Working with Agencies to Improve your Credit Score

Working with Agencies to Improve your Credit Score

A lot of individuals who have a poor credit score in Canada utilize the services of an agency or credit repair company to improve their credit scores. However, most industry watchers and analysts believe it is not recommended to work with such agencies and more often than not, many people fall victims to the exaggerated claims made by these agencies.

First of all, the Canadian credit score system is a foolproof system and is well defined. There is no ambiguity in the system because of which, whether you try to improve your credit score on your own or through an agency, it acts as one and the same. There is no real advantage of using an agency to look into your credit scores. No firm can simply improve your credit rating by making alterations on your official credit file. All they can do is correct any inaccuracies that may have been entered on your file. As a matter of fact, that is the only real reason to use a credit repair agency; to check whether there are any factual errors regarding your credit history and other information and correct them if required. The other main benefit is saving time of course as the agency will be checking your file instead of you.

Apart from this, there is no other role that any other third party can play when it comes to your credit score. You are completely responsible for maintaining a good credit history. If your credit score is at a level which is generally seen as poor, the only way to improve this score gradually is by ensuring good financial habits. This includes paying off your debts on time or utilizing your credit cards wisely by not going over the credit limits. Paying your monthly utility bills on time can also benefit your overall credit score. Even though utility bills are usually not considered when calculating your credit score, not paying certain bills on time could lead to complaints against you. In such a scenario, your credit history would certainly take a hit and only get in the way of improving your overall score.

If you feel in your specific situation, working with an agency to improve your credit score is a good idea, you need to make sure the person advising you does not make tall claims regarding improving your score without you being involved in any kind of repayments etc. All that an agency can do is check for inaccuracies in your file, help you stay organized and advise you on the best way to repay your existing loans on time.

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