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Repair Bad Credit

Fix Bad Credit, Starting Today!


There are two main reporting agencies in Canada, Equifax and Trans union, Equifax is the preferred choice by most lenders. The information recorded with the credit agency is data provided by the consumer when seeking credit. The credit score is the reflections of payment history, amount owed, types of credit, new credit, and types of credit in use.


What Affects Your credit Score!

 Credit Score Break Down


Being in the industry for more than 15 years, I have seen and heard most of the reasons why people have bad credit reports, and low beacon score. My answer is that “shit happens” don’t dwell on it correct it!

The comprehensive list below is to help consumer’s correct bad credit by making some adjustments and understating the reporting agencies structure.


Payment History:

Repayment of loan as agreed upon with the lender


Derogatory payment history:

Miss two or more payments

Collection by third parties

Balance owing (written off by lender)


Rectify Derogatory payment history:

Contact lenders renegotiate payment structure

Contact collection agency, structure new payment plan

Pay off balance owing (written off)

Pay disputed amounts (dispute can still be claimed)


Amount Owned:

Limit the amount of credit available even if the balance is zero

Limit credit card, lines of credit, and other credit

Close credit that is not in use


Types of credit in use:

Credit Card and unsecured lines of credit by major Banks reflect good credit

Car loans, department store card other small institutional card are not considered good.


Current balance on existing credit:

The maximum balance carried on any credit monthly should not exceed 60%


New credit:

No more than three inquiries on personal credit report per year from new lenders

Each time a credit report is pulled, it reduces the beacon score


Re-Establish Credit:

Secured credit card and line of credit is a great way to re-establish credit

Credit Unions and trust companies like Home Trust a great place to start.


Following these strategies to correct bad credit will take time, but it will have positive impact on your borrowing power. The benefits of have great credit is reduced interest rates, lower cost, and substantial savings over the years.


Using consumer protection agencies to manage credit owing should be the last resort; they have a negative impact on credit reports. Credit fraud is an increasing problem, to help protect your credit it is advisable to check your credit yearly.





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