Importance of Maintaining Good Credit
What is A Credit Report?
Credit Report is a collection of your recent credit history. Whenever you access any form of credit like a loan, a credit card, a line of credit, etc., your credit grantor (bank, credit card company, or anyone else that gives you credit) reports that information to a Credit Reporting Agency, also called Credit Bureau. The Credit Bureau maintains information about your payment history from organizations that report to the bureau, your balances on these accounts, and your requests for new credit. At the time you need new credit, your creditors will check your credit history. If your credit history is poor, you may be denied any credit that you may urgently require, or in the case where your application is accepted, you may be charged a higher interest rate.
Credit Bureaus
Equifax and TransUnion are two major credit bureaus in Canada that have information on your credit scores. You can check your credit rating with these bureaus and see your credit history.
Restoring your Good Credit
As one of the leading debt management and credit counselling organization, DebtManagers can help you restore your good credit rating. Through our professional debt management program and debt consolidation advice, we can help you improve your credit report considerably.
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