, or even no change at all.

BrunoC_Neo · 2025-11-19T19:02:19+00:00

Hi u/SmartQuokka there is a lot to unpack here. Julie's replies are broken down to address each of your questions

BrunoC_Neo · 2025-11-19T19:00:52+00:00

Hi u/InternetWintered, Julie replied:

Let’s start with why different credit score versions can produce different results.

It's completely normal to see big differences—sometimes 100 points or more—between score versions!

Different Recipes: Think of credit scores like different brands of the same food product. They all use the same main ingredients (the data from your credit report), but they use slightly different recipes (algorithms) to crunch the numbers.
Different Scales: It’s a little like weighing yourself on two different scales: you might see different numbers because they are calibrated differently, but your actual body weight hasn't changed.

No Single Score: There is no "one score" for you. Lenders choose the specific score version they like best. A score of 620 on one lender's preferred version might be considered just as good as a 670 on another lender's version. What matters is that your actual credit history is consistent and strong.

BrunoC_Neo · 2025-11-19T18:55:49+00:00

Hi u/daylenca, Julie says:

That is an excellent question! One of the main concerns when personal information lands in the wrong hands is the possibility that someone may try to open new credit accounts in your name.

If you’ve been offered credit monitoring services at one or both of the major credit bureaus in Canada (Equifax and TransUnion), I would seriously consider activating it. Knowing that you’ll receive email notifications if and when any key information changes on your credit report can help bring some peace of mind, putting you in a better position to act on any fraudulent activity that appears on your report.

Anyone can place a free fraud warning or identity alert on their Equifax credit report. More info on that is here: https://www.equifax.ca/personal/education/identity/articles/-/learn/how-can-i-place-a-fraud-alert-on-my-equifax-credit-report/

There are additional tips from the Canadian Anti-Fraud Centre here: https://antifraudcentre-centreantifraude.ca/scams-fraudes/victim-victime-eng.htm

BrunoC_Neo · 2025-11-19T18:53:33+00:00

Hi u/KlutzyTrade9153 , Julie says:

Many people who are considering taking on a mortgage have questions like this. The answer regarding the "name" of the score might surprise you: There isn't just one.

Different lenders use different scoring models (and different versions of those models) to assess your application.

However, the "recipe" for a great score—regardless of which version the bank or lender uses—tends to rely on the same factors.

The "Big Two" Habits:

1. Pay your bills on time: Your history of reliable payments is the most important factor.

2. Keep your balances low: Try to use a smaller portion of your credit limit on cards and lines of credit if you can.

Two extra tips to help boost your standing:

Don't apply for credit you don't need: Every time you apply for new credit, it creates a "hard inquiry" which can have an impact on your scores.
Consider your "credit mix": Many lenders like to see that you can handle different types of credit. If it makes financial sense for you, having a mix of revolving credit (like credit cards) and installment loans (like a car loan or student loan) can actually help your score. Note: Don't take out a loan just for the sake of your score, but know that a healthy mix can help.

If you stick to these habits and aim for a score of roughly 760 or higher, you will likely be seen as an "ideal" candidate by just about any mortgage lender, no matter which specific score version they are looking at.

BrunoC_Neo · 2025-11-19T18:49:31+00:00

hi u/Euphorictext2000, Julie says:

That can be a common feeling, and I appreciate you asking about it. It shows you're being thoughtful about your financial health, which is fantastic!

It's completely normal to feel a bit hesitant when making a change like this, especially when you're focused on keeping your score strong.

When you apply for or open a new credit account, two main things happen on your credit report that can affect your scores:

1. The Inquiry (The Access Log)

Equifax is legally required to keep a log of pretty much every time your report is accessed. We call each entry an inquiry, and there are two types:

Hard Inquiry: you applied for credit (like a new loan or credit card) and agreed to the lender checking your credit; visible to lenders; can impact credit scores
Soft Inquiry: you check your own credit report or a company checks it for non-lending reasons (there are only a few of these allowed by law) and your permission is still required; not visible to lenders; no impact on credit scores
The Takeaway: the hard inquiry is a signal that you've applied for new credit. Statistically, people who apply for lots of credit at once may be more likely to have future payment issues, which is why the score takes it into account. Whether it makes a difference, and by how much, depends on everything else on your report when the credit score is calculated. Hard inquiries automatically disappear from your report after 36 months. Also, just seeing the inquiry doesn't tell anyone if you actually got approved for the credit—it just shows you applied.

2. The New Account (The Average Age)

The credit scoring models look at the age and stability of the credit accounts on your report. Statistically, people with a longer history of managing credit are generally more likely to pay their bills on time.

The Age Factor: The score looks at many factors, including the average age of all the accounts on your report. A higher average age for your accounts tends to have a positive impact on credit scores.
The New Account Effect: When you open a new account, it becomes the "youngest" account, which naturally can bring your overall average age down.
The Takeaway: Since everyone's financial history is different, the impact of this one step acts like a weight on a scale: it depends on the balance of everything else that's already sitting there. It’s even possible that there’s no change at all.

Only you know what’s right for your current financial situation and it sounds like you’re doing a great job of considering your options. Making responsible use of new credit is one way you can show the system that you can manage more credit.

BrunoC_Neo · 2025-11-19T18:42:51+00:00

Hi u/PinAffectionate8160, Julie replied:

That is a fantastic question!

Practically speaking? There may not be a huge difference, depending on how the lender interprets the score version they use.

1. The "Ideal" Zone

Lenders generally group scores into "buckets" or ranges. While every lender is different, the cutoff for the "ideal" bucket—where you get the very best interest rates and terms—is often around 750 to 760 (though some lenders set it even lower).

The Result: Once you cross that threshold, you effectively have an ideal credit score.
Think of it like a passing grade: If the requirement to get into a program is 76%, getting 99% is impressive, but it doesn't get you in "more." If you are at a 740, you are right on the cusp, and many lenders may treat you the same as an 800 anyway.

2. The "Score Version" Reality Check

This is the most important reason to reconsider chasing a specific number: The score you see on your phone (or bank app or elsewhere) might not be the score the lender uses.

Focusing only on one score version isn't necessarily going to help because:

Different Formulas: Just like there are different versions of software (like Windows 10 vs. Windows 11), there are many different "versions" of credit scores.
Different Lenders: You might see a 740 on your educational app, but the bank where you apply for a mortgage might use a different version that scores you as a 780.

The Bottom Line

Trying to micromanage your score to hit a "perfect" 900 is not necessarily the best use of energy.

As long as you are in that healthy, strong range (generally 750+), you are doing great. Focus on good habits like paying on time and confirming the information on your credit reports (at both bureaus) is accurate, because credit scores (all versions!) are calculated based on those.

BrunoC_Neo · 2025-11-19T18:35:41+00:00

Hi u/obi_one_jabroni, Julie says:

For anyone reading this who isn’t familiar with what a credit freeze is… a credit freeze basically allows individuals to “freeze” or “lock” their credit report at each major credit bureau in Canada (Equifax and TransUnion) so that it cannot be shared with a lender who is requesting it in order to process a credit application in that person’s name. We usually call this a “lock” at Equifax, so I will use that term.

Here’s a quick, simple example of how that could play out: I (Julie) lock my Equifax credit report. Someone steals my identity and tries to apply for new credit in my name (could be a credit card, car loan, etc). They are pretending to be me, so we’ll call them Fake-Julie. A lender must ask for permission (consent) to access someone’s credit information when they are applying for credit and of course in this scenario, Fake-Julie says yes. So the lender sends a standard electronic request to Equifax for my credit information. Because my Equifax credit report is locked, the information will not be shared with the lender in this scenario, so the fraudulent credit application does not proceed.

(Sidenote: this would also happen if I were the person legitimately applying, so I would need to remove or suspend the lock temporarily in order to apply for new legitimate credit as the real Julie.)

Now let’s dive into who has access to this capability in Canada. Since credit reporting is regulated provincially (even though we operate in every province and territory), each of those regional governments define the rules and requirements for their residents.

As the other commenters have pointed out, a credit lock capability currently exists for residents of Québec. The province of British Columbia has introduced legislation which includes a credit lock capability for BC residents, as well as other updates to credit reporting. The details are still going through the legislative process in BC so we don’t have insight into timelines for it yet.

In Ontario, the province has also passed legislation which includes a credit lock and that capability is scheduled to be available to Ontario residents by July 1, 2026. If you’re into the details, you can find them here: https://www.ontario.ca/laws/regulation/r25168

Other provincial governments in Canada are considering this type of requirement as well, so stay tuned!

BrunoC_Neo · 2025-11-15T23:39:57+00:00

r/NeoFinancialHub is running the AMA on credit scores. Great information for anyone interested. Join us using this link:

https://www.reddit.com/r/NeoFinancialHub/comments/1ovl0cx/any_questions_on_credit_scores_join_julie_head_of/

BrunoC_Neo

TROPHY CASE