Monday, April 10, 2006

Understanding Your Credit Report

If you have been turned down for a loan or for a mortgage loan based on your Credit Report, don't continue to apply elsewhere. You need to know the reasons why and unfortunatley most of the time lenders will not advise you of any errors on your report or how to fix it. Each time you apply for credit, it lowers your beacon score. (Credit Score). Your Beacon Score is a significant factor in calculating your ability to repay, rates and terms for your loan. With a low Beacon Score you should expect to pay higher interest and the lenders may look at is as though you are too much of a risk and will not be able to repay your loan.

The best way to save time is to find out what is stopping you from getting approved and if there are some problems, how to fix them.

You can get your credit report from one of the following two credit bureaus in Canada
Equifax or Tranunion

You can pay for a copy of your credit report and see it immediately at the Equifax web site or you can fill out an application and get a copy mailed to you for FREE.

You can visit Equifax to view your Credit Report online now or
Request a FREE copy of your Equifax Credit Report here

After you have obtained a copy you can refer to the Credit Report Guide, this will explain how to read your Report.

If you have any questions please feel free to contact me and I would be happy to explain it to you.

Rachelle Czartorynskyj
Mortgage and Finance Specialist

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