Do you ever wonder how your mortgage impacts your credit score? On this week’s Finance Friday, FirstOntario Credit Union’s Mark Perkins tackles a crucial question from viewer Tamara in Hamilton: what happens if your mortgage lender doesn’t report to the credit bureau?
Discover whether your monthly mortgage payments are contributing to building your credit history, and understand why some lenders might not report this type of loan. Mark breaks down the essentials of credit reporting agencies like Equifax and TransUnion, explaining what they do and why your credit score matters.
We’ll also clarify the difference between “soft” and “hard” credit inquiries and how each can affect your score. Plus, learn why monitoring your credit is essential for protecting yourself against fraud and identity theft in today’s digital world.
Whether you’re a homeowner, a first-time buyer, or simply curious about your credit health, this Finance Friday segment provides valuable insights and empowers you to take control of your financial well-being.