3 Situations Where You Must Check Your Credit ScoresFeb 22nd, 2017
It’s free, helps you save money, and prevents you from theft! More than half of Canadians have never checked their credit score, reports the Bank of Montreal. An equal number of Canadians do not know what would be considered a good credit score! Here are 3 situations where you should check your credit score.
You’re Applying For Car Loans
Don’t assume the worst only because you are behind on a few mortgage payments. This is especially true for people looking for car loans for bad credit. They automatically assume that they’re not eligible for a loan only because of a few financial mistakes. In fact, you can apply for bad credit car loans in Nova Scotia and yet not end up paying high-interest rates. There are several factors that lenders look at besides your credit rating.
You’re Suspecting Identity Theft:
It is entirely possible that someone who knows your Social Security Number could be using it to buy things. If you suspect identity fraud, we suggest you get a credit report done to check for inconsistencies or inaccurate information. Check for unusual inquiries or unfamiliar accounts – your personal data could be used by someone to seek a loan or for other inquiries. Remember, it could take months to fight a fraudulent charge successfully. Don’t wait until your car loan application is rejected for poor credit score when you can be proactive to look for problems.
You’re Co-signing a Loan:
Co-signing a loan is an easy solution for people applying for no or bad credit car loans in Nova Scotia. When they default, it is your responsibility to pay. Therefore, it’s important that you check your credit report regularly. If the person for whom you’ve co-signed makes a late payment or does not pay, this information will reflect on the credit score.