Knowing and improving your credit score and credit report is important so that you can get the lowest interest rates, have access to credit and protect against identity theft. To keep my credit report and credit score in good shape, I get them for free twice a year. If you haven’t had credit before, or have bad credit, checking your credit information will help you establish or rebuild your credit.
You should check your credit reports at least once a year. There are two reporting agencies you need to contact, Equifax Canada Inc. and TransUnion of Canada. Each company offers a free credit report, though it’s not surprisingly less easy to find than the paid version. To make it easier, last year I created a pdf with all the contact information and credit report request forms that you’ll need to get your free credit report.
Once you have your credit report, you will want to find out your credit score. You do have to pay to get a credit score from Equifax or TransUnion. However, there is a way to get a free credit score by using a calculator from Bankrate. You enter all the information from your credit report and the calculator will give you a range that your credit score falls into. The range is pretty accurate, what I do is write the range down on my report and file it away to compare to the next time I ask for a credit report.
Once you know all this information, the next step is to look for ways to improve it. There are many ways to improve your Canadian credit score, from paying your bills on time to keeping your balances low. Keep both revolving and installment credit and continue building your credit history.
While it takes a little more effort then simply paying for your score online, getting a free credit score is a great way to save money and still stay on top of your credit information.
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Tom Drake is the owner and head writer of Canadian Finance Blog.
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Hey, thanks for the link to the score calculator! I always knew I had a pretty good score but am too cheap to pay for it lol
The only things holding me back now is one missed CC payment a couple years ago – missed the payment date grrrr – and the fact that my credit history is relatively new.
Thanks again
checking you score is best done on a regular basis to avoid an unexpected surprise when trying to buy something
To know the Canadian credit score, one often has to spend down some money to get it. The link that gives the score for free is a pretty good one. Though it gives a score close to accuracy, its better to refer to keep checking on the credit score and improvising it. Thanks for the link!