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Five reasons you should regularly check your credit report in Brantford

Five reasons you should regularly check your credit report in Brantford

Your credit score is an essential tool in managing your financial life and is something we all need to become familiar with. Even if you’re not planning a car loan in Brantford, or using any kind of credit, it’s still a good idea to keep an eye on your credit score.

We’ll give you five reasons why.

1.   The first check is free

You are entitled to one check of your credit report each year. Some services offer more but you should have at least one from Equifax or TransUnion.

As it’s free and only takes a minute, there is no reason why you shouldn’t keep an eye on your credit score.

2.   Spot errors early

If you keep on top of your credit report, you should quickly spot any errors or omissions. Everyone makes mistakes and to err is to be human, but when those errors can impact your financial wellbeing, you need to stay on top of things.

It’s better to spot and have errors corrected early than when it begins impacting your credit score or preventing you getting a car loan in Brantford.

3.   Spot fraud

Identity theft and fraud are common crimes that happens to millions of people each year. Sometimes you will never even notice. Other times, you will be notified by a bank or credit card when you haven’t made payments for credit you didn’t have.

Keeping an eye on your credit report will let you spot any fraud quickly and help minimize its impact. There are many tools at your disposal to cope with identity theft and fraud but you have to know it’s happening first.

4.   Know what car loan you could get

Knowing your credit score means you will also have a good idea of the type of Brantford car loan you could get and how much you could theoretically borrow. Knowing in advance means you can either improve your credit score to borrow more or maintain the score to keep the amount as it is.

Like with errors, knowing all this ahead of time means you won’t be scrambling to make changes just when you need a loan the most.

5.   Planning ahead

Knowing where you stand, what debt you have and what open accounts you have can help you plan for the future. You know how much you owe and how much you could borrow. You know your credit score and you know how much of a car loan you could qualify for.

All this can help you plan ahead and prepare for any changes, car loans, early repayments or other fiscal decisions we make every day.

Knowledge is power and regardless of whether you’re in the market for a car loan in Brantford or not, knowing your own financial health can help you plan for the future and make decisions based on facts and not just hopes and dreams.

If you need help or advice on anything to do with car loans, contact Car Nation Canada today, we can help!

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