10 Reasons Why You Should Check Your Credit Report | Refresh Financial

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10 Reasons Why You Should Check Your Credit Report

 10 Reasons Why You Should Check Your Credit Report

It's estimated that more than half of Canadians never check their credit score. Many of us still believe the misconception that checking your credit score will negatively impact it. The truth is, checking your credit score is crucial to improving your credit. Here are 10 reasons why you should check your credit report:


Regularly checking your credit report will enable you to catch any suspicious charges or accounts that you don't recognize. Unfortunately, credit fraud exists. You can have your card info stolen when you use an ATM, when you pay at any store, or even when you purchase things online. There are many ways to reduce this possibility, but the best way is to check your credit report often and dispute anything you don't recognize.

2. Identity Theft

- If someone manages to steal your identity to open new credit cards and other accounts, you probably won't notice until these accounts get sent to collections. You can catch it much sooner if you have eyes on your credit report.

3. Errors

- Sometimes honest errors can occur on your credit report, but you'll only catch them early if you make a habit of checking your credit report. A single error can impact your credit report, which is why it's important to contact the creditor or credit bureau as soon as possible to get it fixed.

4. Outdated Information

- It's important to know what information is listed on your credit report so that you can confirm your identity without causing any raised flags. If your address has changed, or maybe your employer or your phone number, you need to be able to confirm that that information is up to date on your credit file.

5. To See Where You Can Improve

- Your credit report will help you pinpoint the areas that need improvement. If you want to start rebuilding your credit, you don't need to shoot in the dark! Let your credit score show you exactly what you need to start working on.

6. To Know When You Should Apply For Credit

- A strong credit score allows you to qualify for better interest rates! A quick glance at your credit report can show you if it makes sense to apply for a new credit product, or if you should take some time to rebuild.

7. It's Free

- As a Canadian, you are entitled to one free credit report from each of the credit bureaus every year. You can also make use of the free credit report service, Credit Karma for credit report monitoring. It's all free if you don't mind the odd advertisement!

8. It Doesn't Hurt Your Credit

- Contrary to what many Canadians believe, checking your credit report will not damage your credit score. Viewing your own credit report is what's called a soft inquiry. Only hard inquiries can have the ability to affect your score.

9. You Know Where You Stand

- It's far better to know than to fear what is unknown. Once you know where you stand in the world of credit, you can make an educated decision on what to do next. For example, if your credit score is poor, you won't waste time trying to apply for any new credit products.

10. It's A Crucial First Step

- Checking your credit score is among the most important steps towards building a better financial future. It shows you what you can start working and it gives you a starting point in the rebuilding process!

Checking your credit report is important for so many reasons. If you've been avoiding it because you're afraid of what you might see, it's time to tear the band-aid off! Get it over with. Once you do, you'll know that you have taken the first step towards a better future. If you're interested in building your credit score, take a look out Refresh Financial's secured savings loans! They're the fastest and most effective method of rebuilding a damaged credit score! Click here for more info.

When was the last time you checked your credit score? Let us know in the comments!

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    I would like to thank Refresh Financial for helping me get out of a bad spot. I never thought it was possible and almost gave up on things and then I saw Refresh Financial and and gave it a try. At first I was unsure of things but to see my credit score now makes me a believer in this program.

    – Aaron A

    “It hasn’t even been a year yet, possibly only 6-7 months, and my TransUnion score has gone up over 100 points. That was only the tip of the iceberg as recently I was able to get a consolidation loan from my bank that allowed me to move forward and make things easier for me. Talk about second chances!”

    – Angelica M

    “I am now in a position where I am able to obtain credit (just bought a brand-new car and refinanced my mortgage for a fantastic rate) and it took little to no time at all. I would 100% recommend Refresh to anyone looking to rebuild credit with as little hassle as possible.”

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    – Chris C

    Refresh helped me regain credit following a nasty divorce, which left me with a very poor rating. They were able to remarkably help me go from a 480 to a 600 score, in just over a year. Thank you Refresh!”

    – Deb K

    I have watched my credit score jump since being with Refresh and I have already recommended it to friends and family. Thank you for helping me build my credit faster for my future and my children’s future :)”

    – Heather T

    At first I was skeptical because I wasn’t getting funds upfront and had to make payments when I really needed the money. I’ve been in the program a year now and have noticed my credit has improved drastically!”

    – Irene L

    I have been a client of Refresh Financial for approximately 3 years. Since being a client they have improved my credit immensely. Definitely recommend this company to anybody that needs help re-establishing credit.”

    – Jason I

    “I recommend this program to anyone having credit issues. At the end of the agreement, your money is refunded to you. There were times I found myself short on cash and Refresh, with permission, used a portion of my money to clear up my arrears.”

    – Margaret L

    “I would like to thank Refresh Financial for their professionalism, great customer service and for helping get back to a better financial situation. I have always been treated with the utmost respect.”

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    Refresh Financial is an amazing program to help people get back on their feet. I was rock bottom with nowhere to turn. My credit was beyond poor. I would recommend them to anyone. If I can do it surely anyone else can.”

    – Matthew S

    “Great company to deal with for rebuilding credit, very simple process to get started. Good service if you ever have questions.”

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    This business truly cares about its clients. The customer service is always quick to return calls or emails. Their online portal functions very well so as a customer you are always updated as you progress with your loan.

    – Phil J

    “Refresh Financial has made us more aware of how to take care of our financial situation and be more responsible, and making payments on time is rewarding in the end for credit. Thank You sincerely.”

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    “Refresh financial is great!!! They boosted my credit score, helped me save money and helped my husband and I buy our house;) I was not only a number to them, they stayed in touch and helped me out along the way. Answered all my questions and concerns.”

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    “Refresh Financial had been exceptionally good to me! I’ve just been out on medical leave and they have accommodated me with my payments without hesitation!! I was in a really bad spot with my credit and they have helped me to try and correct it!! Bravo!”

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    This company has been nothing but fantastic. They have gone above and beyond to help me. This program has given me the relief and peace of mind I need. I would certainly go back to them and give them names of people who could use this.”

    – Shirley K

    The financial services products are excellent for new immigrants, low-income earners and small business owners. Loans, savings and credit building all in one solution is a perfect fit to help with financial goals and stability.”

    – Soraya H

    “After successfully going through a credit rebuilding loan, I was able to use my built-up equity to purchase a newer vehicle and I have since been approved through a financial institution for a loan.”

    – Tanya W

    “I made some poor credit choices when I turned 18 and have always had this lingering thought of how am I ever going to better my score. Since being with Refresh I have realized that I took the right step towards bettering my future.”

    – Taylor B

    “Thank you Refresh, and my relationship manager for giving me the tools for a better score with a secured card and two credit builder loans. I feel absolutely confident I’m on a better path to financial success. I am happy to be a long term client.”

    – Trevor P

    I’m so excited I’ve joined refresh! I’ve already seen a huge increase on my credit after the first month! The staff are a delight and make this so easy to understand. I strongly recommend Refresh Financial even if you have good credit this will give you a boost and you’re saving money with the reverse loan!”

    – Wayne B