FINANCE : YOUR CREDIT HISTORY

What if you've already started your credit history without knowing it. When was the last time you looked at your credit history? This is essential to qualify for any financing or credit application.

What is the purpose of a credit history?

Basically, the credit history is a list of all your credit-related actions. It is your financial profile and it is part of what will be evaluated when you apply for a credit card, a car loan (lease or purchase), a personal loan, a student loan or a mortgage. It mentions the number of times you have applied for or used credit in your past. In this list are detailed, for each account you have opened, the following information:

● The date you opened your account

● The current balance of your account

● The payments you have made on time

● The payments you made late or missed

● Whether your account is still working or has been completely closed

● In the event that you have filed for bankruptcy

● Sometimes even cell phone and internet companies can inform the credit agencies of your payment history. This information is also a history to your credit history.

Every credit move made on your account can be traced in this history by the credit agencies.

The credit history gives a good overview of your complete credit bureau. It shows your ability to repay your debts and defines your eligibility for any loan.

If you want to have a good credit rating, you must prioritize the following: have payment stability, do not abuse credit applications and active credit, and stay on top of what's on your credit bureau. This does not mean leaving out information or even putting in false information.

What you need for your credit history

Obviously, your personal information should be included. Your name, date of birth, address, telephone number, employment information (position and employer, seniority, location) and social insurance number. The credit report compiled by the credit bureaus will complete your credit report.

All the information on your credit report will then be used to calculate your credit scores. If you have a very good score, between 800 and 900, you will easily qualify for financing or credit with a better interest rate.

No mistakes will be allowed.

If there are any errors in your history, they will immediately lower your credit score. It also makes you look like a bad payer, less creditworthy. This can lead to the outright refusal of your application for financing or credit. And even if your application is granted, you will be charged a higher interest rate.

If you value your image, be frank and vigilant.

The right things to do

● It's a good idea to periodically check your credit bureau thoroughly to make sure that its contents are accurate and that no errors or omissions have been made.

● Also periodically check your credit history to prevent ill-intentioned people from trying to steal your identity, look up inquiries and payment history to determine this. If you do not recognize an inquiry in your credit bureau, it is important to investigate and take the necessary steps. Set up an alert on your credit report if the credit inquiry is not authorized. Once the alert is set up, you can file a formal dispute if there is an error.

● If you want to maintain a good credit bureau, only open accounts that are useful to you. Pay your payments on time and don't forget to check your credit report with the various credit bureaus, such as TransUnion or Equifax, to make sure there are no errors or fraud.

You now know that all of your credit information is your credit history and is part of your credit bureau. Keep your score healthy to make it easier for you to access credit.