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Cody Battershill

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Why Check Your Credit Rating?

Why Check Your Credit Rating?

Why check your credit scoreThere’s a lot that depends on a good credit rating nowadays, which is why it’s extremely important that you check your credit often.

Let’s face it, unless you are extremely wealthy, chances are you will need to borrow money from a creditor at some point for things like a car, a house, or a wedding perhaps.

Here are some useful tips on why you should check your credit rating if you are looking to buy a house, especially if you are a first time home buyer in Calgary!

3 Reasons to Check Your Credit Rating

 

  • 1 – You Have Co-Signed for a Loan

Some people might not realize that if they co-sign for a loan they are just as responsible for it as the person who they co-signed for.

If there are any missed payments or defaults on the loan it will show up on your credit rating. On a positive note, if the person you co-signed for stays true to their payments it will have a positive impact on your score.

  • 2 – To Check if Your Financial Identity has Been Stolen

If your credit card was stolen or if you are a frequently using your card to purchase on the internet, it’s always a good idea to check your monthly credit statements and your credit report every so often. You never know when your card information might be stolen especially if you are using it on the internet.

A suspicious purchase on your credit card statement is a good enough reason to contact your credit card company and alert them to the possibility of a fraudulent transaction. If this does happen to you, make sure you monitor your credit report throughout the process and make a list of any damaging information that could show up so you can correct it later.

  • 3 – Your Looking to Get a Loan

Save yourself some time by checking your credit report before you ask for a loan. If you find an error on your report it could prevent you from getting a loan and in some instances damage your credit rating.

Credit Errors

Sometimes there are errors made on your credit rating. Here are a few ways that credit report mistakes happen…

  • Credit or loan payments were accidently applied to an improper account
  • Credit applications have been made by the same person under different names, for example Jonathon Doe and Jon Doe
  • An applicant provided the wrong Social Insurance Number (SIN) or the lender made a mistake in reading it
  • Someone handling your credit made a clerical mistake by entering the wrong address or name

Errors made on your credit report can prevent you from obtaining the loan you need and when you need it.

If you do find an error on your credit rating its crucial you rectify the mistake and bring it to the attention of your local credit bureau as soon as possible.

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