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 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
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.