a simple guide to repairing your credit score

A Simple Guide to Repairing Your Credit Score

Brought to you by the trustees at LCTaylor

LCTaylor: 1.800.463.8371 www.LCTaylor.com


Your credit score is one of the most important numbers in your life.

Your credit score determines how much ‘risk’ you are to a potential lender.

A poor credit score can result in more expensive borrowing terms or the denial of

credit altogether.

If you have a low credit score, there are ways of improving it.

What is a credit report?

A credit report is a history of your credit activity as reported by your creditors. Your credit history determines your credit score.

Your credit report does not provide your credit score. You can purchase your credit score from the reporting agency for a fee.LCTaylor: 1.800.463.8371 www.LCTaylor.com


1. Know where you stand

Obtain a copy of your report from Canada’s two credit reporting agencies, Trans Union and Equifax.

While the report will not include your actual credit score, you need to start with a copy of your report to ensure all entries are accurate and current.


2. Dispute any errors

Examine your reports carefully.

Look for accounts that:

•You aren’t financially responsible for•Were inaccurately reported•That are older than seven years that should no longer be on your report


3. Get up to date

If you have fallen behind on any of your bills or are having trouble with a particular account, contact the creditor to try and establish a payment plan.

Unpaid accounts will have a negative impact on your score.

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4. Be on time

Credit reports are updated monthly.

A history of on-time payments will go a long way toward repairing your credit score.

Older late payment entries will have a lesser impact on your score if you build up a recent history of paying on-time.


5. Pay it down

Being at or near the top of your revolving credit limit will have a negative impact on your score.

Start paying down your overall debt and watch your credit score rise.


A poor credit score can cost you a lot.

If you are having difficulty managing your debt and are concerned about it’s affects on your credit score,

contact a licensed bankruptcy trustee at LCTaylor.com

for a free consultation.

a simple guide to repairing your credit score

Economy & Finance