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Your Credit History: the financial facts most of us never discover … until it’s too late!

Your bank knows more about you than you do! Really. When loan officers ask for a credit check, they’ll find out financial facts you’ve long forgotten. A bill you paid late; a rent cheque that bounced; a credit card that was always overdue. It’s all there in black and white for them to see, even if you can’t remember a single detail.

Maybe that was years ago. Now you’ve turned a financial corner, and thought all that bad news was behind you. Not so fast! It takes six-to-seven years from the last activity on an account to be cleared from your credit history. Longer if there was bankruptcy involved. It can hang there like a grey cloud over your financial future.

In the meantime, you’re looking to finance a home, add a car, maybe take out a new credit card. It makes $ense to know your own credit history before you put pen to paper on any application. For the first time, you can do it easily and inexpensively online.

Your Canadian Credit History is more important than your resume when it comes to keeping that document current and accurate.

Even if the credit report comes back with only good news, that is still information that can be really useful to you. Banks and credit card companies give their best interest rates to their lowest risk customers. That might be you.

The result can be big savings in interest paid. Even just a quarter point of interest off your mortgage means thousands of real after-tax dollars in your pocket … where they belong! Getting a lower-interest credit card keeps hundreds of loonies in your bank account … instead of theirs. I was actually a little afraid to find out the facts. At age 46, I had no idea what my credit report contained.

Turns out, my credit history was actually perfect, but that I was carrying too many credit cards. It hurt my credit rating. So debt consolidation, followed by closing out several accounts, was the strategy suggested in my copy of the credit report. Not so scary after all!

As a result, I felt much better walking into the bank and discussing my plan with Karen, the loans officer, knowing there weren’t any skeletons lurking the credit closet. In fact, she was actually impressed with my approach, and gave me the rate available to the bank’s best customers. It made that $13.95 one of the best investments I’ve made in my financial future.

So check out CanadianCreditCenter for your own online Canadian credit report. It will be one of the smartest moves you make today.

Need a Canadian Credit Report Now?  Visit our Credit Report Page for Canadian Credit Services and Suppliers.