Credit Basics

Checking on Your Credit Is Vital to Success

It is easy to research your credit profile with these 5 simple steps:

1. CREDIT PROFILE 101

Obtain a clear picture of your current credit profile by ordering your Credit Score, Credit Profile and Debt Analysis online.

Look closely at the data from the credit reporting agency to see that it all matches up. Keep an eye out for:

Double check the data from the credit reporting agency to ensure that everything is correct. Be particularly diligent about:

  • Wrong mailing addresses
  • Incorrect Social Insurance Number
  • Signs of identity theft
  • Errors in your credit accounts
  • Late payments
  • Unauthorized hard inquiries

2. Correct Your mistakes

Be proactive in correcting errors on your credit profile. Contact your creditors or send letters of dispute to the credit reporting agency to have errors updated and fixed.

3. Improve your behaviour

Make a plan for improvement going forward by identifying any negative patterns. If you have an issue paying bills on time, sign up for an automated payment service. If your debt levels rise above 50% of your available limit, reduce your balances by initiating a payment plan. Set goals for improving your credit and celebrate each milestone.

4. Follow up

Follow up and check your credit 30 to 60 days after changing your behaviour and disputing your errors to monitor improvement. Contact the credit grantor if any disputes remain to further the dispute and find out if the item is able to be removed from your credit profile. Forward a written request to the credit reporting agency in the event you wish to tell your side of the story in order to have a consumer statement added to your credit file history.

5. Monitor your credit

Sign up for a Credit Monitoring service in order to keep your credit healthy and guard against fraud. This service immediately notifies you of any changes to your credit profile. Retain copies of your old letters of dispute and credit profiles in a safe place for future reference. Determine a plan to evaluate your progress quarterly.