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I check my credit score with my bank regularly.

But, recently, I was surprised when I needed to buy some furniture and asked to see my credit (as they had pulled it); it did not match the bank’s credit score.

I wonder why this is so; Globe and Mail reporter wrote about credit rating yesterday.

Most people don’t know how important their credit score is. As we approach the holiday season, many people will be spending on their credit cards or savings. Many will be applying for credit in some way or the other. This underscores the importance of having good credit.

Credit is at the centre of the housing industry: whether you are buying a house or renting. You must have a good credit rating before your mortgage is approved. Most landlords and utility companies will pull your credit.

Having good credit is important. Period. If your credit is not good, we will write about how you can improve it.

“Given the importance of your credit score, it’s important to see where you stand at least once per year. Here are some of the spaces where you can check your credit rating.

  • Bank websites and mobile apps: Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Royal Bank of Canada are among the banks that offer access to credit scores.
  • Equifax: This credit-monitoring company offers free access to your credit score.
  • Borrowell: An online marketplace for loans and other financial products.
  • Credit Karma: Matches you to financial products and receives referral fees.
  • Verified. Me: A service from Interac that helps you verify your identity online, Toronto-Dominion Bank offers access to credit scores through this channel.

Credit scores range from 300 to 900, with 760 and up considered excellent. Between 660 and 724 is considered good, while 725 to 759 is very good”.

 

I still can’t answer the question about the difference in the score.

The good news is that the margin of difference was not much. I still got the furniture I needed.

How important has your credit score been?

 

 

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