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Check of your credit history avoids hassles later

Edmonton Journal
Thursday, April 11, 2002
Page: G4
Section: Living
Byline: Inez Dyer
Column: Personal Fortune

Remember that bank overdraft you "forgot" to repay or the credit card bill that accidentally slipped your mind a few years back? 

Here it is, 2002, you have a great job and you've set your sights on buying a shiny new sports car with all the bells and whistles.

 You go into your bank, fully expecting to take out a loan to buy the car of your dreams and are devastated to find you have a bad credit rating and no one will take a chance and lend you the money. 

If this sounds familiar, you're certainly not alone. No past indiscretions come back to haunt people as much as their financial ones. 

A bad credit rating, if not diligently worked off, will make it next to impossible for you to do the ordinary things that most people take for granted -- buy a home, get a new car, apply for a credit card or even obtain a small overdraft limit. 

Of course, the best way to avoid all this hassle and upset, is to play strictly by your bank's rules from the beginning and ensure you always let them know if you may be facing a financial crunch. Otherwise you really have no one to blame but yourself. 

If you have no idea what your credit history looks like, it's easy to obtain a free copy of this report; in fact I strongly recommend you do. 

Many people have discovered errors in their report and have successfully had derogatory matters removed.

(Editor’s note: Visit the Web site: CanadianCreditCenter.com/Credit-Report.htm. Obtain your credit report online or by completing the free form available from either of Canada’s credit bureaus.) 

The credit report will show all financial inquiries made on your behalf in the past years, plus each financial institution where you deal will rate you based on how you've handled your accounts with them. (R1 is the best rating). 

Review the information carefully and if something looks inaccurate or needs updating don't hesitate to complete the Consumer Update form which is enclosed and return it to Equifax to make the appropriate changes on your behalf. 

Mistakes can and do happen due to the sheer volume of financial information constantly being relayed to this service. 

Few things in life are quite as important as maintaining a good credit rating. Without access to credit you pretty well cut yourself off from most of the creature comforts people enjoy. 

As anyone knows, buying a home or new car without financial assistance is virtually impossible. So carefully consider the consequences before you walk away from a student loan, overdraft, credit card bill or car payment. 

If you do, you run the certain risk of casting a long, dark shadow over your entire credit future or, worse, having a portion of your salary taken to satisfy old outstanding debts.

Inez Dyer has 20 years' experience in the financial field. Contact her with any questions or comments at:

 email:personalfortune@powersurfr.com

 
Idnumber: 200204110021
Edition: FinalStory 
Type: Column
Length: 491 words

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