Most Canadians have never checked their credit

Despite its effect on major life milestones—such as the ability to buy a house or get a credit card—56% of Canadians have never checked their credit scores, shows a BMO survey.

So it’s likely some of your clients have never inquired as to their scores, and even if they have, their information could be out of date. The survey also found that only 14% check at least once a year.

Read: 5 credit myths and realities

Advisor columnist Ted Michalos has written about rebuilding a client’s credit after bankruptcy.

“Often, when you’ve focused on solving a client’s debt problems, it’s difficult to think about what has to be done next. Even basic advice on working toward good credit can help a client re-establish his finances faster than he would on his own.”

Read more here.

Also read:

U.S. economy steams past consumers

It takes a village to raise financial literacy

A new method of diversification

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.