Your credit score is an important part of your financial profile and is something banks and other financial institutions take a look at before agreeing to lend you money. Your score is determined by the two major credit bureaus Equifax and TransUnion by using financial information in your file.
A low score can make life difficult to not only get loans but also to lease a vehicle, qualify for a mortgage, or even get a job (some employers do credit checks before hiring). If you want to know how to improve your credit score while dealing with existing debt, keep reading for some important tips.
Review Your Credit Report Yearly
Once a year, you can directly contact Equifax and TransUnion to get a free copy of your credit report, which will not affect your credit rating. If you want to get your credit score, there is a small fee but if you go through a non-profit credit counselling agency like Credit Canada, they can pull your credit report and credit score for free.Continue Reading