Definition
There is no 'joint credit file' in Canada — each individual has their own file at Equifax and TransUnion. However, jointly held credit products (joint credit card, co-signed mortgage) appear in both holders' credit files.
Implications for a mortgage with two co-borrowers: - The mortgage will be registered in both borrowers' files after closing - If one co-borrower misses a payment, both files are affected - The mortgage's credit utilization ratio in each person's file affects their respective score
After separation: - Without refinancing (removing a co-borrower's name), the mortgage remains in both former spouses' files - The ex-spouse whose name remains on the mortgage cannot qualify for another loan without this debt being factored into their TDS