5 things to watch out for in your credit report

In the financial world, a credit report is like the Holy Grail for any person. A lot of weight is given to what your credit report says. It is important in helping you get a credit card, a loan and even your employer will take a look at it. It speaks volumes about your financial health.

Hence, you should take a look at it at least every six months or once a year. While you are going through it, it is important that you look out for these details:

1. Amount of Debt

Assess the amount of debt you owe. Go over your own bills and accounts and verify that the amount is correct. It is important that you do this because a credit report is not perfect and there can be an instance of a wrong entry. Make certain that any debt you paid off is noted.

2. Who do you Owe?

If you are using many credit cards and have taken a number of loans, it helps if you know which debt goes to whom.

3. Check your Payments

One of the best ways to help keep up with your debt is to make the monthly payments consistently. Go through your payment sections and verify that you have been able to make all the monthly payments for your debt regularly. Also, check that you haven’t missed out on any debt.

4. Go over your Own Details

Go over the details that identify who you are. Check the name, address and other details carefully. Confirm that yourname is spelled right, employment information, home address and other details are correct.

5. Credit Score

A credit score is the litmus test of whether your debt situation is great, fine or bad. A credit score above 700 is great, 600 is average and anything below 500 does not bode well for you. A credit score is the over-all rating for your credit report and often, it is a deciding factor for a lender agency to give you loan.

What can you do if you find incorrect data?

If you find that incorrect data is listed in the credit report, you need to act immediately. Contact both of the credit bureaus that have compiled the report and the creditor involved.

This could have happened for two reasons:

– Your lender agency sent the wrong information to the credit bureau

– You are a victim of fraud

Incorrect data will negatively affect your credit score and that is not a good thing.

Take Action if you don’t have a good credit score

Once you find out that your credit score is not good, don’t just sit on it, do something about it. Review your debt and the payments you are making. You need to step up the payments you are making every month. It is best to get in touch with a debt consultant who has the experience to offer you the best advice depending on your financial situation.


Debt is everyone’s nightmare, but it can be especially tough if you’re limited by low income. Between student loans, car payments, mortgages and now with…


Talking about money with our friends, family or even partners can be terrifying! Terms such as wealth, interests and taxes can scare even the most…


If you spend the time daydreaming about having more money because your paycheck is not enough, probably “lack of money” is not your only issue….


You might have heard the term “credit score” through movies, tv programs and more importantly through your bank account. But, what is a credit score?…


Sharing the rest of your life with your loved one is a rewarding and beautiful experience, both of you are eager to start a future…


It has never been easier to have access to credit, especially in a country like Canada. Even if that accessibility is linked to many benefits,…