This month, we have been talking about talking… talking about money. This can be very intimidating. There is a lot of stigma about money and talking about money. That means few families sit down and talk frankly about money worries and managing money. The Financial Literacy Month campaign, put on by the Financial Consumer Agency of Canada, encourages people to talk about it; “Money on your mind? Talk about it!”

But what if you aren’t ready to do that?

That is okay. There are things you can do to build your knowledge and confidence about money without having to talk about it.

One thing that may be helpful is to look at your own credit report and make sure the information is correct. You can do this by yourself without talking to anyone else.

In Canada, we have two credit bureaus, Equifax and TransUnion. These are companies that collect money about how we use credit products. Credit providers, like banks, utility companies, cellphone companies, and other lenders, report your payment history to credit bureaus. The bureau then puts this information into a report. A credit report will show your personal contact information and details about the credit products you have used and how you have used them. This means your payment history includes dates and payment amounts.

The credit bureau uses that information, as well as other details, to give you a credit score. A credit score is a number between 300 and 900. The higher the number, the better. Companies that you are asking for credit will look at your credit report and score to decide if they are going to give you credit and at what interest rate.

Looking at your own credit report doesn’t negatively impact your credit score. You can look at your credit report for free using the following websites.

https://www.equifax.ca/personal/education/credit-report/articles/-/learn/how-to-get-a-free-credit-report/#online

https://secure-ocs.transunion.ca/secureocs/home.html

Look through your credit report to make sure the information is correct. If there is incorrect information, you can request that it be corrected.

Knowing your credit score and reviewing your credit report can help you know your current credit situation and make informed decisions. If you would like to help to review your credit report and making a plan to move forward, contact our Financial Literacy Program Coordinator, Caroline at advice@unitedwaybg.com or call or text 519-378-4773.

What one thing will you do this November to build your confidence about your finances?