Pay Your Cell Phone Bill

Now more than ever it is really important to make sure that you pay your cell phone bills on time.  Just recently we started to notice when pulling credit bureaus that Telus, Rogers and Bell are reporting on the Equifax report we send to our lenders.  It is possible some of the other smaller companies will show up on there also.  My thought is that they have been reporting to Equifax for a long time but we were not seeing it on our end. 

If you happen to miss a payment on your cell phone bill, even by a couple of days it can now affect your credit rating and possibly prevent your ability to purchase a house.  I have already seen a few customers credit ratings decree
sed substantially due to missed cell phone payments.  These clients normally would have credit ratings above 700 (above average - good) are now down to below 650 (below average). 

The big issue I think for a lot of people is the typical charge dispute.  A lot of people find they have been overcharged or charged for something they shouldn't have.  I think the best strategy going forward is to just pay it and dispute after so you don't get in to a situation where your cell phone provider is reporting negatively on your credit bureau. 

This is just another reason you should have a plan when looking to purchase a house.  You should check your credit or have a mortgage broker check your credit prior to your search to avoid finding out too late that you don't qualify. 

Please contact me if you have any questions. 
Shawn Mooney
Mortgage Broker for Bayfield Mortgage Professionals Ltd.