Why Should I Be Monitoring My Credit Score? | Refresh Financial

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Why Should I Be Monitoring My Credit Score?

 

When was the last time you checked your credit score? If the answer is more than a year, then we strongly recommend that you do today.

There are some many ways your credit score can impact your life. When you make big decisions like getting a mortgage or getting hired at a new job, your credit score can be the difference between you getting a good or bad interest rate or getting hired (that’s right - employers can check your credit score!)

Read: 10 Ways Bad Credit Can Get in the Way of Your Life.

Today we are going to explain why every Canadian should monitor their credit on a regular basis.

Protecting Yourself Against Fraud & Identity Theft

Here’s a scenario. You’ve been laser focused on paying your bills every month and taking all the necessary steps to build your credit score. You’ve been on the right track for years now and you decide it’s time to check your credit score to see how much progress you’ve made - and “oh no!”

Your credit score hasn’t only not improved, but it’s dropped significantly since last you checked. That can’t be correct! Upon further review, you notice a statement on for an unknown credit card on your account with several missed payments.

You find that you are one of the thousands of Canadians that have lost over $10 million dollars from identity fraud each year. What do you do now? If you find this to be your current situation, we’ve written in the past about what to do when there are errors or instances of fraud on your credit report. Read “How to Dispute Errors On Your Credit Report”.

If you’ve recently been the victim of fraud or are you have cause for concern that you might be a target, credit monitoring services can give you comfort and peace of mind. The moment there is a significant change in your credit report, you are notified as soon as possible. Note that this is not a great way to prevent any fraud, but a great way to respond as soon as possible if you are a victim.

Staying On Top of Your Credit Rebuilding Efforts

When you’re attempting to establish or rebuild your credit, monitoring your credit score regularly is a great way to measure how effective your efforts have been. The satisfaction of watching your credit score going from fair, to good, to very good, is truly amazing. You owe it to your future financial self to fix any problems that are negatively affecting your score. Stay on track, stay motivated, and keep building that credit score.

Related article - Is your hard work not paying off? You’re making all of your regular payments but your credit score is at a standstill? Read our blog “Why Is My Credit Score Not Increasing?”

How and Where Can I Monitor My Score for Free?

Historically, it would cost a heavy fee for credit monitoring services. Many Canadians still think they have to pay a fee to check their score, but they could always check their score once a year for free. There are newer services that even let you check your report every month.

Related article - Despite what many Canadians think, checking your own credit doesn’t negatively affect your credit. See some other common misconceptions in our post “7 Credit Myths & Why They’re Wrong”.

Today, sites like Credit Karma get you your free credit report from TransUnion updated monthly. Checking your score on this service takes as little as two minutes. This monthly service is free in exchange for them sending you offers and promotional products like new credit cards or financial services. Sites like Borrowell.com provide a similar service, the main difference being that they provide an Equifax report.

The Royal Bank of Canada (RBC) also allows you to check your TransUnion credit score for free on their online banking service.\

We are Refresh Financial also provide Canadians with free copies of their credit report. Click here to see your own!

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Refresh financial offers custom credit building solutions to help you build your credit score FAST.

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    What Canadians are saying about Refresh

    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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    “I had not heard of a company doing such a thing before someone suggested it to me and it made sense. I am not very good at saving money and Refresh Financial helped me. I have dealt with them for years now and never had a problem. The customer service is excellent and fast.”

    – 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.”

    – Martine B

    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.”

    – Mike L

    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.”

    – Rocky M.

    “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!”

    – Shannon B

    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

    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