Credit Basics

A credit file is the bureau record that gathers a consumer's reported credit information.

Good standing means a credit account is being managed without current serious payment or status problems.

Available credit is the unused portion of a revolving credit limit that remains available to borrow.

A borrower is the person who applies for or uses credit and is expected to repay what is owed under the account terms.

Consumer credit is borrowing used for personal, family, or household purposes rather than business purposes.

Foundational Canadian credit terms such as consumer credit, borrower and lender roles, credit files, credit history, and core borrowing structures.

Credit history is the running record of how a borrower has used and repaid credit over time.

A credit limit is the maximum amount a borrower is approved to use on a revolving credit account.

A creditor is the party to whom money is owed on a credit obligation.

Installment credit is borrowing where a defined amount is repaid through scheduled payments over time.

A lender is the institution or company that provides credit and expects repayment under the agreed account terms.

Revolving credit is borrowing with a reusable limit that can be spent, repaid, and used again.