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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Financial Literacy Month

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November is Financial Literacy Month

The Government of Canada has declared November to be Financial Literacy Month (FLM). On it’s national governing agency’s web site the Financial Consumer Agency of Canada FCAC states that “Financial literacy means having the knowledge, skills and confidence to make responsible financial decisions.”

Financial Literacy Month

More than ever more Canadian individuals and families are finding themselves in deeper levels of debt, making them sometimes feel lonely and helpless. The Canadian Government in its commitment to help Canadians manage or avoid debt, have created this month to be focused on education, financial knowledge creation and personal empowerment to take control of their financial future and health.

This years theme for Financial Literacy Month is Strengthening Financial Literacy through Collaboration. The Financial Consumer Agency of Canada emphasizes “the importance of coordinating efforts of organizations that offer programs, resources, information and services to help Canadians understand and manage their personal finances.”

In our commitment to Financial Literacy Month we will be sharing throughout the month information and resources about financial literacy. Make sure to return here regularly and check out our blog postings. We will also be active on our social media sources. You can follow us by clicking on our social media links above; including Google+, Facebook, Twitter, and many more (see above).

Remember that there is help available should you be stuck in a difficult place with debt management or other personal financial matters. Below are some links that you may find helpful:

Financial literacy self-assessment quiz

Find out how your money management skills measure up

Financial Goal Calculator

Use the Financial Goal Calculator to create a realistic plan to:
  • get out of debt
  • save for retirement
  • save for other priorities, such as education, a down payment, a vacation, an emergency fund and more.

Budget Calculator

Good budgeting and money management are the foundation for putting your finances on solid ground. Financial goals can be anything from saving for a purchase to paying down debt to saving for retirement.

Canadian Association of Credit Counselling Services

Helping Canadian’s establish a culture of responsible financial behaviour.

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