Check Your Credit Once a Year

//Check Your Credit Once a Year

Check Your Credit Once a Year

When shopping for a home mortgage loan, any other loan or to rent a property, lenders/landlords would like to know your credit score.

Credit score is important in many ways, it not only helps you secure a loan (based on your income qualifications) but also helps to get you better interest rates, if you are shopping for one. Your personal credit history is compiled by credit bureaus which collect information from various sources including banks, retailers and other public records, creating a credit report. Information such as: what credit and debit cards you have, the types of accounts you have at various financial institutions, information about personal loans, mortgages, student loans, etc., is all part of the report. 

The report shows the creditors’ names, account numbers, the date accounts were started, the current balance as well as a detailed payment history (for example: how many times you were over 30, 60, or 90 days late in paying bills). Generally, credit reports show information going back six to seven years. The report will also show public information, for example, marriages, divorces, liens, judgments that have been entered against you, bankruptcies, etc.

Read more about credit check

One must check once credit file once a year by calling credit bureaus at no cost. It does not hurt your score.

[youtube:http://www.youtube.com/watch?v=6WkdHkh9OGw]

Shopping for Canada’s best mortgage rates?

By | 2017-01-23T12:11:09+00:00 September 5th, 2010|Categories: Realty Talk|Tags: |Comments Off on Check Your Credit Once a Year

About the Author:

Amit Kalia
Amit is a full time local REALTOR® since 2003. Currently he is with RE/MAX Real Estate Brokerage Inc. in Mississauga. RE/MAX is Canada's #1 real estate company. He is supported by a very strong Sales and Marketing team. Together with his team, Amit has been serving property sellers, first time buyers, real estate investors, landlords, renters, new immigrants to Canada and non-residents. Amit and his team specialize in Square One condos and also work in many other Mississauga neighbourhoods. Team Amit Kalia offers a 30 Days Sold Guarantee to Sellers. Amit's team also provides exclusive A La Carte property management services for their investor clients and landlords.