How often should you be checking your credit report?
March is Credit Education Month, and coincidentally there have been a lot of headlines lately about scams and fraud attempts in Canada, and this should serve as a good reminder for you to be checking your credit score. But it shouldn’t take a major vulnerability to keep you on top of your report, you really should be checking it often.
Keeping on top of your report, will let you know if your information has been breached, and fraudsters can do a lot of damage with your personal information. Knowing what’s going on at all times will save you money and prevent a lot of headaches.
This is also a useful practice when you’re looking to get your score to a specific point in order to get a mortgage, or other financial venture. There’s many ways you can go about doing this as well:
- To simply get your report for free, you can do so either in person or via mail
- Equifax Canada has a great service for $19.95 a month that will allow you unlimited access online, and updates via email. Or for a one-time fee of $9.95 you can have a peek at it as well
There’s another good reason to stay on top of your credit — namely that you are in good standing when you really need it for things like a loan or mortgage. An unpaid bill or a compromised account can scuttle a home purchase. If that bill goes to collection, unbeknownst to you, your credit rating will have taken a hit. – National Post
Some more helpful tips about your credit report:
- During the application process, lenders look at your credit record and credit score to check how you’ve managed your debts.
- It’s a smart idea to review your own credit report and score before applying for a loan.
- For a small fee, a credit bureau will provide an instantaneous, complete online credit report and credit score that details your current debts and payment history. They also detail what your score level means, how you compare to others, and provide tips to improve your score.
- You also may receive your credit report (without the credit score) by mail for free by contacting the credit bureau.
- When you receive your credit report, ensure that all the information and amounts are correct. Look carefully for any past-due or written-off amounts. Uncertainty and ambiguity on your credit report can be dangerous to your financial health.
If you have any questions about how to obtain a credit report or tips for staying on top of your credit, please feel free to contact me anytime. Further, you can also reach me via Twitter.
