Credit watch Equifax

I suggest many times that I am a big believer in monitoring your credit on an ongoing basis.

Here is a link to Equifax where you can sign up and monitor your credit.  http://www.consumer.equifax.ca/home/en_ca

This monitoring service from Equifax will allow you to monitor each time your credit bureau is pulled by a lender, late payments posted to your bureau, collections posted to your bureau, new trade lines opened, or old trade lines falling off your bureau. Their are countless benefits to this service other than what I just mentioned. Growing credit costs money no matter how you look at it, but having something hit your credit bureau falsely will cost even more money. For instance, a credit card reporting over limit can possibly cost 5% in interest when applying for a car loan in Alberta. This can even cost upwards of 10%. This could be the difference between a good credit car loan in Canada and a bad credit car loan in Canada. Having a collection reported to your credit bureau can affect the credit bureau by many points. This could even be upwards of 50 points. Not knowing of this stuff being reported can add up quickly. Imagine applying for a car loan in Canada and thinking you will get a low rate and instead you get a bad credit car loan or a car loan to rebuild credit. This can happen very easily. This is no fault of the banks that are looking to approve you for a car loan. This is just a case of the lenders applying an interest rate to your situation, based on what they are reading in the credit report. Signing up to Equifax monitoring service will cost a monthly fee, but this is still a lot less than if you were to get a bad credit car loan, or a credit rebuilding car loan. If you currently have a credit card go sign up to this service and be thankful you did.

Heres a link to Serivce Alberta and where to file a complaint for false/wrong credit reporting  http://www.servicealberta.gov.ab.ca/562.cfm

Just my 2 Cents

-M

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