There are a few simple ways to keep a solid credit rating:
- First, pay your bills promptly and always meet payment due dates. Never let a bill go to collections.
- Borrow only the amount you can afford to repay. Try to keep the amount borrowed to 30% of the total limit amount available.
- Draw up a budget to control your spending.
- If you have debts, pay them off as scheduled or even ahead of schedule.
- And finally, review your credit file regularly to stay informed about the details in your credit file.
- Do NOT cancel a credit facility (card) unless absolutely necessary. ALL the past credit history will be erased in calculating your credit rating.
Credit Bureau (FICO Score) components
For those of you that wonder “How do they come up with a credit number?”
- 35% Payment History
- 30% Amount of Utilization
- 15% Length of Credit History
- 10% Type of Credit
- 10% Inquiries
How to get a copy of your personal EQUIFAX credit report:
- Go to the Consumer Information Centre to get general information.
- Go to the Purchase Your Credit Report On-Line to get a copy of your credit report.
- Phone 514-493-2314 or 1-800-465-7166 to request a copy of your report and further information
- Mail a written request with copies of two pieces of identification to:
Equifax Canada Inc.
Consumer Relations Department
Box 190 Jean Talon Station