Photo: (Flickr user, memoryfreak)

Feeling a little remorseful over your Christmas spending? Even though you might want to bury those credit card receipts and never look at them again, take a deep breath and add them up. Being honest about what you spend on credit makes the fear of reading your actual credit report a little easier.

According to Industry Canada, you should ask for your credit report once a year. There are two agencies that can help you with that—Equifax or TransUnion.

Check that the information is correct and if not, contact your provincial or territorial consumer affairs office. Also, beware of companies saying they can correct your credit report for a fee, sometimes hundreds of dollars. No credit repair company can do anything that you can't do yourself.

You can find more tips on reducing your debt and checking out your credit report in Take Charge of Your Debt at www.ic.gc.ca/debt.