is Credit Reporting?
donít realize how important it is to maintain a good credit rating. Nor
do they understand what is involved in achieving this.
step is to review your own individual credit bureau. You can contact your
local credit bureau for a copy of this usually for a nominal fee.
to note when ordering, there are two types of credit reports that can be
requested; with or without your credit score (beacon score). It is
more useful to order the version with the beacon score as this number plays
a major role in the credit granting decision and can help you to determine
if further steps need to be taken to improve your credit.
there are two major credit bureaus Ė Equifax
and Trans Union.
Each of these companies can provide you with a copy of your individual
have a copy of your credit report there are few things that should be checked.
inquiries, done when you apply for new credit, can affect your credit
score while soft inquiries, done by your existing creditors, requesting
an update of your information, do not affect your score.
social insurance number
your credit accounts
is a Beacon Score?
score is a predictive credit worthiness score . It forecasts the credit
behavior of an individual for 2 years and ranges from 300 to 900.The higher
the score the better it is for you.
credit, lenders typically look for a score above 620. For mortgage
lending, a credit score below 600 may subject your application to tighter
scrutiny or higher interest rates and/or fees.
long do items report on my credit report?
remain on your report for three years after the date of inquiry. Your credit
information remains for six years from the activity date.
proposals will remain on your report for 3 years while the first bankruptcy
reports stay for 7 years. Should you be unfortunate enough to declare bankruptcy
twice or more, the second and subsequent times will remain on your report
for 14 years each.
see how credit abuse can impede your ability to obtain credit in the future.
about credit repair?
fraud/theft is the single most increasing crime in Canada - protect yourself!
Review your credit report regularly.
for these services
credit practices over time can improve poor credit history.
payments with pre-authorized withdrawals
credit as soon as possible after being discharged from bankruptcy
obtain secured credit in order to re establish credit, credit card loan
or line of credit