Ways on How to Repair Your Credit Scores
Perhaps, you’ve read about how to review your credit score. Well, you’re fortunate if everything is good and you found no errors on it. But, if you notice something that is conspicuously wrong or something that you find difficult, it’s best that we take time to scrutinize and find out about it.
Utilizing A Credit Repair Service
Some companies promote their capacity to repair your poor credit reports. While basically appealing to the people who have poor credit, they also assert their capacity to correct any errors in your credit report. Additionally, it is highly suggested to review your credit report once a year. This will ensure that the pieces of information containing are accurate and error-free.
In Canada, Equifax and Transunion are the known credit reporting agencies. These two agencies keep track of your credit. So, if you wish to review your credit score, you’re best choice is either of these two.
In terms of their claims of repairing a poor credit, it’s chiefly a scam since this will only be feasible if you pay off your entire debts accordingly. In fact, building good credit without exerting on debt is something that can’t be fixed overnight.
Moreover, the only means to correct errors on your credit report is through TransUnion. They’re site even states boldly that “TransUnion will not provide any additional services or treat a consumer differently due to the fact that the consumer has retained and paid a credit repair company. Whether you launch a dispute yourself or through a credit repair company, the outcome of the investigation will be the same.”
Completing The Dispute Form
On the other hand, you can download and complete the PDF form of TransUnion, and make sure to state the issues in detail and mention some records you have that will support your dispute.
Significantly, you must be clear in stating for the errors that you wish to confirm or fix as some of the stores accepting your credit cards might have some unfamiliar names on it, and just as you’re unfamiliar with it does not entail that it isn’t yours.
Besides, both agencies are obliged under law to scrutinize all escalations or disputes, but this does not mean they can take out some information instantaneously just to suffice what you wish for.
By means of luck, you might have chances of improving your credit score when the errors are deemed for correcting. By then, you can feel at ease knowing that your credit report is now accurate.
However, in cases where you doubt the accuracy of your credit report, you can utilize the monitoring services offered by both companies, which costs around $15 per month. By doing so, you can get alerts when there are changes in your credit. This service is useful to those who need further assurance on the accuracy of their credit reports.
CONSUMER PROPOSAL EXAMPLE
Example Unsecured Debts
|2||Credit card 1||$6,812|
Your Monthly Repayments Would Be
a Consumer proposal $748
(total contractual repayments)
a Consumer proposal $295
(total contractual repayments)
* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances.