Credit Reporting with the CUA Expert
Myra Lucia is part of the CUA leadership team. You can find her most weekdays in North end Halifax where she manages the CUA’s Civic Branch. The good news for Money Path is that Myra’s side hustle is teaching financial literacy programs!
The CUA Meets Money Path Atlantic at the Credit Reporting Trailhead
This month Myra helped Money Path deliver our Credit Reporting Trailhead. Eleven up and coming financial literacy champions from Pugwash, Sackville, Glace Bay, Inverness, New Glasgow and Sydney joined Myra for our session. Myra talked about credit reports and how to read them, and how credit bureaus calculate your credit score. This is important to know since banks use credit scores to make a decision on a loan request. Landlords can also use your credit score to decide if you are the right tenant.
We love Myra’s expertise and easy facilitation style. We also loved Myra’s tips for accessing credit reports and how to check the information on your report to be sure it is accurate. This is so your credit score is correct and it’s also a tool to make sure there isn’t suspicious activity on your credit card!
Since Myra is amazing, and March is all about frauds and scams, we wanted to share the highlights of Myra’s Credit Reporting session which includes how to get a copy of your credit report for free.
What is a credit report?
Myra says credit reports are like your money management report card. Two agencies in Canada create the reports: Equifax and TransUnion. Banks review our credit reports when we apply for a loan and landlords can also request them as part of a rental application. The information in the report, including a credit score, helps banks and landlords understand how likely you are to pay back a loan or to pay your rent on time.
What does my score mean?
The credit score included in each report usually ranges from 300 to 850. Like a report card, the higher the score, the better. Higher credit scores increase the likelihood that your loan or mortgage application will be approved and that the interest rate on your loan will be lower.
How can I increase my credit score?
Paying monthly bills on time, like credit cards and cell phone bills are easy ways to boost your credit score. Other tips from Myra include paying off debt as soon as you can, trying not to use more than 75 per cent of your credit limit and not applying for credit unless you need it.
Another tip is for those of you who might forget to make payments on time: Set up an automatic monthly payment through your bank.
How can I get a free copy of my credit report?
You can request a free copy of your Equifax credit report and a free copy of your TransUnion credit report using the two links below.
Request free Equifax Credit Report
Request free TransUnion Credit Report
If you’re applying for a loan, you can also ask your banker to review your credit report with you since it’s a component of a loan application. Thanks for the awesome tip, Myra!
What information should I review on my report?
Your credit report has five sections. To start, check section one which is your personal information. For example, make sure the address on the report is your current address.
Pay attention to section three which lists the times you or others have checked your credit and section four which lists your credit history. Check for uninvited inquiries. If you do find a mistake, call the credit agency and if necessary, follow up with the required documentation.
If you still have questions or what to know more you can reach out and we will see how we can help you out! View our contact information here.
Special thanks to Myra Lucia who is the Branch Manager for the CUA’s Civic Branch located at 6070 Lady Hammond Road in Halifax Nova Scotia. We are honored to be able to collaborate with you and to share your knowledge with all the amazing Money Path trailblazers.
