Tips for Safeguarding Your Credit
Stay Informed–Carefully read all credit contracts that you sign, as they are not all created equally. For example, some lenders classify payment as ‘late’ the day after it is due, while others allow a grace period of up to 30 days.
Check Your Credit Report–You can contact Equifax and request a copy of your Credit Report by calling 1-800-465-7166 or by visiting equifax.ca. It is your responsibility to ensure that your Credit Report is accurate.
Stay Informed–Carefully read all credit contracts that you sign, as they are not all created equally. For example, some lenders classify payment as ‘late’ the day after it is due, while others allow a grace period of up to 30 days.Set Up Automatic Payments–Set up automatic payments through your bank to ensure you do not lose track and accidentally miss a payment. It will be one less thing on your ‘to do’ list.
Pay Down Debt–Your credit balances should not exceed 70-80% of your available limits. If you are using more than that, it is a warning sign to lenders that you are relying too heavily on your credit to meet your financial obligations. Pay down your debts, and if possible pay for more items up front.
Be Careful Authorizing Credit Inquiries–Most people think that it’s alright to shop around for the best mortgage rate or to fill out a lot of credit card applications for free incentives like T-shirts, etc. By doing this, your Beacon Score can be lowered due to the number of inquiries into your credit history.