Is Your Credit Healthy?

Is Your Credit Healthy?

A credit report is used by Financial Institutions and Lenders to measure the risk of lending money to a borrower. While each reporting agency may have their own defining score - with a range between 300-850, a credit score above 700 is considered good, 800 being excellent. A good credit score could potentially save you thousands of dollars in interest savings throughout your life.

Things that may affect your score include (but not limited to) your default history, the current amount of debt that you have, the length of your credit history, timeliness of payments, too many credit requests, closing cards with remaining balances, and ignoring potential inaccuracies.

To obtain good credit, you make it a practice to check your credit score on a regular basis (whether it's to review how you've used credit in the past or for inaccuracies).

Luckily, two agencies in Canada offer free credit reports (once a year): Equifax Canada & TransUnion Canada. Each credit bureau offers different information about your credit history so it's recommended to obtain a copy from each.

Equifax Canada refers to it as a "credit file disclosure" while TransUnion Canada calls it a "consumer disclosure".

How to order your copy for free:

1. By Mail or Fax:

Equifax: Complete the attached Canadian Credit Report Request Form, attach photocopies (front

and back) of two pieces of valid Canadian Government-issued ID, and mail to the

address stated in the form.

TransUnion Canada: Complete the attached Credit Bureau Request Form, attach photocopies

(front and back) of two pieces of valid Canadian Government-issued ID, and

mail to the address stated in the form.

2. By phone:

Equifax: 1-800-465-7166

TransUnion Canada: 1-800-663-9980 (except Quebec) / 1-877-713-3393 (Quebec residents)

You will be asked to confirm your identify by answering a series of personal and financial

questions. You may also be required to provide your Social Insurance Number and/or credit card

number to confirm your identity. Once complete, you will receive your credit report by mail.

The above methods are too slow? You may also pay a fee to order your credit report online or subscribe to a daily credit score report.

For more information, you can check out their websites below,

Equifax: https://www.equifax.com/personal/

TransUnion Canada: https://www.transunion.ca/

Happy credit checking!

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