Tell us what is worrying you about your credit. A verified finance professional who covers your postal code will get in touch to explain how credit reports work, what you can fix for free and what to ask before you pay for any help.
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These are the steps most professionals would start with. A good adviser will explain them before suggesting anything paid.
Equifax Canada and TransUnion Canada can each hold different details.
Write to the lender and the bureau, and keep a copy.
Set up automatic payments for at least the minimum, so no payment is missed.
Using a small share of your limits looks better than using most of them.
Check eligibility before you apply, and avoid lots of applications at once.
If you are struggling, ask for options before you miss payments.
Applications for credit leave a mark that lenders can see.
Late and on-time payments are recorded.
Debts sent to a collection agency stay on your report for years, even after you pay them.
Bankruptcies and consumer proposals appear for a set period.
How much of your available credit you use.
You can ask for errors to be fixed, and add a statement to your file.
Ask, and check with the provincial regulator yourself.
Ask for a clear written list.
Including any upfront or monthly fees, and whether the law allows them.
Be wary of any promise to remove accurate information.
Refund terms, in writing.
The firm, then your provincial consumer protection office.
We'd rather connect you with the right provider once than flood your inbox with a dozen you'll never call back.
Most of what improves a credit report costs nothing. You hear what those steps are before anyone offers you a paid service.
Accurate entries can't simply be removed. You hear what stays on your report, and for how long.
You can ask questions and compare, and nobody pushes you to pay on the spot.
It's a number, usually between 300 and 900 in Canada, that shows how risky it may be to lend to you. It is calculated from the information in your credit report, and the two national credit bureaus, Equifax Canada and TransUnion Canada, each produce their own score. Lenders may also use their own criteria.
You are entitled to a free copy of your credit report from each bureau, and you can ask for it by mail or through their free online services. Check both for mistakes, since they can hold different information. Checking your own report doesn't lower your score.
It can include your credit accounts, balances and limits, your payment history, collections, public records such as bankruptcies and consumer proposals, and inquiries from lenders who checked your credit. Different items stay for different lengths of time.
Contact the credit bureau and the lender that reported it, and ask in writing for it to be corrected. They must investigate. If it's still wrong, you can add a short statement to your report, and complain to the Financial Consumer Agency of Canada or your provincial consumer protection office.
Not before they expire. Many negative entries stay for around six years from the date of the problem, and some bankruptcies and consumer proposals stay for a different set of periods depending on the province. Be wary of anyone who promises to remove accurate information for a fee.
Paying bills and loans on time, keeping balances well below your limits, not applying for lots of credit in a short time, and keeping older accounts open if they cost nothing. These steps cost nothing.
Be very careful. Anything a company can legitimately do, you can usually do yourself for free. Credit repair businesses are regulated in many provinces, and some are not allowed to charge fees before they complete the work. Ask for a written list of what you would get, and check the rules in your province.
A secured card requires a deposit that acts as your limit, and a credit-builder loan holds the money you borrow while you repay. Both report on-time payments to the bureaus. Compare fees and interest, and make sure the lender reports to both bureaus.
Speak to a non-profit credit counsellor, who can give free advice and may be able to set up a plan with your creditors. A licensed insolvency trustee can explain formal options such as a consumer proposal. Do that before you pay for any help.
Complain to the firm first. If you're not happy with the answer, you can contact your provincial consumer protection office, and the Financial Consumer Agency of Canada for federally regulated lenders. These services are free to use.
What you're trying to achieve, such as a mortgage or car loan, whether you've been turned down, and your postal code. If you don't have everything, send the request anyway.
No. Namoye is a free matching service. It is not a lender, credit bureau or adviser, and it doesn't make credit decisions. Any advice or offer comes from the firm that contacts you.
No to both. A verified professional contacts you, and Namoye is free for you.
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Namoye is a free matching service. It is not a lender, credit bureau or adviser, and it doesn't give financial advice or make credit decisions. Any advice or offer comes from the firm that contacts you. Check whether a firm needs to be licensed in your province, and for free help with debt, contact a non-profit credit counsellor or the Financial Consumer Agency of Canada.
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