DO YOU WANT TO REPAIR YOUR CREDIT RATING?
Many people do! Be wary of Ôtoo good to be true‘ schemes and scams – there are many of them around. There is no easy way to Ôrepair’ your credit.
Contact Equifax and/or Trans Union to get a free copy of your credit report – it comes with explanatory notes – read it very carefully, pay particular attention to the ÔPurge Rules‘. In Ontario the Consumer Reporting Act provides the legislative framework and guidelines for credit reporting companies.
The only thing that you can do to quickly Ôrepair’ your credit report is to report those items that are inaccurate or wrong – but you must be able to prove they are incorrect. If you have a bad credit rating, because you don’t pay your bills on time or because you already have more debt than you can afford to pay, you need to:
1. Get out of debt; and/or
2. Pay your bills on time.
Once you are out of debt or you have resumed paying your bills on time your credit rating will start to slowly improve over several years. There is no quick fix!
Some things can negatively impact your creditability for longer than a bankruptcy for instance: A bankruptcy is on your credit report for a term of seven years from the date filed. A consumer proposal is on your credit report for the term of the proposal (up to five years) plus an additional three years following completion.