pumpkin_moneyIt’s that time of year, crisp fall air, changing leaves and pumpkins — and don’t forget ghosts, ghouls and spooky haunted houses.  From personal experience, one of the most spine-chilling stresses my clients face involves running credit report inquiries.  People begin to panic when it’s time to run a credit a report to determine if they qualify for a mortgage. There are many myths out there about credit scores that leave people feeling anxious and overwhelmed.

It’s time for a little myth busting to take some of the fear out of credit scores and credit checks:

Myth #1 – Checking my credit score will impact my credit negatively

Most financial institutions take into consideration that there are particular time periods of your life when multiple credit inquiries will need to be run when you’re shopping for the best terms for a home or auto loan.  Checking your credit score has far less importance than whether or not you pay your bills on time, keep your balances low and maintain a credit history.

Myth #2 – There is nothing I can do about inaccurate, outdated or incorrect information on my credit report

Sometimes there are mistakes on your credit report.  Perhaps a card was stolen and you didn’t know about it, maybe a lender never reported that you paid off your department store balance, no matter what the issue is, you have the right to explain and protest your credit score.  By checking your report on a regular basis you can ensure that your score is accurate and up to date.

Myth #3 – There is nothing I can do to improve my credit score

By paying your bills on time, avoiding bouncing cheques and ensuring there are no errors on your report and avoiding application for too much credit at one time you can help keep your credit score on track.  Your mortgage broker can provide you with tips to improve your credit score in as little as 6-12 months.


Denial is one of the scariest things out there, not your credit score.  By arming ourselves with information we can work towards payment plans and realistic goals. It’s no fun to get a poor credit score, but there’s no way to improve it if you just ignore it, find out how today, before you find your dream home.