Feb 4, 2017
Pattie's financial tip of the day: Review your credit report regularly
RateHub.ca is encouraging, in a tongue in cheek way, for Canadians to ask their partners, "What's Your Number?"
They are highlighting the importance of knowing both partners credit scores and how that number can impact the financial success of a couple. Your credit score will help to determine if you qualify for a mortgage, loan, credit card even certain types of insurance. Seventy-three per cent of Canadians, according to a RateHub's Digital Money Trend Report, believe their credit score is "very good" or "excellent," yet only 42 per cent of Canadians say they know their score.
You need to know your numbers and check your score at least once a year. Errors happen all the time. Our son has an excellent credit rating, but unfortunately, an error was made on his account for another individual with the same name. The individual he was mistaken for had a past record of delinquencies on his credit card payments. Mistakes happen. Also pay attention to the accounts you didn't know were open, missed bill or late payments. Combined, your payment history and amounts owed make up 65 per cent of your scored.
CTV's Chief Financial Commentator Pattie Lovett-Reid offers a financial tip of the day during the month of February for Your Money Month.
