Building and maintaining a healthy credit report can be a significant step in your personal and financial well-being. Even after you've established a great credit score, you should regularly check your credit report to make sure the information it contains continues to be both positive and accurate.
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Building and maintaining a good credit report can be a significant step in your personal and financial well-being. Even after you've established a good credit report, you should still check it periodically to make sure the information it contains is accurate.
It's easy to build credit, the trick is to build good credit. Establishing and maintaining a good credit report results from paying your bills consistently, on time and as agreed. Always pay at least the total minimum amount due, and always pay on time. Here are some additional tips that may help -
- pay all your bills on time, such as rent, telephone, utilities, etc.
- open a chequing or savings account
- apply for a credit card or loan with the lowest possible interest rate
- keep your credit card balances to a minimum and avoid missing payments
Some of the key lifestyle events that can cause lenders to review your credit report include -
- applying for a loan or credit card
- renting or buying a home
- applying for a job
- applying for a loan to purchase a car, large appliances or electronics
With credit scores, higher is better. The best thing you can do to maintain a high credit score is to pay your bills on time, limit your debt payments to less than 10% of your income and check your credit report regularly to correct any errors.
If you receive a copy of your credit report and see that it includes incorrect information, or if you have been denied credit on the basis of credit report information you believe to be inaccurate, you can contact the credit reporting agency and request that the information be corrected. They will review your report, investigate your claim and make the correction if one is called for.Visit External resources for links to Canada's credit agency sites.