Having poor credit can be troublesome, as it can have a tremendous negative effect on your life. With poor credit, you may not be able to get a credit card, receive a loan, or in some cases, land a job because of it. While building your credit back up is possible, it usually takes some time. In the event that you declare bankruptcy, this negative financial information can even follow you around for as long as seven years.
Thankfully, any positive changes that you make towards your financial health will be reflected in your credit report, even if the effect won’t be immediate. Your credit score is fully dependent on what appears in your credit report even though your credit report does not include your credit score. So, every time a change is made to your financial information, your credit score is actually recalculated, and your old score is discarded.
With your credit report, every time a change is made (for example, when someone makes an inquiry or if you take out a loan with a financial institution), it takes roughly 30 days for creditors to report any new information to Canadian credit bureaus, TransUnion and Equifax. The frequency of updates may also vary by creditor, and some lenders do not report to both bureaus.
Patience is key when you’re waiting to see changes in your credit score and reports, as these often take a bit of time. Ultimately, though, the takeaway is that while your credit report does update on a monthly basis, the most important thing is to maintain good financial health. For more tips, read how you can improve your credit score.
Finally, since the information on your credit report is what you’re looking forward to checking out, take this opportunity to double check that everything on it is actually accurate. Despite the fact that TransUnion and Equifax are the only two major bureaus in Canada, mistakes do happen, and these mistakes can negatively affect your score enough that you might be, for example, quoted higher prices for a financial product. Learn more about how to read your credit report.
Looking for more help with improving your financial health? urLoan is here to help with that by assisting with getting you on a positive track to financial health. We offer flexible term loans that’s easy and hassle free that can help you rebuild your credit.
Learn more about how UrLoan can help you with your financial needs and call us at 1-855-723-5626.