People who may check your credit score

Happy Loan Corp.Personal Finance0 Comments

Your credit score can be assessed in Canada for many reasons like – application of new credit card, buying a new home, leasing a car and so on. Whenever you seek to obtain a new form of credit, your existing credit report is thoroughly reviewed and assessed.
It is very important for the lender to understand your credibility of repaying back the debt amount. However, other than banks and credit card lenders there are many more other entities who would need to determine your credit score. These entities are as below;
• Landlords:
The practice of landlords asking to check the credit information of their tenants is gaining popularity in Canada nowadays. This is done in order to stay away from the tenants who can cause problems while rent payments due to poor credit status.
• Employers:
Employers believe that an individual with poor credit status is an irresponsible type of person. Such a person is not appointed and hired by the employers as they lose reliability. Hence, it’s better to keep your credit information positive if you are planning to search a new job.
• Providers of Insurance:
If you are looking forward to applying for a new policy, then, the insurance provider can have a look at your credit information. You may also gain discounts on your insurance if you hold a good credit score.
• Government:
The government of Canada can access your credit information for various reasons. These reasons can be – information to locate you, part of any investigation happening about you, and so on. A credit score also helps them to access your credibility and eligibility in order to gain government assistance programs and benefits.
• Any person with a court order:
If in case a person holding court orders to view your credit information approaches you, you would be liable to provide the details to such person.
Poor credit can impact very badly on your reputation. Then may it be for applying for a loan, gaining benefits from government policies and so on. It’s very important to maintain your credit score excellently.

Leave a Reply

Your email address will not be published. Required fields are marked *