How your Credit Score is Calculated

How your Credit Score can be improved

Part 3

Now that you understand how your credit score is calculated, and ways to improve it, you want to ensure your credit stays intact.

It is important to review your credit report once per year, consider this general housekeeping.

Start by requesting your credit report and review it for inaccuracies. If you find any errors dispute them, and have it rectified.

Checking your credit report will not affect your credit score as it is considered a "soft hit". You may find a credit card listed as delinquent, when in fact you paid off the balance and closed the account. You may even find a bill listed that isn’t yours.

Both Equifax and TransUnion will allow you one free credit check per year (by mail). If you do it strategically (alternating every six months) you will be able to detect issues sooner.

Equifax Credit File Disclosure (credit report)

You can order your report two ways;

1) Order by Phone 1.800.465.7166 (may be a cost).

2) Request the report using their form (free).

Two pieces of ID are required and your report will be mailed to you.

https://assets.equifax.com/legacy/ecm/canada/EFXCreditReportRequestForm.pdf

TransUnion Consumer Disclosure (credit report)

You can order your report two ways;

1) Order by Phone 1.800.663.9980 (may be a cost).

2) Request the report using their form (free).

Two pieces of ID are required and your report will be mailed to you.

https://www.transunion.ca/resources/transunion-ca/doc/personal/Consumer_Disclosure_Request_Form_en.pdf

If you need help re-establishing your credit, contact Credit Canada for a free and confidential session and move forward with your financial goals. 1-800-267-2272 https://www.creditcanada.com/contact-us