Here are some best practices to keep in mind while monitoring your credit:
Find a reputable credit monitoring service: Make sure the company you’re using will pull your credit score using a soft inquiry. You can order your credit report, or view it online from the two main credit bureaus in Canada – Equifax or TransUnion. Learn how on the Government of Canada’s website.
Try a free service to save money: You can pay for comprehensive credit monitoring and fraud protection packages. However, most people are just looking to get educated on their credit habits. If that’s you, try a free service. Just make sure it’s a responsible and safe company (which brings us to our next point).
Careful! Beware of fraudulent scams: Most credit monitoring services will require you to provide your full or partial Social Insurance Number (SIN). Unfortunately, some credit monitoring companies are a scam in hopes of collecting your SIN number, which puts you at risk for identity theft. So, do your research and make sure you’re using a reliable service.
Sign up for fraud alerts: Speaking of fraud, try signing up for alerts to better protect yourself from identity theft. Most credit monitoring services, banks, and credit cards offer this service. If your information is ever compromised, you can hopefully freeze your accounts or lock your credit before further damage is done.
Learn from your mistakes: If you notice habits that are hurting your credit score (like late or missed payments), remember you can always change and improve your credit score. Regularly checking your credit score is a great learning opportunity. Don’t be upset if you make a mistake – simply learn from it and move on.