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June 25, 2001
By
Kristen McCarthy
Website:
http://www.1st-choice-credit-cards.com
>
Managing your Canadian credit report
A Canadian credit report is the history and statues of your credit rating, listing all outstanding loans, debts, credit cards, and debt default. A Canadian credit report even keep tabs on the history of your bill payments, noting each late on the report. The information in a report adds up to your overall credit score, which sums up your credit worthiness.
Managing a good Canadian credit report is highly beneficial for the future, as it determines the outcome of an application for a lease, mortgage or loan. Lenders look at your credit rating, score and history before accepting you for a loan. A Canadian credit report supplies them with information on how much debt you carry, and whether you’ve been late in your payments.
Experts suggest obtaining a copy of your Canadian credit report two to three months before applying for a loan. When looking at the report make sure the history of the account is truly yours, remember that co-signing for loans also becomes part of your account history and can effect your rating. Close all credit cards that you don’t use and lenders won’t see potential debt.
A mistake on your Canadian credit report can mean higher interest payments, inability to obtain a loan, a credit card or to buy a house. Even employers check credit history. Please obtain a report of your credit history every one to two years. You can order from either one of the two credit-reporting agencies.
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> About The Author:Kristen McCarthy is a successful author and the
publisher of http://www.1st-choice-credit-cards.com. your one stop resource for free online credit reports, acengies issues and information on your personal and business credit report. *Webmasters,
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