Credit and Credit Repair in Canada

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In order to control your debt load you must maintain your finances and manage your credit to lead a healthy financial life. A clean credit report will allow you the freedom to borrow money when necessary. Managing your credit is important and repairing any blemishes to your credit report quickly is vital in today's economy. Although blemishes to your credit file can be damaging and inconvenient, they can be recovered from if one quickly and decisively deals with the problem.

Credit report, score or rating?

  • Credit Report / File: Your credit history is recorded in files maintained by at least one of Canada's major credit-reporting agencies. These files are called credit reports and are a "snapshot" of your credit history. To learn more
  • Credit Score: Your credit score is a judgment about your financial health, at a specific point in time. It indicates the risk you represent for lenders, compared with other consumers. To learn more
  • Credit Rating: Some credit-reporting agencies report the lenders' rating of each of your credit history items on a scale of 1 to 9. To learn more

How to request your credit report / file?

Did you know that you can get your credit report for free? To learn more

What to do if there is a mistake on my credit report / file

Because your credit information can be kept by more than one credit-reporting agency, and because those agencies do not necessarily share information, it's important to check all credit reports carefully (it is possible to obtain your credit file for free). If you believe that the information in your credit report is incorrect, there are steps to take in order to correct the situation. To learn more

Improving your credit score - Credit repair tips

If your credit score is not as high as you think it should be, make sure that the information in your credit report is correct. If it is correct, read your report carefully to find out which factors are most likely having a negative influence on your score, and then work to improve them. To learn more

Hiring a company to "rebuild" your credit - Just a few tips

Beware of companies that promise to help you re-establish your credit for a fee; their ability to change the information that appears in your credit file is no different than anyone else's! Only your creditors are able to alter this information. To learn more

Co-signer's responsibilities

A family member or friend asks you to co-sign or guarantee a loan: what does this mean and what is required of you? Keep in mind that acting as a co-signer does not mean simply signing your name at the bottom of a contract so that someone can get a loan - there is much more to it! To learn more

Payday loans

You may have seen companies around your city or town - or seen websites - that offer "payday loans". Payday loans are small loans that a borrower usually is required to pay back on or before his or her next payday (whether that payday is from a job or from some other income source, like a pension). These loans are some of the most expensive way to borrow money for a consumer. To learn more