Consumer Tips - Credit Repair
You might see or hear ads from companies that promise to "clean up" or "erase" your bad credit and give you a fresh start. They charge high fees, usually hundreds of dollars, but may not deliver on their promises.
Check your credit report on a regular basis to ensure it's accurate. If there are mistakes you can't resolve, contact your provincial or territorial consumer affairs office for help.
If you are thinking of hiring someone to repair your credit, remember this:
- No one can require a credit bureau to remove accurate negative information before the legal time is up.
- There are no "loopholes" or laws that credit repair companies can use to get correct information off your credit report.
- No credit repair company can do anything you can't do for yourself.
- The only way to "repair" bad credit is with good credit practices over a period of time.
To learn more about your credit file and credit score, visit Understanding Your Credit Report and Credit Score produced by the Financial Consumer Agency of Canada(FCAC).
