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Three reasons to monitor your credit report regularly

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Three reasons to monitor your credit report regularly

Even if you’re not planning on applying for a car loan for a while, it makes sense to keep an eye on your credit report. It’s a pivotal part of any financial decision, both for you and any lender so it pays to keep on top of it.

If that wasn’t enough, I’ll give you three good reasons to monitor your credit report regularly.

Identify fraud or identity theft quickly

You will often only realize you have been a victim of fraud or identity theft when its too late. When the fraudster has taken loans or credit out in your name. Monitoring your credit report will show all activity since you last checked and will demonstrate quickly whether someone has stolen your identity or is using your name to access credit.

If you see hard searches that you didn’t authorize, take action quickly. You could stop the fraud before it happens.

Correct any mistakes

The credit reference agencies are pretty good at what they do but they are not omnipotent. They can make mistakes. Organizations who leave notes on your report can also make mistakes. For example, a firm entering bad debt information on your report instead of someone with a very similar name happens often but can be quickly remedied with prompt action.

You are better off identifying such mistakes before you apply for credit than trying to do it at the time!

Always know where you stand

Our credit reports have a huge influence over our financial wellbeing. Knowing what yours says means you always know where you stand. You will have a good idea what lenders will want to work with you. You will have an understanding of how much of the market will be open to you and what rates you can expect when you apply for a car loan.

Knowing all this in advance helps manage expectations. If your credit score is good or very good, you can expect a great rate. If your score isn’t so good, you can expect to pay a little more.

These three reasons can help you prepare effectively for a car loan, or any loan. You can identify fraud quickly, ensure everything on your credit report is accurate and that you know where you are with your credit score. Any remedial actions you need to take can be completed well in advance of any loan application which should make the entire process easier and cheaper. Two great reasons to check don’t you think?

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