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Nov 21 Watch Your Credit Rating

Posted by: Dave Currie

At MonsterMortgage.ca, we recently had a current client return to do further business whose previous business and credit bureau ratings were highly rated and they had maintained credit scores over 680 at all times.

These same clients applied for a new refinance of their existing mortgage and when their credit score was retrieved, it appeared they had a bankruptcy against them that they were not aware of. Unfortunately, in this particular case, the broker had to inform the client this was on their credit bureau and that lenders would not advance credit to them.

The clients were adamant this was not their bankruptcy and it was later determined that the wrong information had been placed on the client’s credit rating. Needless to say, the clients were upset and unable to borrow funds, until this mistake was corrected and subsequently removed from their credit bureau. Equifax requests that the clients are responsible for their bureaus and for any correction that needs to be made is handled by the clients themselves.

Things like this happen to normal, everyday people…almost like getting hit from behind in your car. You did not cause the accident nor damage, however you still have to fix the problem. It takes time to fix, so the sooner you deal with the issue the quicker it is resolved.

You can also be proactive and periodically look to check your credit reports for any fraudulent activity;

this could save you from any last minute surprises and could spare you some future head-aches.

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