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Help
for your Canada credit history
...helpful hints
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Inquiries
Can Hurt Your Canada credit history
True or False: You're the only person who has access to your Canada credit history. The truth is certain people including
you are allowed to view your Canada credit history. For instance,
creditors and employers are often allowed access to your Canada credit history, oftentimes without notification. Actions
like applying for a job, a loan, or other credit opens the
doorway for these institutions to find out how you've been
handling your financial affairs. While these sources are
judging your worthiness, you often don't know about their inquiries until you look over your
Canada credit history. Not
everyone is as proactive about their Canada credit history
as they
should be. Knowing if your Canada credit history
is good or bad is
very important, along with taking the necessary steps to
correct a bad reputation than may only get worse.
You innocently fill out a few credit card applications at a trade show for the great freebees. Later, when you really
want that card or some important loan, you're denied. Why?
You've been partying with your credit without even realizing
it. Every time you request a credit card or loan, your
Canada credit history is checked and left with a deduction on your
rating. While some lenders take the time to notice why your
rating is down and will look the other way, some creditors
see every mark as a sign that you aren't responsible. All
that for just filling out a form!
You are allowed to explain to lenders harmless infractions such as too many inquiries on your history. The trick is
you must make this report in a timely fashion or the lender
won't turn the other cheek. The safest way to avoid a low credit rating from inquiries is to not apply recklessly with
credit card companies for at least a good amount of time
before you actually apply for a major loan such as a
mortgage loan or a car loan. This should increase your
chances that the inquiries are off your history and your
credit is back up to good standing.
Every time you apply for a job or apply for a rental property, your potential employer and landlord have the
right to make an inquiry on your Canada credit history. Every
inquiry leaves a blemish on your record. Again, you should
apply for a job a good amount of time before you need a
major loan to make sure your Canada credit history is clear of these marks.
The wisest time to find out if your credit has been out partying is before you actually fill out a form for a loan.
This way, you have some time to fix discrepancies. Many
discrepancies come from the creditors' reports to the credit
bureaus. Many credit bureaus are willing to help you report
those errors and fix them. If you come across identity
theft, many credit bureaus are also willing to act on your
behalf.
The worst time to find out that your credit is out partying while you're diligently trying to pay off bills and
establish a healthy credit is when you most need the good to
excellent ratings. Many regions of the country are able to
get a free credit report once a year through one of the
nation's top three credit bureaus.
Gianni Myrtle is the owner of Fob
Credit which is a leading on-line resource for credit information on
the internet.
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