I regularly encounter clients that have no idea what the credit score or credit history is like. This is not a good thing. Even for the vast majority that probably have a very good credit score/rating.
Well, whenever you go to apply for loan (mortgage, car loan, credit cards, etc.) the credit grantor will undoubtedly pull a copy of your credit report. Do you want to be surprised? And believe me, some people are surprised that the late payment they made on a previous loan 2 or 3 years earlier is on there. If this happens you may be asked to provide an explanation and wouldn’t you want to be prepared?
Assuming you have always paid your bills on time, it is still important to review your credit report on a regular basis. I suggest at least once a year. This way if there are any errors, and they do happen, you can have it corrected early. Also, with identity fraud on the rise you can ensure that no accounts have been opened using your info and turning you into a victim.
There are two main credit gathering agencies in Canada. Both Equifax and Transunion will provide you a copy of your own credit bureau upon request. In fact, you can order a copy online for a small fee.
I encourage you to know your credit score and history. It is an important part of your financial picture.
As always I would like to hear your comments.