Updating credit report

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And, if you can’t get approved on your own, a relative or friend may be willing to co-sign for you or make you an authorized user on one of their credit cards to help boost your credit.While you’re trying to build a positive credit history, you should avoid the things that will hurt your credit.Equifax Canada refers to your credit report as “credit file disclosure”.

You need good credit to get approved for a mortgage loan, rent an apartment, buy a car, qualify for a good insurance rate, and sometimes even to get a job.

It takes time to add positive information to your credit report, so don't expect it to happen overnight, or even in a few weeks.

You can help the process by being financially responsible and patient with the process.

For example, your cell phone, cable, and auto insurance payments don’t help build a positive credit history, even when you pay on time.

However, if you default on these payments (by becoming several months delinquent), the late payments could be added to your credit report and hurt your progress toward building a good credit score.

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