Your credit score is one of the most misunderstood financial tools we have access to as Canadians. What is worse is the misinformation being passed around by pseudo experts. Many of us have gotten into credit trouble at one point or another along the road of life. Here is how to rebuild credit fast – Like a Ninja! Hya!
There are a surprising amount of Canadians today who do not have a clue what their credit score is and what they can do about changing it for the better. The first step to rebuild credit is to find out where it is right now. This can only be accomplished by pulling a copy of your report. Equifax and TransUnion are the two big credit reporting facilities out there. You will want to pull a full report (your score and full detailed history). This can be done by following the link here: Equifax Credit Report and Score and will cost you about $24 plus taxes. I do not recommend to my clients the monthly services provided on these sites as this is quite costly and unnecessary. Pulling your credit report twice a year is more than sufficient. After you have this in hand – take the time to go over the report with a fine tooth comb and check for errors. Approximately 30% of Canadians have mistakes on their credit bureaus and it could be hurting your score and costing you thousands in higher interest rates.