Monday 21 April 2014

Do You Know Your Credit Score?



Your credit score is a number that illustrates your financial health at a specific point in time. It’s also an indicator of how consistently you pay off your bills and debts.

Your credit score is one of the factors that lenders consider when qualifying you for a mortgage. A good credit score, for example, can improve your chances of being approved.

To find out your credit score, contact Canada’s two credit-reporting agencies: Equifax Canada and TransUnion Canada. These agencies can provide you with an online copy of your credit score as well
as your credit report – a detailed summary of your credit history, employment history and personal financial information.

If you find any errors in your report, notify the credit-reporting agency and the organization responsible for the inaccuracy immediately.

Tips for Improving Your Score

There are several ways to improve your credit score, including but not limited to:
  • Always pay your bills in full and on time;
  • Pay off your debts as quickly as possible;
  • Never go over the limit on your credit cards;
  • Try to reduce the number of credit card or loan applications you make

Ensuring your credit score is in good shape better enables me to negotiate with lenders on your behalf to obtain the best mortgage possible to meet your unique needs. If you have questions about your credit score, answers are just a phone call or email away!

To find out more about your credit  scores and reports, you can also visit the Financial Consumer Agency of Canada website and download or request a free copy of their guide, Understanding Your Credit Report and Credit Score. This guide provides practical, straightforward information on how to obtain and understand your credit report and score, as well as how to build and maintain a good credit history.