20 September 2016 9:50 am / Road Trip Drivers Buy a Car Finance a Car

Why You Need to do a Quarterly Credit Check

Checking in with your credit is about as fun as getting your teeth pulled. Unless that’s something you actually don’t mind doing, in which case, you’re the hero we don’t deserve.

If on the other hand, you haven’t checked your credit in a while, it’s high time you plunk yourself down in a chair and do your research. But if your goal is to get debt free and fix your current financial situation, it’s something that has to get done. Not only is this information vital for trying to keep track of your finances and keep your credit in check, but it’s especially important if you’re trying to repair your credit. Because knowing exactly where you stand in your credit will give you the power to make significant choices for a healthy financial standing.

So take our hand – it’s going to be okay. We’ll be your Sherpa through this entire journey.

The first thing you need to do before you panic and freak yourself out into a blanket fort for the remainder of the day is: you need to obtain a copy of your credit report.

To get your free credit report, you’ll need to contact one or both of the Canadian Credit Bureaus – TransUnion (1-866-525-0262) and Equifax (1-800-465-7166). You can request your free credit report by mail which will detail all of your current credit information and any inquiries you made into your account.

Keep in mind, though – there’s a difference between a credit report and a credit score. While your credit report is free, your score is not. However, you won’t get a credit score unless you pay for a full credit report online, which tells you how attractive you are to a potential lender.

Requesting a personal Quarterly Credit update through the Equifax Credit Online Watch option will help you keep a close track of your credit score and history, which give you an insight into managing your finances and helps paint a budgeting picture for that new car.

When you receive a full credit report, you’ll also see your full credit score, which is a number ranging from 300-900. This number reflects the potential risk you may present as a credit borrower. The higher your score, the healthier your credit, which means you’re a low-risk candidate for a loan to a creditor.

Knowing where you stand with your credit is crucial for a healthy financial future. Whether you're rebuilding or just starting out with building your credit, a quarterly report check will help give you insight into your finances and an understanding of your spending habits.

If you’re looking into your credit history for the purpose of securing auto financing for a new car, don’t be disheartened by any negative scores or dents in your report. At BC Drive, we work with all credit standings – we believe your past shouldn’t define your present. Let us do the work so you can get back on the road.


Get approved today.

Join thousands of Canadians who have trusted BC Drive.