Why You Should Regularly Check Your Credit Score Online!
Your credit score is much more than just a number - it’s a key indicator of your financial health. It affects your ability to secure loans, mortgages, and even certain types of employment. Yet, many Canadians overlook the importance of monitoring their credit report regularly.
Here’s why you shouldn’t neglect checking:
The Hidden Risks of Not Checking Your Credit Report
If you don’t review your credit report often, you could miss signs of identity theft or fraud.
Fraudulent accounts or unauthorized transactions can go unnoticed for months, damaging your credit and causing stress when you need financing.
When your credit report goes unchecked, negative marks can remain unnoticed until it’s too late. Late payments, collections, or accounts you don’t recognize may lower your score without warning. This can result in:
Higher interest rates
Denied loan or mortgage applications
Difficulty renting a home or setting up utilities
Limited financial flexibility during emergencies
Detecting these issues early will save you time, money, and headaches!
Why Checking Your Credit Score Is So Important
Your credit score plays a major role in how lenders assess your reliability as a borrower. In Canada, lenders use your credit score to determine:
Whether you qualify for credit
How much you can borrow
What interest rate you’ll be offered
Even a small difference in your score can mean paying thousands of dollars more in interest over time - on mortgages, car loans, or lines of credit. By checking your score regularly, you understand where you stand and can take proactive steps to strengthen it.
The Benefits
Staying on top of your credit report offers real advantages:
Early fraud detection: Spot suspicious activity before long-term damage is done
Stronger borrowing power: Maintain or improve your score to access better rates and terms
Confidence and control: Know exactly where you stand financially
Better planning: Prepare well in advance for major life goals like buying a home or starting a business
Monitoring your credit isn’t just about preventing problems - it’s about positioning yourself for long-term financial success.
Accuracy Matters
Errors on your credit report - such as incorrect account details or outdated information - can negatively impact your score. Regular checks ensure your report is accurate and up to date, giving you peace of mind and better financial opportunities.
Good News for RBC Customers!
You can access your credit report for FREE, as often as you like through RBC’s online services. It’s quick, easy, and helps safeguard your financial future.
Take control today: Click HERE to check your credit score with RBC.