Just as marks were important in school, a good credit rating can help you get a passing grade to get approved for financing such as a mortgage. Yet many Canadians don't know how to get a copy of their credit rating or what to do to maintain a good grade.

Finding out what's in your report is easy. You can pay a small fee to request a copy of your credit record online, or obtain it for free if you send a request by mail or fax. It's a good idea to check your record once a year to ensure that it's accurate.

Mistakes can happen and you have the right to dispute any inaccurate information that may appear on your credit report.

You can find detailed guidance on how to correct an error through the FAQs and resources available on the Financial Consumer Agency of Canada website.

To maintain a good credit rating, or improve one that's not as good, the following dos and don'ts may help.

Do:
•Pay your bills on time
•Lower your debt ratio — the amount you owe relative to the amount you earn
•Keep your credit balances well below their authorized limits
•Close or cancel any credit accounts you don't really need

Don't:
•Constantly max out your credit card limit
•Be late with payments
•Have your account sent to a collection agency
•Ignore any debt issues

To obtain your personal credit rating, contact Equifax or TransUnion. For more guidance, read the FCAC publication Understanding Your Credit Report and Credit Score.

Taken from TD Canada Trust Newsletter 2012