Boost Your Credit Score with These Insider Tips (Part 1 of 3)

This time we're looking at why you need to regularly review your credit reports and credit scores. Your credit reports hold the key to your financial well-being. Regularly checking them is crucial to maintaining healthy credit.

But why is this so important? Because it's your financial identity; it's what businesses, banks and other lenders look at to determine what kind of a credit risk you might be. A solid credit report score determines the loans you qualify for, your interest rates, and even your job opportunities.

Ignorance Isn’t Bliss When It Comes to Credit

Understanding your credit scores (and being able to efficiently read and understand your credit reports) can unlock opportunities for you. Deciphering your credit report information can also protect you from potential fraud and give you some peace of mind. (In our next post we're going to delve into how to effectively read your credit reports and understand them. So, make sure you come back to our site in a few days to view that one).

Of course, before we can learn how to read our credit reports we need to know how to go about obtaining them. Luckily with the web so much a part of our lives now, and mobile phone apps available to download, this is no longer a hassle. It used to be quite frustrating to download a copy of a credit report, and somewhat costly, too. No longer.

The old way was to use a credit card to order your reports from the two credit reporting agencies in Canada, TransUnion, and Equifax. By using a credit card, you could receive a copy of your credit report immediately through their websites.

Instead, how about free access?

The Web Streamlines Access to Credit Scores

I recommend you download the Borrowell Equifax app and the Credit Karma TransUnion app for free from either the Google Play Store on your Android phone or the Apple App Store on your iPhone. Both apps work well and will give you quick access to your reports.

Borrowell even gives you access to some additional powerful tools, including their Rent Advantage tool (which allows you to register your monthly rent payments to help build your credit score by paying $8 per month) and their Credit Builder (in conjunction with the National Bank) which helps build up your credit score for $10 per month. Both are affordable solutions that do work.

You can also order your reports via the mail by writing to the two credit agencies once per year to request free copies. Their addresses are on their websites, as well as forms to download and fill out. Just send them in and in a few weeks, you should have copies of your credit reports by return mail.

Many banks now also offer free credit reporting tools baked right into their web apps. It's likely your bank already does this. Bottom line? There's really no excuse not to look at your reports.

Whichever way you find most convenient for you is the way to go - the goal is to obtain copies of both of your credit reports regularly and review them carefully.

So, stay informed, stay empowered, and constantly review your credit score and reports to ensure everything is correct. Your future is in your hands!