Why Are Your Credit Score And Report So Important
Your credit report is like your financial report card, and your credit score is like your final grade. In Canada, banks and lenders review your credit when you apply for financial products. Your credit report can also be pulled by car dealerships, insurers, cell phone companies, landlords, and future employers to determine your ability to manage debt and meet financial obligations. Because of this, it’s important to know your credit.
Why Should I Get My Credit Report
An important reason to get your credit report is to find problems or mistakes and fix them:
- You might find somebodys information in your report by mistake.
- You might find information about you from a long time ago.
- You might find accounts that are not yours. That might mean someone stole your identity.
You want to know what is in your report. The information in your report will help decide whether you get a loan, a credit card, a job or insurance.
If the information is wrong, you can try to fix it. If the information is right but not so good you can try to improve your credit history.
Does Checking Your Credit Score Lower It
When a consumer checks their own credit score, it is treated as a soft credit inquiry that is not reflected on their credit report. For that reason, checking your credit score does not lower it. Instead, are based on five major factors: payment history , amount of debt , length of credit history , amount of new credit and credit mix . We recommend you check your credit score at least once a month.
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Checking And Understanding Your Credit Score Just Got Easier
There are no limits to how often you can check your credit score. The CreditView Dashboard gives you the power to:
View your score anytime.
Your score1 is updated once per month upon log in and checking it will not affect the score.
Use the Score Simulator.
This tool estimates what your score could be if you make certain changes.
Review your progress.
Use the Score Trends Graph to view up to 12 months of your credit score history.
Access credit education.
Learn credit basics, how to raise your score and more.
How Is A Business Credit Score Calculated
A business credit score considers many of the same factors as a personal credit score, such as payment history and amount of debt used. However business credit scores use different scoring models.
For two main types of business credit scores, Dun & Bradstreet PAYDEX Score and Experian Intelliscore Plus, scores range from 1 to 100, and the closer to 100, the better. Consumer FICO scores, on the other hand, are ranked 300 to 850, with 800 and above being consider excellent credit.
Business credit scoring models weigh different factors when calculating scores, but you can anticipate that your payment history, age of accounts and amount of debt will be considered. If you carry a balance on The Blue Business® Plus Credit Card from American Express, that will be factored into your business credit score. And if you miss a payment on your Ink Business Cash® Credit Card, that can negatively impact your score.
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See Your Latest Credit Information
See the same type of information that lenders see when requesting your credit.
Your Credit Report captures financial information that lenders use to determine your creditworthiness. This includes the type of credit accounts, current balances, payment history, and any derogatory items you may have. You will also get a summary of your account totals, total debt, and personal information.
Get Your Full Credit Reports For Free Every Year
By law you are entitled to a full credit report from the three major credit bureaus once a year for free. To get your full reports, head on over to the annual credit report site and click the Request your free credit reports button.
If you want to learn more about credit scores, we have scores of resources for you to learn more:
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You Have More Than One Credit Report
When you order your free TransUnion credit report, youll also have the option to order your free Equifax and Experian credit reports. The information in these reports can differ, so its good practice to review all three. For example, some lenders choose to report account data to only one or two credit reporting agencies, not all three. Or, when you apply for a loan, a lender may only pull your credit report from one credit reporting agency, which would result in a hard inquiry on your credit report from that agency only.
How To Check Your Credit Score For Free Without Penalty
It’s a myth that checking your own credit score will affect it.
Any time you apply for a loan, or even some bank accounts, the resulting credit check can hurt your overall . But the myth that checking your credit rate or report does the same is just that: a myth.
To better understand how the process works, its important to know the difference between a soft and hard inquiry.
Regularly Monitor Your Credit Health
Its important to regularly monitor your credit health based on the information found in your report. Catching and fixing inconsistencies or mistakes on your credit report early can save you from being blindsided by a sudden dip in your credit score and help you spot opportunities for improvement.
You can monitor your credit health yourself by taking advantage of free credit reports and credit score access. Many experts say you can save money and take control of your finances at the same time by self-monitoring using your free credit report. If you make a habit of combing through your report regularly, looking for potential errors or areas of opportunity, you dont need to pay for the service.
But there are also a variety of credit monitoring services that can help you. These services typically offer perks like frequent access to your credit score, notifications when changes are detected, and suggestions for ways to improve your credit score.
The disadvantage is cost. Credit monitoring services offered by the major credit bureaus range from $19.95 to $24.99 a month, and if youre trying to build your credit, spending more money may not be in your best interest.
Which Credit Report Is Most Accurate
No one credit report is innately more accurate than the others. Your TransUnion credit report might contain information that your Equifax credit report doesnt, or vice versa.
This is partly because lenders are not required to report your information to all three credit bureaus. In some cases, they may only report to one bureau and not the others, or they may report information at different times.
In any case, its a good idea to review your credit reports on a regular basis so that you can be sure any discrepancies are minor.
Ready to help your credit go the distance? Log in or create an account to get started.
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Free Business Credit Score Services
- Get a summary of your Dun & Bradstreet, Experian and Equifax business credit report
- Receive business credit grades for each score, plus your personal Experian credit score
- Tools to help you build business credit
What’s missing: You don’t receive your full business credit reports and scores with the free version. But you can upgrade to a paid version, starting at $29.99 per month for Nav Business Manager, to receive your full report and score with Dun & Bradstreet, Experian and Equifax, plus the ability to dispute errors on business credit reports and more. Compare Nav business credit products. There are alternative paid options to view your actual score, which we break down below.
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Whats A Good Credit Score
So, what is a good credit score, anyway? Lets start at the beginning.
According to the Government of Canada, a credit score is a 3-digit number that represents how likely a credit bureau thinks you are to pay your bills on time.1 It can be an important part of building your financial confidence and security.1 For example, building a good credit score could help you get approved for loans and larger purchases, like a home.1 You may also be able to access more competitive interest rates.1
There are two main credit bureaus in Canada: Equifax and TransUnion.1 These are private companies that keep track of how you use your credit.1 They assess public records and information from lenders like banks, collection agencies and credit card issuers to determine your credit score.1
Why You Should Check Your Credit Score
Its always good to brush up on the benefits of checking your credit score. And in short, checking your credit is important because it:
- Gives you a good sense of your financial fitness, providing a numerical grade for the contents of your credit reports
- Helps you get the best possible credit card and loan terms, and reduces the likelihood of rejection
- Makes comparing financial products easier, as most offers list a minimum level of credit needed to qualify and
- Tells you how closely you need to review your credit reports. A score that is much lower than youd expect is an obvious red flag, perhaps indicating potential fraud.
- Has no effect on your credit score. Checking your credit score creates a soft inquiry, which does not impact your credit score, so you can check your score as often as you want.
Finally, its important to remember that virtually everyone has room for credit-score improvement. And a better credit score could be worth thousands of dollars per year. Plus, tending to your score doesnt have to cost you a dime or much time. So check out our handy to get started. And if youd like advice tailored to your specific situation, sign up for a free WalletHub account to get your personalized credit analysis. Thats just another reason why you should check your credit score on WalletHub.
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Submit Your Request By Mail:
First, you’ll need to download and complete the Canadian Credit Report Request Form.
Second, you must provide a photocopy of two pieces of valid, non-expired Canadian Government-issued identification. At least one of the two IDs must include your current home address. Examples of acceptable documentation include:
- Driver’s license
- Birth certificate
- Certificate of Indian Status
In order to protect your personal information, we will validate your identity before mailing your credit report to your confirmed home address. If your address is not up-to-date on either identification, you must also provide additional documentation that shows your current home address . Your copy should show the date of the document, the sender, your name, address and your account number.
- Documents must be less than 90 days old
- We recommend you blackout any transactional details.
- If you provide a credit card statement or copy of your credit card as proof, please ensure to blackout your CVV.
While providing your Social Insurance Number is optional, it helps us avoid delays and confusion in case another individual’s identifying information is similar to your own. If you provide your S.I.N., we will cross-reference it with our records to ensure that we disclose the correct information to you. We will not use it for any other purpose or share it with any third party.
As a last step, you will need to submit your completed form and proof of identity
Kindly allow 5 – 10 days for delivery.
Errors On Your Credit Report
If you find errors on your credit report, write a letter disputing the error and include any supporting documentation. Then, send it to:
The credit reporting agency and the information provider are liable for correcting your credit report. This includes any inaccuracies or incomplete information. The responsibility to fix any errors falls under the Fair Credit Reporting Act.
If your written dispute does not get the error fixed, you can file a complaint with the Consumer Financial Protection Bureau .
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My Free Credit Check Know Your Rights
You have the right to apply for credit
The National Credit Act gives you the right to apply for credit. All consumers must be treated equally in relation to one another when credit providers assess your application, determine rates/fees and compile and enforce the credit agreement.
You have the right to know why credit has been refused
You may ask the credit provider or bank to explain, in writing, their main reasons for:
- Refusing your application for a new loan/credit
- Refusing your application for an increased limit on existing loan/credit
- Refusing to renew a renewable loan/credit
- Offering a lower credit limit than the limit you applied for
- Reducing your existing credit limit
If your credit score or report was the main problem, the bank or credit provider has to disclose the name, address and contact details of the credit bureau that issued the report, so that you can get hold of your credit report to see what information on the credit report is keeping you from a successful application. Please note, your credit score and report are not the only factors lenders, banks and other credit providers look at when doing an assessment. The criteria they look at differs from company to company.
You have the right to receive your credit information in plain and understandable language
You have the right to confidentiality
You have the right to one free credit report per year!
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Improve Your Credit Score
- Pay your bills on time. You need to make sure that you pay your bills on time. When you delay your payment it will not add to your credit score but damage it further. You need to make sure that you add on your credit points by making your payment on time
- Do not keep any outstanding. You need to clear your payment completely. Do not keep any outstanding amount when you have a credit card bill or an EMI pending. When you pay your full bill amount it will help you get a good credit score. Ensure that it is not overdue or outstanding.
- Do not close your credit account. The more you let your credit age the better it is for your credit score. Make sure you keep your accounts open even when you do not use them. Keeping your account open will increase your credit score.
- Keep your credit mix right. Have a mixed credit line. This will help you get a good credit score. Do not be restricted only to just one type of loan. Keep borrowing various kinds of loans.
Ways To Check Your Credit Score For Free
Checking your credit score is a valuable way of knowing where you stand financially. However, it is also important to check your credit history. A credit report provides specific information about your credit health, and it gives you the ability to ensure your data is correct. But, how do you get a peek at these reports and scores? Here are a few ways to do so.
Check Your Credit Report One Time a Year
Always check your credit report as a first step. AnnualCreditReport.com the website to visit to gain access to your Equifax, Experian, and TransUnion credit reports one time every year. This is a free service. It does not hurt your score. Try to check one report every four months for accuracy. This way, you can monitor them throughout the year.
Turn to Your Credit Card Lender
Some credit card lenders monitor the credit scores of their borrowers. Many communicate this information to you. Log into your account. Look for options to check your credit score for free. Chances are good they will offer it to you. Again, this is not a hard inquiry on your report.
Use Credit Karma or Credit Sesame
There are several sites, like these two, that provide access to you without charge. They do not pull a formal credit report. Therefore, these sites do not cause a hard inquiry on your credit report. You can get a good look at your score as well as get tips on how to improve your score.
Talk to Your Lender
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