What Is Credit Repair

Credit repair in Canada is a recently new term term that has been around for the since the late 1990's.

Credit repair has to do with your Equifax credit report, and your TransUnion credit report. By law, everything on your credit report needs to be accurate, complete and verifiable. Many times what happens is that there are data entry errors, or reporting errors on an individuals credit report that are not reporting the true status of a person's credit history. Items that are reported on a credit report can be your personal contact information, credit information, public information inquiries and more.

You need to ensure that your credit information is perfectly correct, accurate and verifiable. The ensures that you have complete control over what is being reported about you to current and future creditors.

Items that could be wrong on your credit report ï¿½ Identity Theft items could occur on the credit report. ï¿½ Name Misspelled ï¿½ Employers misspelled ï¿½ Address information recorded incorrectly ï¿½ Credit card or bank loan Information reported incorrectly & Duplicate items listed & Payment history errors & Collection agency Items reported illegally or incorrectly & Delinquent accounts reported incorrectly. & Unverified credit inquiries & Unverified credit or collection items
There are approximately 45 different types of information on a credit report. And because of the methods they are entered in to you credit report, there could be errors. If you suspect that there are errors, inaccuracies or unverifiable items on your credit report, then you need to start the credit repair process.

The credit repair process is as follows: Identify the credit report line item that needs to be fixed. Write a letter to the company that originated the information. This could be the collection agency, creditor, court, etc. As them to fix the error and re report the item to the credit bureau. Write a letter to the credit reporting agency asking them to investigate the item and then fix it as necessary. Wait for the responses and then repeat the process if necessary.

If required you can complain to your provincial Consumer Protection Agency to have them enforce your credit dispute if you're not getting the appropriate action from the credit bureau and the originator of the credit listing.

The main point of the credit repair process is to ensure that your current, and future creditors are getting 100% accurate information about you and your credit history. It is very important to make sure that they make accurate credit decisions for you.

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14 Comments
On Jul 12, 2010, sandra lecouffe Said:
I have requested my credit report from transunion twice now and both times they have told me I need to prove who I am even though I sent then a large photo copy of my drivers licence frount and back they are still jerking me around and requesting more proof Whats up with that?
On Jan 1, 2010, Website Design Said:
The gievn credit repair process is very easy... thank you for giving such information.
On Jul 18, 2009, Annuity Rates Said:
Credit history or credit report is, in many countries, a record of an individual's or company's past borrowing and repaying, including information.
On Jun 7, 2009, new york hardmoney loans Said:
Really helpful here. Thanks.
On Jun 1, 2009, Business Search Said:
RE: credit repair; I want to reduce my debt and get out from under credit card slavery. It sounds to me like you want to create more indentured servants. What is it, do you get residual revenue from all of the sites you mentioned? Besides if I am already in debt and my credit is shot, why would any of these companies give me more credit, unless they all have really high interest rates? There is no quick fix… It took most of quite a while to get into this mess and it will take a while to get out. One thing is for sure I don’t’ think that acquiring more debt is any solution… I suggest budgeting, cutting back on spending, make arrangements to make lower payments or refinance if possible and be patient and live within your means.
On May 31, 2009, credit repair Said:
There are literally hundreds of credit repair websites and a lot of them try to guarantee success but the reality is most of them are just a waste of money. They use methods of repairing your credit you can do yourself if you simply google credit repair templates. Their process is very lengthy and requires months and even years to get a lot of things removed and sometimes the bad marks can come back as some companies are very persistent, especially if you still owe them money. The only guaranteed method to repair your credit is to pay off the old bills and get your derogatory balances to $0. "Well that isn't very helpful" is probably what you are saying. Since none of us just have cash laying around to do that there are other things you can do that are guaranteed to increase your FICO score practically overnight and start rebuilding your credit. It's actually very simple. Sign up for Millennium Secured Credit Card and send them $300. Buy $90 worth of groceries on it and make the payments. Keep the balance under $90. Then sign up for www.alliedtrustdiamond.com and get a $10,000 unsecured credit card, buy something and make the payments. Do a google search for USA Shopping Club and sign up with them for $12,500 unsecured credit card buy something and make the payments, Eclub USA and get your $3,500 credit card and finally Horizon Gold and get your $500 credit card.
On May 27, 2009, Used VW Said:
A fantastic article and has many valid points which did not even cross my mind. Thanks
On May 22, 2009, Calcolo Prestito Said:
Just when recession evolved, financial mistakes set in. Everyone needs some short term financing now and again. eventually some of us want to own homes, so if your credit rating isn't exactly good then attempting to repair your credit would be a good idea. Well getting payday loans now and again to make higher than minimum payments isn't bad step to take. You might also make some alterations in your personal budget to make more payments and get out from under the cloud of debt. It could save you from worrying about payday loans later on if you repair your credit.
On May 22, 2009, best chat software Said:
Thanks for such informative article! I was looking for this term for ages! But still have not found how long does all procedure take?
On May 21, 2009, Planet Buzz - Man Said:
You know what grips my but? People that come on these blog sites and don't leave any relevant content at all. I can understand a link is a link but they do little good it the content around it is not relevant to the site it links back to. so why don't link builders get that point. This is why so many bloggers have nofollow set because of you spammers.
On May 20, 2009, Wichita dating Said:
Very enlightening.It's great they came up with such a thing, credit is sometimes unavoidable.
On May 13, 2009, Gagan@Vancouver Web Design Said:
Good article , Credit repair is very important for your creditors and it also helps you in improve your credit reliability
On May 12, 2009, Phil Younger Said:
Informative articles like this about credit repair and debt reduction. Excellent! Alaskan vacations Alaska Fly Fishing Lodge
On May 10, 2009, Financial Services Outsourcing Said:
Credit Repair..Have heard about this term.. Found lot about it in your blog..Actually It is long term procedure of correction in that..But quite interesting to be registered in credit history..