Ok, so I genuinely have an incredible piece of advice for EVERYONE out there… and that piece of advice is………. GET A SUBSCRIPTION TO A CREDIT COMPANY i.e. Equifax or Transunion.

Let’s be realistic, not only is the housing market in Toronto beyond competitive..but the government is making it harder and harder every day to secure a mortgage. I’m not going to dive into new regulations on this blog as they’ve been covered in my blog regarding the stress test… What I am going to do on this blog is introduce to you an idea, which to my surprise is not so well know!

The idea of purchasing a subscription to a credit agency such as Equifax is something not too many people know about. Of course, if you’re looking to find a rental property in Toronto you know to buy your one-time Equifax report via their website www.equifax.ca for $29.95…. But what about a subscription?

Equifax’s subscription is a tool I’ve personally used to keep an eye on my credit, payments, credit limits, obligations, credit checks by third parties and much more. I’ve personally raised my credit by over 50 points from obtaining the subscription. The subscription comes at a cost of $19.95 per month + tax of course ,but gives you such an insight into what a creditor or lender would see when they look at you on paper.

It’s great to think… Hey! I’m a good guy… Lend me that $1,000,000 for this home I want to buy!

Unfortunately, it doesn’t work that way. Just like a drivers license suggests how qualified you are to drive, your credit report suggests how qualified you are to BORROW. This, of course, isn’t the only factor, but its one which you can control. I cant just go up to my boss and say “hey, I want more money!.” Although you can tell yourself “hey, don’t miss that payment because I’m going to hold you accountable when I look at my credit report and it shows a late payment”

I promise you this becomes an addiction… I personally check mine once a month and when my credit report goes up by 5 points….. I have a GREAT day! Hah…

So try it out.. I can GUARANTEE you spend $20.00 a month on more ridiculous things than keeping an eye on one of the most telling tales of your existence… YOUR CREDIT!