News Canada – Busting credit myths that are often believed

(NC)—If household improvement projects are a priority with the arrival of spring, why not spruce up your financial situation as well? Equifax Canada steps up with some credit myth busting:

Myth: "I have only one credit score."

Truth: There are two credit reporting agencies in Canada and each of them has a proprietary scoring model – so your credit score can vary across these two agencies.

Myth:"When I check my own credit report, it is considered a credit hit against me."

Truth: Viewing your own report and score is counted as a "soft inquiry" and doesn't have an impact on your credit score.

Myth:"By signing up for a credit monitoring product, I allow agencies access to more information than before."

Truth: The credit reporting agency has already collected information from your creditors; by registering for a credit monitoring product, the agency can now alert you when changes occur on your credit report.

Myth:"I monitor my credit card and bank activity, so I don't need to check my reports regularly."

Truth: Accounts can be opened in your name without your knowledge. Checking your credit report regularly can help ensure you become aware of all the credit activity being recorded in your name.

More information is available online at www.equifax.ca.