Knowing your credit score is important. Checking in on your credit at least once per year is a good habit. This will help assure your credit score is strong. Learn how to get a free copy of your credit report.
From checking your credit history you can see if there is old or incorrect information on your bureau. Also, to confirm that you haven’t been a victim of fraud.
At the same time, you can see if you have missed or forgotten any payments on debts.
It’s important to note that internet and mobile phone payment details are now showing on many credit reports. With that, it's important to keep those payments up to date as well.
It can take months to fix an error or have a fraud item investigated and removed from your credit report. Therefore, the more often you review your credit, the more prepared you are for when an application, such as for a mortgage, is needed.
There are two main credit reporting companies in Canada. They are Equifax and Transunion. Most mortgage brokers use Equifax. Some banks use Transunion and some will look at both.
Both of these companies will provide you with one free credit report a year and it will not use up and credit points in the process, unlike when another company checks it.
For the free report, it is typically mailed to you. You can get an electronic one faster but there is a cost to this, so if you are in no rush, a mailed one will save you money.
Once you have a copy you can reach out to your Ottawa mortgage broker to review it with you if you are looking at one for the first time. I am happy to do this with you.
If looking to review it yourself, it may help to Google how to read your credit report to better navigate through the sections.
Start with finding your score, then seeing who has checked your credit recently. From there you can see if you have any collections, late payments, debts owing and so on that you may not be aware of.
If you see any errors with the debts in the report, you can contact the debt lending company. You can also contact the credit report company.
Credit scores are out of 900, with the higher the number the better.
If you are having trouble accessing your free report or would like help navigating your report, I invite you to contact me anytime.
Andrew Thake is a seasoned mortgage broker with over 15 years of industry experience. He’s assisted more than 2,200 clients in finding their ideal mortgage solutions. Recognized for his excellence, Andrew has received high honours and awards, including the National Rookie of the Year from TD Canada Trust and recognition as a Top 10 Ottawa Mortgage Broker in 2023. He has also been inducted into the Hall of Fame at Dominion Lending Centres and has consistently received their Platinum Award during his tenure as a mortgage broker.
Andrew’s dedication lies in serving his clients and prioritizing their needs with an empathetic approach. Throughout the application process, he provides tailored, informed, and efficient services to ensure the best mortgage solutions for his client’s unique circumstances. The best part of Andrew’s job is when he gets to see the joy on his clients’ faces following their mortgage approval.
