Announcing The Winner of Our Financial Literacy Scholarship (Spring 2022)
We are awarding $750 to a student every semester. All you have to do is show us how financial literacy has made a difference in your life.
Credit reporting agencies, we know who they are (in Canada there are two, Equifax and TransUnion) and we know that they’re the keepers of our ever important credit information. But, more often than not, our knowledge of these agencies ends there. So that you’re as informed as possible about your credit, let’s take a look at how credit reporting agencies work, why they’re so important and finally how you can use their services to better your financial life.
A credit reporting agency is a company that compiles information about how individuals handle their credit and debt, make payments and, pay off their loans. Credit companies, lenders, and banks provide credit reporting agencies with this information and then the agencies create a credit report for each individual.
A credit reporting agency will then provide this credit report to either the individual it belongs to, or to a credit or loan provider. Credit reports serve as a risk management tool to help determine an individual’s creditworthiness.
Credit reporting agencies are businesses and therefore charge both consumers and credit and loan providers for use of their services. Credit reporting agencies are not government run but are regulated by federal and provincial law.
Here’s a breakdown of how credit reporting agencies collect and then report your personal credit information.
Simply put, credit reporting agencies collect credit information about consumers from lenders and creditors, create a report, and then provide that information back to those same lenders and creditors to help them determine who they can grant new credit to.
As we discussed above, credit reporting agencies provide consumers, lenders, and creditors with credit reports, a file that contains information concerning an individual’s credit habits and history. Aside from this, they also offer other credit information tools and services.
It’s safe to say that the majority of your financial life revolves around your credit history and credit score. Credit reporting agencies can provide you with the information you need to keep your finances on track, build your credit score and even recover from past financial mistakes.
Credit reports, credit scores, and credit monitoring services are all provided by credit reporting agencies. If you’re looking to build your credit, these are the products you need to do so. They can help you find errors and figure out what areas of your credit life need to be improved.
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Whether you have good credit or poor credit, building financial awareness is the best way to save. Find tips, guides and tools to make better financial decisions.
We are awarding $750 to a student every semester. All you have to do is show us how financial literacy has made a difference in your life.
Almost $500 in commission-free trades. Code “50TRADESFREE”. Conditions apply.
Borrow $500-$50,000 from Fairstone by May 31 and don’t pay until July.
Build credit while spending money with the Refresh Financial VISA card.
With KOHO’s prepaid card you can build a better credit score for just $7/month.
Check out our interview with addy; a platform that allows Canadians to invest in different properties across Canada with as little as $1.
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