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NVRmortgages.com reminds Canadians about the importance of maintaining and monitoring their credit rating
News Wire - 12/23/2002
 
TORONTO, Dec 23, 2002 (Canada NewsWire via COMTEX) --
During the busy holiday shopping season, many Canadians will be enjoying the convenience that credit cards can offer. While using credit cards can offer some clear benefits, it is important to remember to use credit responsibly and be aware of your ability to repay.

Managing finances effectively will help you maintain a good credit rating. Maintaining a good credit rating is important because your credit history is considered when applying for a mortgage, car loan, credit card or other form of consumer credit. Your credit score is calculated based on a number of aspects within your credit history that demonstrates how well you have managed credit in the past.

To help you maintain a positive credit rating, NVRmortgages.com would like to remind Canadians of the following:

1. Protect your rating by always paying bills on time, even if it's just
the minimum payment.

2. Don't overextend yourself. Be realistic about your borrowing needs and
your ability to pay back what you have borrowed.

3. Avoid surprises. Review your credit bureau report on a regular basis
(e.g. annually) and especially prior to applying for any new
financing.

4. Inaccuracies could hurt your credit rating. If you believe your credit
report contains errors, contact the lender involved. You can also
dispute the information with the credit bureau who will conduct an
investigation and report back to you.

5. Information on how to obtain your credit bureau report is available
from Equifax Canada at 1-800-685-1111 or online at www.equifax.com and
from TransUnion at 1-866-525-0262 or online at www.tuc.ca.

It is important that Canadians understand how their credit rating impacts their ability to acquire financing and how important it is to know what their credit rating is.  Following these tips can help ensure that when borrowing becomes an appropriate option for your financial plan, you will have access to financing at the lowest possible rates of interest.

NVRmortgages.com is one of North America's premier mortgage  NVRmortgages.com offers a diverse range of products and services including personal, commercial, corporate and investment banking.  For more information please visit www.nvrmortgages.com.


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