Below you can view a range of firms that can offer access to your personal credit report. By subscribing to credit report services, you can stay up to date with what is inside your file. Loans lenders and other financial institutions will use your credit file to help with checks to decide if they will take you on as a customer, so it is a good idea to make sure that your file is up to date and that any mistakes are corrected as soon as possible and you can do this with credit report agencies. Another factor you can take steps to prevent is identity fraud. Millions of Canadians have their identity stolen and used for criminal activity without noticing for a while – by checking your credit report with credit report agencies you can make sure that noone is stealing your identity.
Compare Credit Reports Services
Most people do not realise how important your credit report can be.
What is your credit report?
Your credit report is a detailed account of all your financial history and most people have one. Credit reports compile information that includes any current loans and credit cards you have or have paid off, your payment history and any outstanding debts you may have.
The importance of your credit report
Credit reports are used by lenders to assess your financial reliability. Credit reports are designed to give loans lenders an idea of what risk is involved by lending money to you. Whenever you want to borrow money a lender will use your credit report to determine whether or not to lend money to you.
A bad credit report will prevent you from getting the product you want. Those with the best credit reports will be given more money and lower interest rates. If you have a poor credit rating you are seen as high-risk you will be given higher interest rates.
Using a credit report service
As your credit report is important you need to make sure all the information that it contains is correct and accurately reflects your financial situation. This is because any information that is inaccurate, out of date or wrong can adversely affect whether or not you can get the product you want.
A credit report service can help you access your credit report. Before applying for financial products like loans and credit cards you might want to consider getting a copy of your credit report to make sure there are no errors or wrong information on it that could lower your credit score. This will also alert you to any activity that you do not recognise which could be potential identity fraud.
Finding the best service
Make sure you choose the company that can best offer you access to your report. Use the table above to compare different services that offer access to your credit report. Make sure you read the terms and conditions fully and are aware of any potential fees involved.
What does your credit report really tell lenders?
Your credit reports tells lenders a lot more than you think – it is way more than just a list of how much money you owe. Each time you apply for a financial product, a credit footprint is left on your report. This will remain on your file for up to a year and shows lenders how often you have applied for credit. This can make you appear less appealing to potential lenders, especially if your applications have not been approved. Avoid looking desperate for credit as this will not help your chances when it comes to receiving approval for your credit card or loan.
Fraud history, repayment habits and how much you owe will all appear on your credit report and give potential lenders an idea of you and your spending, repayment habits. If you are in any doubt about your credit report then you should seek independent financial advice.
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