Why, you may ask? You may think that checking your credit report is not important as long as your loans are being approved. Well, that’s just it. Once your loan has been approved it is important you check your credit report from time to time as the report contains all the details of all of your loans. You can check if all details are correct. Should there be any discrepancy, you must report it to the credit company immediately as this may affect any future loans.
How do you check your credit report? Well, in Canada, there are two major credit companies that can provide you with your credit report: Equifax Canada and TransUnion Canada. You can request your credit report via fax, phone, or even online. These companies also offer your current credit score. It is important to note that your credit score is not a part of your regular credit report. The credit score is usually what the lenders are looking at as it determines if you have the capacity to pay your loan.
To learn more about how to get your credit report and other important details you may want to know, click here.
Until next time,
Jamie
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