This was written before free online credit reports existed. It was before services like Borrowell or Credit Karma were available. You had to mail in your request to Equifax. Credit scores weren’t dinner-table talk yet. Back then, Canadians were realizing the vast amount of data banks collected. It was easy for thieves to exploit this information. Nearly twenty years later, the advice remains, even if the tools have changed.
I lamented that I didn’t know my Credit Rating in the past few days. Well, now I do, thanks to the Canadian Capitalist. If you check out this Blog, you can get YOUR report online. I was impressed by how this was available (for a fee) online, and it is very thorough. It dismayed me to see how many open credit vehicles I have. I pay my bills on time, so my rating seems ok, but my creditors have many open lines with me.
Remember my rant from Saturday, go to your bank or lender and close those lending vehicles you are not using. They are dangerous. In these days of identity theft, you must be vigilant. Ensure you are not a victim. If you don't need that credit card, or line of credit, close that credit vehicle! You can always get it back if you need to later. I beg you!
My Visa card problems continue, I must now fill in 3 separate forms and mail them in within 15 days to get those bogus charges off my card. Yes, that is not what I call service!
Credit Rating Redux
Your credit rating is your adult report card. Unlike high school, there are no "bird courses". Credit Houses charge a fee for the privilege. The truth is, most Canadians have no clue how many open credit lines they’ve got. Banks love leaving those lines dangling. It’s their potential future interest income. It's also a security hole for you.
In 2025, the message still applies. Know what’s in your credit file. Review it at least twice a year. Shut down unused accounts. Identity theft now happens faster than a Tim Horton's drive-thru. The less open credit you leave lying around, the smaller the target on your back.
Credit Rating FAQ
It summarizes how reliably you repay your debts tracked by credit bureaus like Equifax and TransUnion. The numbers they will send you in a report can be different. They are not necessarily the ones they sell to companies looking about your credit risk.
Through Equifax, TransUnion, or free platforms like Borrowell and Credit Karma.
Yes, it can. Too much unused credit can make lenders nervous and increase the risk of fraud.
Close them, NOW! Especially if they have annual fees or you’re not actively managing them.
