A good credit rating can help you in many ways. In the field of the pandemic, we have learned how contingent our time and that we must be prepared for this possibility.
A good credit file allows you to borrow money from a relatively lower interest rate, whether for a personal loan or a mortgage. This also improves the chances that you get better credit treatments. However, some current errors may disembark your credit score and be disastrous for your credit file.
Negligence credit report
Do not pay enough attention to credit reports can be particularly harmful because there may be errors and errors, whether minors or major. Minor errors can be neglected to some extent, but it is never a good idea to do so.
Minor errors include incorrect personal information or poorly spelled addresses or names. Major errors are disastrous because they can potentially reduce your solvency. Major errors may include an incorrect payment history or accounts in your credit report that does not belong to you.
It is probably a good idea to check your credit report at least once a year to check if there are errors.
When you revise them, you must pay attention to whether your credit reports have account numbers that do not belong to you or that it is bad.
If you have already challenged false information in your credit reports and no noticeable measure has been taken, you can bring a complaint against the accused organization.
There was many cases In which many Canadians without debt have been billed wrongly, and it becomes their debt.
If this is your case, you should consult a lawyer about your possible options.
Fleeing
We have heard a lot of amateurs talk about how you have no credit means you don’t have to pay debts. It can look great on paper, but in real life, it creates a lot of problems. It is extremely difficult to buy a house or a car on the go, and having no credit history means that you do not have a good credit rating.
This can take months, if not years and decades, to save for such important purchases.
In Canada, even the rental of an apartment becomes difficult without a credit history And save because most owners request a copy of your credit report.
Slide
It is very common for people to forget to make a payment or make a late payment for financial reasons. However, your intention does not change the damage made to your credit.
You must make sure to pay at least the minimum payment every month.
Given that payments history is the greatest fact when formulating the credit rating, late payments, would even be once once, can seriously affect your credit rating.
Credit history represents approximately 35% of your credit classification.
There have been many cases in Canada where a debt covering agency threatens to continue someone because of their pending debts.
If this is your case, you must contact a business law closed as soon as possible because. They can guide you and provide you with the necessary information on the laws concerning debts.
Conclusion
A way you can avoid making these mistakes is to configure reminders on your calendar to make sure you ask for your credit reports, check them and pay your contributions on time each month.
If you pay invoices from a card, it is possible to avoid making late payments if you make automatic invoice payments.
It is extremely important to keep a good credit rating, especially more than ever, because it keeps you prepared for the worst and the best.
In case of personal financial needs or to take a mortgage, to have a good credit rating still works in your favor.
Thank you for reading, let me know your thoughts and comments below.
