Checking credit reports regularly protects your financial health, helps you spot problems early, and keeps you prepared for major borrowing decisions. It does not hurt your score when you check it yourself, and it gives you the same view many lenders use.
Catch errors and fraud early
- Credit reports sometimes contain mistakes, such as wrong balances, late payments that were actually on time, or accounts that don’t belong to you. Finding these early lets you dispute them before they drag down your score or cost you better loan terms.
- Regular checks help you spot signs of identity theft like unfamiliar accounts, addresses, or hard inquiries, so you can act quickly with alerts, fraud flags, or freezes.
Understand what lenders see
- Lenders and landlords use your credit report and score to decide whether to approve you and what interest rate or deposit to charge. Reviewing your report shows you exactly what they will see, so there are no surprises when you apply.
- Before big moves like a mortgage, car loan, or new rental, checking ensures everything is accurate and gives you time to fix issues that could cost you money.
Maintain and improve your score
- Your credit score is calculated from the data in your report, including payment history, utilization, length of credit, and negative marks. Monitoring lets you see which factors are hurting you and adjust—like paying down balances or correcting outdated negatives.
- Ongoing monitoring is especially useful if you’re rebuilding credit or have had prior issues; it helps you verify that on‑time payments are being reported correctly and that old negatives fall off when they should.
How often to check
- Many experts recommend at least once a year, and more often if you’re planning a big purchase or have been exposed to a data breach or fraud risk. Some services now let you access your reports or summaries weekly or monthly at no cost, making routine monitoring much easier.
How to check the score for free?
We have 2 credit monitoring agencies here in Canada. Equifax & Transunion.
Equifax: https://www.equifax.ca/personal
Transunion: https://secure-ocs.transunion.ca/secureocs/home.html?lang=en
Important note: While registering in Transunion, it will ask to subscribe by paying 39$. Please DO NOT fall for that. Use the above link to access.