Checked your credit score lately? No? You're not alone

It might be a case of out of sight, out of mind, but many Canadians have never checked their credit score. And according to a new report from BMO Bank of Montreal report, they're unaware how their financial behaviour may be affecting their overall credit standing and the impact that can have on getting approved for a mortgage or a lease to rent an apartment.Conducted by Pollara, the survey's findings include:

• More than half of Canadians (56 per cent) say they have never checked their credit score and only 14 per cent check at least once a year
• Almost one-third (31 per cent) lack knowledge about how to achieve a good credit rating
• One-fifth believe that checking their credit score can decrease their score
• While Millennials (18 to 34 year olds) are more aware of their credit standing, with 20 per cent checking at least once a year, more than one-third (35 per cent) say they lack knowledge about how to attain a good credit score

The study also revealed that more than half (52 per cent) of Canadians don't know what would be considered a good credit score, with one-fifth (21 per cent) believing it to be below 600.“A good credit score is generally considered in the range of 680 to 720,” says Tony Tintinalli, regional vice-president, BMO Bank of Montreal. “A poor credit rating results in significant financial limitations – everything from being approved for a loan to renting an apartment. A financial advisor can help advise you on the factors and behaviours that can build or maintain a good credit score."Tips to improve or maintain your credit score:Pay bills on time. One of the best ways to improve your credit score is to pay your bills within the grace period. If you have past-due bills now, get current as soon as you can. If possible, set up an automatic bill payment schedule to help you stay on track. In the event you miss a payment, a call to your credit card or mortgage company to work out a plan can help save you unnecessary dings on your credit score.Manage your credit cards; don't cancel them. A popular myth is that closing old accounts will increase your credit score; this is not necessarily true. Credit bureaus look at a combination of factors, including the total length of your credit history, which means it may be better to keep your credit cards but manage them responsibly.Check your credit report. A credit report is a record of how you've paid your debt. It shows how much debt you have and whether you've made payments on time. You can order your own credit reports free from the three major credit reporting bureaus (Equifax, Experian and TransUnion) annually and check to see if there are any errors or problems.Related reading:The overnight lending rate is staying put – for nowWhat first-time homebuyers need to know before getting a mortgageLower interest rates an opportunity to pay down debt sooner