Check Your Credit Report

Check Your Credit Report

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Did you know that you can check your credit report for free?

That’s right, once a year you can ask the credit reporting agencies Equifax and Transunion for free to mail you, or you can pick it up in person, your personal credit report. If you need it faster, you can always create an account online with them and quickly pull your credit report and save it electronically for future reference. Otherwise, if you have the time, you can wait for your personal credit report to arrive in the mail.

check your credit, equifax, transunion, score

Check your credit report once a year

It is recommended to check your credit report once a year. This regular interval is helpful to prevent fraud, because when you check your credit report you can see exactly all your credit activities and if someone fraudulently uses your credit information it will be noticed and can be rectified immediately.  Alternatively, if left unchecked and only noticed some time later when you apply for a credit card, or a car loan, or for a mortgage, and then at that point it is noticed, the problem can set you back with your applications as you first will need to resolve the issue(s).

It is educational and informative to check your credit report

When you check your credit report not only do you see a credit score, but you see everything about your credit activity and history in the last seven years. You learn what is being reported to the credit bureaus, what your balances, are and also you might see credit items that you thought were closed or canceled or paid off still no closed or not canceled or not paid off. This gives you time to go after the discrepancies and rectify the problem, because it could be negatively affecting your credit strength and score.

Government of Canada has information on how to check your credit score

We are thankful to the Government in being proactive in providing helpful information and tools that assist the consumer in learning about how to manage their debts and improving their credit strengths.

To learn more about how to check your credit score or find out about the different tools on their web site, check out the following links:

Financial Consumer Agency of Canada

“How to Order your Own Credit Report”

“Understanding your Credit Report and Credit Score”

 

Trusterra Mortgage is also hear to help. Should you have any questions about credit score and how it affects your mortgage approval rating do not hesitate to Contact Us. We would be happy to assist you.

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Title Insurance

Title Insurance

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Title Insurance

In this post and in the spirit of Fraud Protection Month we would like to raise awareness about the importance of Title Insurance.

The Financial Services Commission of Ontario has created a very helpful and informative brochure for the consumer about title insurance, which can be found by clicking ‘FSCO.

In this post we will highlight parts of the title insurance brochure and encourage you to visit the Financial Services Commission of Ontario web site to read the entire brochure.

title insurance

What is Title Insurance?

Title insurance is an insurance policy that protects residential or commercial property owners and their lenders against losses related to the property’s title or ownership.

What does Title Insurance Cover?

For a one­time fee, called a premium, a title insurance policy may provide protection from such losses as:
Unknown title defects (title issues that prevent you from having clear ownership of the property);
■ Existing liens against the property’s title (e.g. the previous ownerhad unpaid debts from utilities, mortgages, property taxes or condominium charges secured against the property);
■ Encroachment issues (e.g. a structure on your property needs to be removed because it is on your neighbour’s property);
■ Title fraud;
■ Errors in surveys and public records; and
■ Other title­ related issues that can affect your ability to sell, mortgage, or lease your property in the future.

What is Title Fraud?

Title fraud (or real estate title fraud) is a form of real estate fraud that harms individual homeowners and their lenders. Title fraud typically involves a fraudster using stolen personal information, or forged documents to transfer your home’s title to him/herself (or an accomplice), without your knowledge. The fraudster then gets a mortgage on your home and disappears with the money.

 

Need Title Insurance?

If you are not certain whether you have title insurance or not, it would be best to contact your Lawyer and seek legal advice as to whether it was obtained at time of the purchase of your home / property. Contact us; we may be able to help you as well by directing you to title insurance providers here in Canada.

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Harper Government Teams up With Canadian Home Builders Association

Harper Government Teams up With Canadian Home Builders Association

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Harper Government Teams up With the Canadian Home Builders’ Association

Here is the press release from the Government of Canada dated 5 March 2015 about the Harper Government Teams up With Canadian Home Builders Association to ensure Canadians Get it in Writing!

Harper Government teams up with the Canadian Home Builders' Association to ensure Canadians Get it in Writing!

Harper Government teams up with the Canadian Home Builders’ Association to ensure Canadians Get it in Writing!

The Honourable Kerry-Lynne D. Findlay, P.C., Q.P., M.P., Minister of National Revenue, announced today that the Government of Canada is providing approximately $745,000 over the next three years to support the Canadian Home Builders’ Association’s (CHBA) Get it in Writing! campaign. The campaign helps Canadians and legitimate businesses protect themselves from unscrupulous contractors in the construction industry who are operating through the underground economy. Minister Findlay made the announcement at the CHBA’s National Conference in Halifax, Nova Scotia.

The Get it in Writing! campaign raises awareness about the safety and financial risks the public face if they participate in the underground economy by purchasing construction or home renovation services “under the table.” It provides consumers and home renovation contractors with tools and information to discourage and reduce participation in the underground economy.

The Government of Canada works closely with industry and other levels of government to combat the underground economy in Canada. Minister Findlay launched a three-year Underground Economy Strategy, Reducing Participation in the Underground Economy last fall, and formed an Advisory Committee of industry representatives.

For more information, visit: www.cra.gc.ca/undergroundeconomy.

 

Quick facts

  • In 2011, Statistics Canada estimated the value of underground economy activity in Canada at 2.3% of the GDP.
  • In 2013-2014, the CRA audited almost 8,000 cases involving participation in the underground economy, and identified an additional $718 million in unreported income.
  • The CRA’s strategy, Reducing Participation in the Underground Economy, will:
    • promote better understanding of Canada’s underground economy – where, when and how it occurs;
    • reduce the social acceptability of participation in the underground economy; and
    • reduce participation in the underground economy through a range of initiatives over the next three years.
  • On November 17, 2014, the Minister of National Revenue’s Underground Economy Advisory Committee held its first meeting in Toronto, Ontario. The Committee has representatives from academia and key industry associations representing the financial, restaurant, retail, home building, and construction industries, as well as small businesses and chambers of commerce.

Quotes

“The Canadian Home Builders’ Association is a valuable partner, and a leader among peers in raising awareness about the pitfalls of participating in the underground economy in the construction industry. We are proud to support the Get it in Writing! campaign. It is a clear example of how government and industry can work together to make a genuine difference in the safety and economic health of our communities.”

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue

“Participating in the underground economy provides an unfair advantage to unscrupulous businesses, and undermines the competitiveness of the millions of legitimate Canadian entrepreneurs. By simple actions like always getting a receipt, Canadians can do their part and join our Government and industry partners in tackling this pervasive and costly problem.””

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue

“Contractors who cut corners when it comes to their taxes are also likely to cut corners in their work. That’s bad news for Canadian consumers. The Canadian Home Builders’ Association urges Canadians to not expose themselves to undue risk, both physical and financial. The Government of Canada’s underground economy strategy is a significant step in fighting the underground economy. We thank the Government of Canada for its renewed support for the Get it in Writing! campaign.””

Kevin Lee, Chief Executive Officer, Canadian Home Builders’ Association

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