Credit Ratings

by Jeremiah Worby

We’ve all heard the stories from someone we know (though we may or may not like that person) about having been a victim of some form of identity theft. Identity theft can drastically affect your credit rating, and your credit rating affects almost everything in your financial world.

Whether you’re looking to apply for a credit card, take out or renew a mortgage, get a car loan, or want to borrow a million dollars from that loan shark down the street, your credit rating will greatly impact the interest rate which you might receive for such loans.

There are two major players in the credit rating world of Canada – those being Equifax and TransUnion. You can, and we suggest you do, go to both these websites and sign-up for their free service to check your credit scores.

Equifax

Directly from their website, Equifax states:

“We are a global data, analytics, and technology company. We believe knowledge drives progress. Our unique data assets, technology and analytics transform knowledge into insights to power decisions that move people forward.”

Here’s a wonderful and short read [they claim it’s 2 minutes but I think it’s way more like 3 minutes :)] from Equifax about what impacts your credit score.

https://www.consumer.equifax.ca/personal/education/credit-score/what-impacts-credit-score/

TransUnion

Directly from their website, TransUnion states:

“Our mission is to help people everywhere access the opportunities that lead to a higher quality of life. By helping organizations optimize their risk-based decisions and enabling consumers to understand and manage their personal information, we empower both to take their destinies into their own hands.”

Here’s a true 2 minute read from TransUnion about 5 factors that affect your credit score.

https://www.transunion.ca/what-affect-credit-score?

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Whether you’re 20 years old or 50 years old, credit ratings are of utmost importance. Contact Worby Wealth Management to help fix your credit score and set you on the path to success!

The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This Blog was written, designed and produced by Jeremiah Worby and Chris Worby for the benefit of Jeremiah Worby and Chris Worby who are Financial Advisors at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

Chris Worby and Jeremiah Worby are Trusted Regina based financial advisors and Wealth Management services providers servicing local Regina households and businesses. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners. Worby Wealth Management listens and provides a personalized financial plan.

Retirement Considerations

by Jeremiah Worby

One of the biggest financial questions on everyone’s mind is whether or not they will have enough money to retire. Not only do savings and investments need to be taken into the equation, income and expenses also need in-depth analysis.

Expenses

Will my daily coffees increase in price? Although I’m poking fun, inflation is a serious concern. Everyone’s expenses will clearly vary from one person to another, but some other considerations need to be taken into account, such as:

Will I be able to find work if needed?

If income falls short, will a new source of income be required?

Am I financially dependent on someone else?

Or is someone else financially dependent on me?

Do I plan on living in the same city upon retirement?

Costs of living can vary greatly from one city to the next

Have I taken into account inflation?

Will my entertainment and hobby expenses increase during my retirement years?

What if interest rates rise?

Will I be able to afford my home if rates rise?

Do I plan on living in the same home upon retirement?

Will I downsize?
Is condo living a consideration due to limited mobility (that could mean increased expenses due to HOA fees)?

Do I have or need insurance?

What if something unexpected happens during retirement?

Do I have a will, power of attorney, health care directive in place?

Making sure all angles are considered and taken care of in your retirement years can help you live without unneeded stress

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Whether you’re 30 years away or just a few months from retirement, proper retirement planning is essential. Contact Worby Wealth Management to start planning your retirement today.

Some of the services that Worby Wealth Management can help you with:

TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!