It’s best to update yourself on your credit score often to have full control over your credit and your financial life.
Here are 5 reasons on why you should check your credit score regularly:
1. Understand your current credit position better.
Your CTOS Score will tell you how creditworthy you are and how likely you are to be approved when it comes to loan applications. If your score isn’t as good as you would like it to be, you can postpone applications until your score improves.
2. Keep your credit in good shape.
Monitoring your credit score puts you in charge of your credit and makes you more accountable for keeping track of your score. You can also get your score ready for times when you may need it, for instance for a job or tenant screening background check.
3. Be more aware of what banks and lenders may see.
Know what they can see before you apply for a loan or credit card (such as your CCRIS records) so you’ll know what your chances are for loan approval.
4. Learn what improves or lowers your score.
Monitoring your score enables you to see what actions can help improve or lower it, so you learn as you go. For instance, you may find that settling missed payments and getting current increases your score over time.
5. Detect inaccurate or incomplete information.
Report any incorrect information to your credit reporting agency with supporting documents (if any). They will investigate further and help you correct the inaccuracy if needed.
Check your latest MyCTOS Score report today to increase your chances of loan approval and fix any credit issues early, such as a low credit score or missed payments.