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Checking Your Credit Report: Making Future Better |
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Even though customers and
clients expect to be granted credit as a matter of course checking credit report is the only prudent way to conduct business. Many small business owners operate on faith, as it were, checking credit report by asking the customer for references. This is suited to an ideal world where everyone is
honest.
However if we lived there, we wouldn't have to run >check credit report services in the first place. The problem with using references as credit checks is that customers with blemished credit records are familiar with the process and of course have carefully selected their references so that you get only the polished version of their credit history when you inquire. If you're concerned about extending credit to a customer or a company, invest in a credit report. A credit report will give you the information you need to make a decision about whether or not to extend credit. A credit report will include a customer's historical payment data, bankruptcy records, any lawsuits, liens and court judgments against a company, and a risk rating that predicts how likely the bill payment is - all the information you need to make an intelligent decision about whether or not to extend credit. But you have to make sure that the details in your credit report are accurate and this can be done by checking your credit report. Getting credit is essential for everyday living and being refused is frustrating. So how can you check your credit report and improve your chances of being approved for credit? You can do so from one of several agencies online. How do you get a credit report on a particular customer? In Canada, you may use a credit bureau, an independent agency that provides information on an individual or company's credit history. The fee for a credit report ranges from $20 to over $1000, depending upon the details required. In most cases, you need to become a member of a particular credit bureau before you can access their services, which includes check credit report service since credit reports on other people or businesses are not available to everyone. Scrutinize your statements as soon as they arrive to ensure all charges gathered are correct. In Canada, you have a choice of several credit bureaus: Equifax offers both commercial and consumer memberships, allowing you to get credit reports on both businesses and individuals; TransUnion Canada offers credit report services to subscribers, as well as related products such as fraud prevention tools; Northern Credit Bureaus Inc. offers consumer and commercial credit reports, through annual or monthly memberships, as well as collection and legal services; D&B Canada (a.k.a. Dun & Bradstreet) offers a full range of "risk management solutions", including the D&B Credit Check Report. In most cases, once you've become a member or subscriber of the credit bureau, you'll be able to access and check credit reports online, although you can also have them sent to you via mail or fax if you prefer. What if there are errors in my credit rating? CBC Television's Marketplace program once asked 100 people to check their credit reports for errors. More than 40 found mistakes. For 13 of those people, the mistakes were serious enough to affect their ability to get credit. The onus of fixing errors on your credit report is on you, says Marshall. "Depending on what it is, it can be very difficult to get it off." For example, if your report indicates a bankruptcy that shouldn't be there, you would have to contact that bankruptcy trustee (which provided the erroneous bankruptcy information) and get copies from the trustee saying they made a mistake. Forward that information to the credit bureau and then wait for six months before checking your credit report again. Accepting only the amount of risk you're comfortable with is a good way to go through life. Using check credit reports service to do credit checks on customers can be a good investment both in terms of your finances and your peace of mind. |
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