Your credit score plays a major role in your financial life. It determines whether you can get approved for loans and credit cards, and the interest rates you’ll pay. A low credit score makes it harder and more expensive to borrow money.
The good news is that there are professional credit repair services that can help improve your credit score, especially if you live in Ontario. Here’s an overview of how credit repair works and the benefits it provides.
What is Credit Repair?
Credit repair involves disputing and removing inaccurate, unverified or outdated negative items from your credit reports. This can include:
- Late payments
- Collections
- Bankruptcies
- Judgments
- Repossessions
- Foreclosures
- Charge-offs
A credit repair company reviews your credit reports from Equifax or Experian in detail. They identify negative items that can be challenged and start the dispute process on your behalf. This takes advantage of your legal rights under provincial and federal consumer protection laws.
The Credit Repair Process
The credit repair process systematically challenges negative items on your reports via written disputes. When an item cannot be verified or confirmed by the credit bureau or collection agency, it must be removed from your credit report permanently.
This can lead to immediate increases in your credit score as negative items drop off your reports. A higher score makes it easier to qualify for loans, mortgages, credit cards and other financing.
Benefits of Credit Repair
Professional credit repair services in Ontario leverages consumer laws that allow you to request investigations into inaccurate, unverifiable or outdated information. Key benefits include:
Increased Credit Scores
Each successfully disputed item can improve your credit score. Removing just a few negative items can increase your score significantly.
Lower Interest Rates
A higher credit score makes you eligible for lower interest rates on financing and loans. This saves you thousands of dollars over the lifetime of a mortgage or car loan.
Improved Approval Odds
Negative items drag down your creditworthiness. Eliminating them makes lenders and creditors more likely to approve your applications.
Peace of Mind
Knowing that reported information is accurate and up-to-date provides peace of mind. Credit repair also gives you a fresh start if past financial problems hurt your score.
Choosing the Best Credit Repair Company
Look for an Ontario credit repair firm that offers:
- Credit report consultations
- Flat monthly fees for services
- No upfront payments required
- Experienced credit experts
- Excellent Better Business Bureau ratings
- Solid results based on disputes filed
NAB Solutions will also explain your credit repair options and develop a customized action plan. They will dispute all inaccuracies until you see satisfactory score improvements.
Take Control of Your Credit Score
Damaged credit and a low credit score doesn’t have to be a life sentence. Professional credit repair services leverage Canadian consumer protection laws to help improve your credit score. This can provide savings and open up new opportunities as your score increases.
If you live in Ontario and need your credit score repaired, research local credit experts. They have the knowledge and resources to remove unverified, inaccurate and outdated information from your credit file. A clean credit profile helps you qualify for the best rates and terms when financing big purchases and borrowing money.
