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Know Your Credit Health

If you own a business that has ever used or plans to use some type of credit, such as credit cards or bank loans, it's important to know your credit rating.

Checking your credit rating is easy to do since credit agencies, upon your request, are required by law to let you see a copy of all the information they have about you. This information can be acquired for free but can take several weeks or more to arrive. For faster service, you can pay a nominal fee ranging from about $15 to $50.

You should check your credit report with the three main credit bureaus in Canada:

Equifax: http://www.equifax.ca
TransUnion: http://www.tuc.ca
Northern Credit Bureaus: http://www.creditbureau.ca

Your credit rating can change over time so we recommend that you request a copy of your credit report once every year.

Review the reports carefully for errors and be sure to report any discrepancies immediately. It can be difficult to get corrections made, but since your credit rating can be vital to financing your business, it's well worth the time it may take.

Fern Gordon is the owner of The Profit Line. Making sound business decisions means having a clear picture of your financial situation in front of you at all times - yet the daily demands of running a small enterprise can be overwhelming. As a result, financial record keeping and reporting often don't get the attention they truly deserve.
The Profit Line changes all that. We are your bookkeeping partner, helping you stay on top of your finances so you can make better, more informed business decisions.
In addition to taking paperwork off your plate, we also pinpoint the key numbers critical to the performance of your specific enterprise, and make sure you have them in hand whenever you need them.
The Profit Line

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