June is Credit Score Month and our Trusted Regina Home Lawyer Robert MacKay of Mackay and McLean want's to help you understand the importance
of your credit score.
It’s often the first indicator that you are an identity
theft victim. If you find names you don’t recognize, Social Insurance numbers
that don’t belong to you, or accounts that aren’t yours, you might be a fraud
victim. Credit reporting companies can help you stop the credit fraud and
prevent future misuse of your identity.
Here are 5 reasons to
check your credit score:
- It’s free. Never pass up a freebie, especially
when it can affects your financial health and well-being. Your credit report
plays an important part in your credit transactions and many other financial
relationships. Get your annual credit
- It’s an important step in rebuilding and
maintaining good credit. Reviewing your credit report periodically will help
you make sure it is in good shape when you are ready to apply for new credit
and enable you to monitor your progress if you are recovering from past credit
- It’s an important part of managing your personal
finances. You should review your credit report just like you do your bank
statements and credit card bills. Managing credit, keeping track of spending
and putting aside savings are all essential to being financially successful.
- It’s often the first indicator that you are an
identity theft victim. If you find names you don’t recognize, Social Security
numbers that don’t belong to you, or accounts that aren’t yours, you might be a
fraud victim. Experian and the other national credit reporting companies can
help you stop the credit fraud and prevent future misuse of your identity.
- It’s the first step in correcting any
information you feel is inaccurate. The vast majority of the time people find
everything is accurate. But if you do find something wrong, your personal
credit report comes with instructions for submitting disputes and contact
information including a toll-free telephone number, Internet address and mailing
Make sure your credit
Your credit score is
a reflection of the information in your credit report. Checking your credit
score can give you an indication as to whether your credit report is accurate.
If your credit score is lower than you expect, it could be a sign that your
credit report contains errors that need to be disputed with the credit bureaus.
Add a fraud alert
A fraud alert, or identity verification alert, tells lenders to contact
you and confirm your identity before they approve any applications for credit.
The aim is to prevent any further fraud from happening.
Ask the credit bureaus to put a fraud alert on your credit report if:
- you've been a victim of fraud
- your wallet has been stolen
- you've had a home break-in
You may need to provide identification and a sworn statement to prove
that you've been a victim of fraud.
You can set up a fraud alert for free with Equifax. TransUnion charges
a fee of $5 plus taxes to set up a fraud alert.
A strong credit profile and reasonable debt ratio are equally important if you want the best mortgage rates and terms.
For more questions and help with any legal property issues consult with our Trusted Regina Real Estate Lawyer Robert MacKay