Knowing your Credit Score/Report

Recently a friend and I were curious as to what our Credit Score was.  Neither one of us

What-Is-A-Good-Credit-Score

image courtesy of gajizmo.com

knew but had been told by mortgage lenders that we were ‘in good standings’

The two companies within Canada that offer your Credit Score/Report are TransUnion and Equifax.

We both choose Equifax, for no reason but it just happened that was the link we used first and liked how easy it was/is to navigate.  It also lays out the costs prior to signing up, which we both liked.

TransUnion, you have to create a profile first, then you can select the product you want; ie Credit Score only, Credit Report only or both to know the cost.

With Equifax, we were able to see how much it would be, what the reports would entail for the price associated.  My friend and I both liked this aspect as we are avid budgeters and like to know how much something is before buying it.

Another upside to our preference with Equifax is that it’s a one-time fee to know both your Credit Score and your Credit Report.  With TransUnion, it’s a monthly fee that allows you to log in and check on it whenever you want throughout the year.

To request your Credit Report, it’s free.  This outlines all the financial requests you’ve made in the past 7 years (ie car loans, lines of credit, cell phones, mortgages, credit cards)

It outlines when you opened it, what balance is still remaining (if any) and when the last date of usage was.  This last part is key, as 7 years after the last date of usage, does it then come off your Credit Report.

As an example, I paid off my Student Loan in 2011, it is still on my Credit Report, which I was not aware of.  So I know now that I need to wait until 2017 to have it removed from my record.

Now your Credit Score is:

a three digit number calculated from your data-rich credit report and is one factor used by lenders to determine your credit worthiness for a mortgage, loan or credit card. Your score can affect whether or not you are approved as well as what interest rate you are charged.

Once you have selected the product that is right for you, have a read through it.  I found it interesting to know that my credit score was in a nice high range.  It summarized that I would have no issues getting additional credit should I request it and it also offers suggestions on how to improve my score.

My friend and I are happy with our reports and are happy we did it to know, at last, what our numbers were after all our years of hard work, paying off debt, making large lump sum payments, getting the lowest interest rates possible on our credit cards.

It’s a virtual pat on the back for our efforts.

Have you requested your Credit Score/Report lately?  If not, what is stopping you?  If so, are you happy with the results?

Your turn, I would love to hear your feedback

J.

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