Why it is Worth Paying for Online Access to your Credit Report

Filed in Credit Reports by on March 6, 2013 2 Comments

Are you interested in seeing your credit report? Your credit report is an important set of information that lenders check to see if you are worth doing business with. There are many ways to get your credit report online. However, it is very important that you obtain your report from Canadian Credit Bureau and not just any online business. Credit reports are important because a lender wants to make sure that you have a good credit history before giving you money or allowing you to purchase something form them that is of sіgnificant value. They want to ensure that you can pay off the item and your credit history shows them what bills you have paid for.

Free and Paid Credit Reports

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There are both free and paid for credit reports that you can get. The free report can take some time to get and in most cases you can’t access this report online. If you pay a small fee for the report you’ll gain instant access to your report with the most currently information and score. This will allow you to keep up-to-date on your report which makes it easier to see how your credit is doing. Most credit reports come by fax or mail and by the time you get the report it will have probably changed because you would have been paying for bills and making purchases while waiting for the report to arrive. The main advantage of paying for the fee is that you’ll be able to see your report right away.

If you need to make a big purchase you might want to see your credit report to see if you have any problems with your credit. Paying for the report will allow you to easily access your report online when you need to see the information the most.

Another reason to use online reports is it gives you a quick look at your credit and this can be vital if you think you have been a victim of identity theft. It can also show authorities what cards of yours have been used and what the thief has done with your credit. This will ensure that your credit is 100% accurate and you can pinpoint potential problems such as theft.

Look at your credit before those big purchases so you can see where your problem areas in regards to your credit are or if your credit is in fact satisfactory.

Why Access A Credit Report?

The credit report allows you to see if you have missed payments or been late on any payments. It is recommend that Canadians check their credit reports annually. It will show how late you were on those payments.  Other information in the report includes:

  • Current and last address
  • Social security or other ID number
  • Credit card accounts and balances
  • Past credit card balances

Credit card accounts are often referred to as “revolving credit” this is the case even if they have been canceled or closed.

Comprehensive look at Your Credit

The report also looks at payments, mortgages, and loans of any type that you have now or have had in the past.  The report will also look at the number of times you have applied for credit in the past. Collections and due accounts are also a part of the report. The report is essentially a comprehensive look at your overall credit history and your credit rating.

So is it worth ~$20 for online access to your report?

Certainly! The ability to gain instant online access and to be able to an in-depth review of your credit history and things that impact your credit score make it worth it. Not the mention, you get the most up-to-date report and you get even sign up for added benefits of monthly credit watch and protection.  If you haven’t tried getting an online credit report, get one today and you’ll be amazed at the amount of information that credit bureaus capture about your financial life.

About the Author ()

Pat Drummond is the author of Credit Reports Canada and considered by many to be one of the leading experts on productivity and simplicity in relation to financial planning. He started this online credit score & reporting site to chronicle and share what he’s learned in over 20 years of counseling families and individuals on debt management, obtaining loans and improving credit scores.

Comments (2)

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  1. Kally says:

    I don’t understand why everything in Canada is so difficult or Sooooo pricy to get than in the USA. In the States, I am able to get my credit report online free of charge, immediately. What’s with Canada? they are ripping off people left and right. I was always proud to be Canadian, I am not sure any more.

    • Pat Drummond says:

      Tell me about it! In the U.S. credit report offers are abundant and credit score offers are so good they give you credit reports from all credit bureaus. I don’t think we will ever have an offer like that here in Canada.

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