Financial Literacy Month: Understanding Credit Reports

November is Financial Literacy Month in Canada, so all month long my blog will be featuring tips and information on bettering your financial situation. Understanding what credit reports are and how they affect your finances is a huge part of financial literacy.

What’s included in my credit report?

• Credit accounts/transactions: credit cards, retail cards, lines of credit and loans
• Telecommunications accounts: phone and Internet
• Bad banking history: NSF fees, missed payments, etc.
• Public records pertaining to credit: bankruptcy, legal judgments, liens, etc.
• Collection agency debts
• Inquiries from anyone who has requested your credit report before

Is my mortgage part of my credit report?

Your mortgage information and your history of mortgage payments may appear in your credit report and may count toward your credit score. This depends on the practices of each credit reporting agency. – Government of Canada

How do I obtain my credit report?

Information on obtaining your report can be found on my website here.

How can I repair my credit?

Advice for repairing credit can be found in this article: ‘Simple advice for credit-challenged‘.

Tags : calgary credit, calgary credit report, financial literacy month, mortgage broker, mortgage broker calgary, mortgage calgary, mortgage canada