Check your Credit as part of your Spring Cleaning!

As spring is upon us, well in Ottawa we could considered it summer, many people get out their brooms, dig through their closets and clean out their garages, basements and sheds it their annual spring cleaning. It is time to start fresh but as we prepare to reduce the clutter in our homes we seldom take a look at our credit. At OttawaMortgageSolutions.com we recommend that you check your credit twice a year. Did you know that approximately 40 percent of all reports contain errors, some small but some so serious that they could be damaging your score.

Your FICO score which is produced by both Equifax and Trans Union in Canada is a number that ranges between 300 and 900. It is an indicator of how you manage your credit. It factors your repayment behaviour, your ability to manage your credit limits and your history of loans. Keeping this score as high as possible can dictate your ability to qualify for mortgages, credit cards, car loans, personal loans, even cell phones and home utilities.

Now if you are like most Canadian and you are diligent about paying you bills on time and not over extending yourself you are well on your way to a great score but what if you fell into the 40% of Canadians that have errors on their reports? It can impact your ability to apply for credit and in some cases even limit your ability to apply for new jobs.

To find out if any mistakes have been made on your report go to TransUnion and download your report. It costs about $30 less than you will spend on the cleaning supplies to spruce up your home this season.