Credit Clinic - Get your report

Brandon Scott is a Sherwood Park & Edmonton based mortgage consultant and the author of a weekly column entitled Real Estate Solutions in the Sherwood Park News. This article was originally published on January 18, 2013 If you have been to the gym recently you’ll notice there has been an influx of people with renewed interest in physical fitness. Perhaps that has something to do with their recent New Year resolutions. Equally deserving of attention is taking time to focus on our financial fitness as well. The fact of the matter is those with good credit tend to have more options and choice when it comes to financing a house, vehicle, or any other purchase than those with bad credit or no credit. A large factor in getting your finances in shape can be attributed to understanding how a lender sees your credit report and what you can do to ensure it is the best it can be. Most people are aware that when applying for financing of any type that a credit report is accessed and reviewed to determine if the applicant qualifies for the purchase. While the credit report is just one of the determining factors it does provide the lender with a lot of information to aide them in making their decision on whether or not to approve the applicant’s request. Did you know you do not have to be in the dark on what’s showing-up on your report? The credit report is not just available to banks or other financial lenders; it is also available to you. So the first step in understanding your credit is to obtain a copy of your report. In Canada, there are two credit reporting agencies that compile information about your address, employment, and other relevant financial obligations. These two companies are TransUnion and Equifax and you can obtain a free report by mail or for a fee, if you want instant access you can obtain your credit report online at www.transunion.ca or www.equifax.ca. Take time to review all the information on the report and contact the appropriate agency if you believe there are any errors or inaccuracies. Knowing you have a report and what’s actually on it is the first step. It is also a great idea to review your report annually to ensure any discrepancies are caught early-on. Download the current e-edition of the Sherwood Park News