Thursday, December 13, 2012

Quick Tips on Managing Credit

Here are some tips on managing your credit. This is important because, whether you are selling, buying or even renting, credit is an important part of your life. 

  • Check your credit files at least every one to two years to ensure the information is correct. Send a written request to one or both of the two major credit bureaus in Canada: Equifax Canada Inc. or TransUnion Canada Inc.
  • If you question an item on the file, the credit bureau will investigate on your behalf.
  • If an error is found, the credit bureau must correct it. The consumer should present official receipts to the bureau when updating balances.
  • The credit bureau will send copies of the updated file to credit grantors upon request.
  • The credit bureau itself does not refuse loan applications. Financial institutions (i.e. banks and other credit grantors) follow their own systems for deciding whether or not to grant credit.
  • If credit is refused, the consumer is directed to a credit bureau to review the information that contributed to the decision.
Jagdeep Singh, B. Arch.
Real Estate Broker
Direct Tel: 647-287-4644
Direct Fax: 866-450-9199

Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™
This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This message is not intended to solicit parties currently under contract.